Finance Minister Nirmala Sitharaman announced on Saturday that EPF and NPS subscribers can continue to enjoy tax benefits. Apart from this, at the press conference after presenting the budget 2020, Sitharaman clarified that tax exemption can also be given on gratuity and other benefits related to retirement. On the option of low income tax rates, Finance Minister Nirmala Sitharaman said that we wanted people to have more money in their hands, especially for middle class and lower middle class. We wanted to make the income tax process easier.

For your information, let us tell you that the government has clarified that the benefits of retirement, communication of pension, encashment of holidays on retirement, income up to five lakh rupees under VRS, employer’s contribution to EPFO, payment received under NPS The benefit of tax exemption can continue. Revenue Secretary Ajay Bhushan Pandey said that the government reviewed all the exemptions and found that 120 types of exemptions have been given. We reviewed every discount.

Apart from this, let us tell you that to simplify the tax system, we have abolished about 70 types of exemption. Pandey said that we have made changes in the Income Tax Act. According to the earlier rule, a person living outside the country for more than 182 days used to be non-resident. Now we have made some changes in that. With this, after 240 days out of the country, a person will be non-resident.

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