The central government had launched the Agneepath scheme for the recruitment of new soldiers in the army. Under the scheme, both male and female candidates are recruited as Agniveers in the cadre below the rank of officer of all the three services of the country for four years.
No Income Tax for Agniveer: The government has made a special announcement in the budget for the firefighters. The government has announced to give tax relief to Agniveers. In fact, Finance Minister Nirmala Sitharaman has announced in the budget to make the amount received from the Corpus Fund tax free for the firefighters. Along with this, permission has also been given to deduct the total income on contribution to the service fund account.
The Finance Ministry has presented the country’s general budget on 1 February. In the budget, the Ministry of Finance has made a big change in the rate of income tax for the common job profession. He has made the annual income of Rs 7 lakh tax free. Whereas, earlier the tax free limit was Rs 5 lakh. The Finance Ministry has announced tax exemption for the common people as well as for the firefighters in the budget 2023.
Let us tell you that the central government had launched the Agneepath scheme for the recruitment of new soldiers in the army. Under the scheme, both male and female candidates are recruited as Agniveers in the cadre below the rank of officer of all the three services of the country for four years. Candidates of youth from 17.5 to 21 years can apply for this scheme.
Understand how Agniveers will get the benefit of being tax free
Let us explain to you with an example how Agniveers will get the benefit of tax exemption from the Ministry of Finance. The first income salary of Agniveer, who joined Agneepath Yojana 2022, is Rs 30,000 per month, which will increase to Rs 40,000 by the completion of 4 years of service. The central government will deposit 70% of this in Agniveer’s account. The remaining 30% amount will be deposited in the service fund account as savings. The central government will also deposit 30% share in Agniveer’s service fund account. Now after completion of the job after 4 years, Agniveer will get 10 to 12 lakh rupees in the corpus fund. No tax will be levied on this amount.
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