New Delhi (NVI): Finance Minister Nirmala Sitharaman, while presenting the Union Budget 2021-22 today, said senior citizens above 75 years who have only pension and interest incomes, will be exempted from filing income tax returns.
During her budget speech, Sitharaman said, “Those senior citizens, who are 75 or above years of age and have pension and interest income only are exempted from filing their income tax return (ITR) from financial year 2021-22.”
The Finance Minister added that the bank paying income to them will deduct the necessary tax from their bank account.
“This move aims to give such citizens to give their dues as they have devoted an important period of their life in nation-building and help the government simplify tax compliance,” she said.
Sitharaman also announced that to reduce the compliance burden, the government has also announced reducing the time frame for reopening of income-tax assessment cases to three years from six.
“For reopening of serious tax evasion cases up to 10 years, the government has put in a monetary limit of cases involving over Rs 50 lakh in a year,” she added.
-RJV
