Budget 2021- No tax filing for seniors above 75 with pension, interest income English News, Hindi News, Latest News, Breaking News

Budget 2021- No tax filing for seniors above 75 with pension, interest income

[Edited By: Vijay]

Monday, 1st February , 2021 12:49 pm

In a relief to senior citizens, the finance minister Nirmala Sitharaman announced that no income tax filing required for seniors citizens above 75 years of age and who have income only from pension and interest income in the Union Budget 2021.

"We shall reduce the compliance burden on our senior citizens who are 75 years of age & above - for senior citizens who only have pension & interest income, I propose exemption from filing their Income Tax return," said finance minister Nirmala Sitharaman.

Presenting the Budget, FM announced that the central government planned to reduce timeline for reopening of tax cases to 3 years from 6 years. To further ease of income income tax filing, capital gains from listing securities and interest income to come pre-filled in ITRs, FM announced.

The central government also proposed to make income tax appellate tribunals faceless; to set up national income tax appellate tribunal centre.