Budget 2021 updates: Senior citizens, NRIs get tax exemptions
The pensioners over 75 years of age are exempt from filing returns, said Finance Minister during the Budget session
New Delhi: Presenting the Union Budget 2021 in Parliament, Union Finance Minister Nirmala Sitharaman said that the senior citizens who only have pension and interest income are exempted from filing the tax returns.
Finance Minister Nirmala Sitharaman proposed to reduce tax burden on senior citizens above 75 years. She also added that the pensioners over 75 years of age are exempt from filing returns. She also declared to reduce time limit for reopening of tax records to three years from six years.
Finance Minister Nirmala Sitharaman during the Budget session said, “In the 75th year of Independence of our nation, we shall reduce compliance burden on senior citizens. For senior citizens who only have pension and interest income, I propose exemption of filing of income tax returns.”
The Finance Minister also declared that the NRIs will be spared from double taxation. “New rules to be notified, she informed. She also declared that Tax audit limit has been increased from Rs 5 crore to Rs 10 crore.
The FM also said that there will be tax exemption for aircraft leasing companies.