Budget 2021: Senior citizens, those above the age of 75, have been exempted from filing Income Tax Return. It may be noted that the exemption will be applicable only if the income of the person is through pension and interest income.
“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,” Sitharaman said,
However, Sitharaman made no announcement for the middle class that sits high on hopes due to pandemic-infused financial struggles.
Experts have even said that there might not be any changes to the income tax slabs or exemptions for the middle class.
Making further announcement, the finance minister said, “The tax system should put minimum burden on the taxpayers. A faceless dispute redressal platform to be set up for small taxpayers. Hence, a reduction of time in income tax proceedings is being proposed, while the time limit to reopen the assessment case proposed to be reduced to 3 years from the current 6 years limit.”