Budget 2021: Income tax slabs remain unchanged, here's how much tax will be deducted

Taxpayers were expecting income tax benefits amid the COVID-19 pandemic that has put a huge pressure on common man's pocket. People were anticipating tax incentives to increase spending.

On the other hand, the government brought a huge relief to senior citizens with the announcements that people aged above 75 years will not have to file their income tax returns. The government also announced that no tax will be levied on pensioners over 75 years of age and tax cases older than 3 years will not be opened.

While tabling the Union budget 2021-22 in Parliament, the minister said that the number of income tax return filers has increased to 6.48 crores now from 3.48 crores in 2014.

Sitharaman said serious tax offences of concealment of income of over Rs 50 lakh can be reopened even after 10 years.

Anyone with a taxable income up to Rs 50 lakhs and disputed income up to Rs 10 lakhs shall be eligible to approach the committee, she said.