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PERSONAL FINANCE
DNA Web Team | Feb 01, 2021, 05:01 PM IST
1.No ITR for citizens above 75 years
In a major relief for those aged above 75 and earning pension and interest income, Sitharaman announced that those above 75 years need not file their income tax returns.
2.Pre-filled tax forms
Finance Minister Nirmala Sitharaman announced that apart from tax deduction at source (TDS), the details of capital gains and interests from banks and post offices would now be pre-filled.
3.NRIs get relief
Union Budget 2021 announced a change in double taxation on NRIs, especially those who return to India.
4.Faceless assessments
Sitharaman said that a (faceless) dispute resolution committee will be set up and those with a taxable income of up to Rs 50 lakh and disputed income up to Rs 10 lakh will be allowed to approach this committee.
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5.Extension of deduction on home loan interest
In a major boost to affordable housing with benefits available to those who avail deduction for buying an affordable home will now be extended to those who take a housing loan until March 31, 2022.
6.Faster tax resolutions
The Centre has reduced the timeline for reopening of assessment under income tax returns to three years from six years.
