Sitharaman announced that those who are above 75 years of age and earning money only from pension need not file ITR.
Union Finance Minister Nirmala Sitharaman on Monday (February 1) presented Union Budget 2021-22 in Lok Sabha but she did not propose a change to tax slabs in Income Tax Returns. However, Sitharaman made a major announcement for senior citizens above the age of 75 saying that those senior citizens who are earning money only from their pension only need not file Income Tax return.
Take a look at 10 things from Budget 2021 that may affect your personal finances:
1. No ITR for citizens above 75 years
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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
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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
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Union Budget 2021 announced a change in double taxation on NRIs, especially those who return to India.
4. Faceless assessments
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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.
5. Extension of deduction on home loan interest
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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
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The Centre has reduced the timeline for reopening of assessment under income tax returns to three years from six years.
