Union Budget 2021: Senior Citizens exempted from filing ITR; No change in Income Tax Slabs

After the economic destruction caused by the COVID-19 pandemic in 2020, salaried individuals are of the hope that the government might bring some tax advantages with Union Budget 2021.


Union Budget 2021: Senior Citizens exempted from filing ITR; No change in Income Tax Slabs
Union Budget 2021: Senior Citizens exempted from filing ITR; No change in Income Tax Slabs


The Union Budget 2021 has been presented by Indian Finance Minister Nirmala Sitharaman on February 1, 2021, at 11 am. Amid the high expectations from the ‘budget like no other’, as promised by the Finance Minister, it is to be seen whether it will bring some form of relaxation for taxpayers as well.


After the monetary annihilation brought about by the COVID-19 pandemic in 2020 which incredibly affected pretty much every area, the salaried people are of the expectation that the public authority may carry some duty focal points with Union Budget 2021.


Notwithstanding, on one hand, where a portion of the specialists are of the assessment that as the new duty system was presented in 2020, a large part of the adjustments in expense chunks should not be normal from this year, various specialists accept that the middle may give some help to the citizens on account of COVID pandemic. 


The nitty-gritty annual assessment pieces will be accessible underneath when they are declared by the Finance Minister during her meeting in Parliament.


Union Budget 2021 Highlights :


• Senior Citizens of 75 age and above: Exemption from filing the Income Tax Return. 

• Reduction in time for the income tax proceedings to 3 years from 6 years

• National Faceless Tax Tribunal: A faceless dispute redressal will be set up for the small taxpayers.

•  Reducing the time in tax proceedings has been proposed while the time limit for reopening the assessment case has been proposed to be reduced from 6 years to 3 years.

• Increase in the Income-tax audit limit from 5 crores to 10 crores, announced Finance Minister

• While announcing the incentives, Finance Minister Nirmala Sitharaman has announced that the affordable housing projects will be able to avail tax holiday till March 31, 2022.

• For further easing the filing of  Tax Returns, details of capital gains and interest from banks, post offices, etc. will be pre-filled.

• Late deposit of employee's contribution to the Provident Fund by the employer will not be allowed as the deduction to the employer.

•   No announcement in the change in tax slabs for 2021. 



Previous Income Tax Slab:

Income Slab

Income Tax Rate 2020

Up to Rs. 5 lakh

Nil

Rs. 5 lakh to 7.5 lakh

10%

Rs. 7.5 lakh to Rs. 10 lakh

15%

Rs. 10 lakh to Rs. 12.5 lakh

20%

Rs. 12.5 lakh to Rs. 15 lakh

25%

Over Rs. 15 lakh

30%

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