New Delhi, February 1: FM Nirmala Sitharaman reduced tax burden on senior citizens above 75 years. In her announcements, she mentioned that pensioners over 75 years of age are exempt from filing returns. Time limit to reopen the assessment procedures under the Income Tax Act is reduced from 6 years to 3 years.
Also Read | Budget 2021-22 Speech Highlights: Rs 35,000 Crore For COVID-19 Vaccines, Voluntary Vehicle Scrapping Policy, FDI in Insurance Sector Hiked - What FM Nirmala Sitharaman's Third Budget Is All About
Among some of the major sops announced by FM in the Union Budget 2021-22 are increased funding in health and wellness in view of the coronavirus pandemic. There has been a 137 percent increase in Health Spend. Budget 2021-22 Speech Highlights: Rs 35,000 Crore For COVID-19 Vaccines, Voluntary Vehicle Scrapping Policy, FDI in Insurance Sector Hiked - What FM Nirmala Sitharaman's Third Budget Is All About.
No IT Filing For Senior Citizens Above 75 Years Having Only Pension
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: FM Nirmala Sitharaman. #Budget2021 pic.twitter.com/ckBMpF0Tpj
— ANI (@ANI) February 1, 2021
Govt further announced to extend the eligibility of erstwhile tax sop on a home loan up to FY22. In the Union Budget, it was proposed that affordable housing projects can avail tax holiday for one more year. FM Nirmala Sitharaman had announced Voluntary vehicle scrapping policy. Vehicles to undergo fitness tests after 20 yrs for PVs, 15 years for CVs.