New Delhi: India’s economic roadway is currently being paved by ruling government in Parliament where Finance Minister Nirmala Sitharaman is announcing the ambitious Union Budget for Financial year 2021-2022 to put country’s severely hit economy back on track.
Giving major relief to senior citizens, Sitharaman reduced the compliance burden by introducing no income tax filing required for senior citizens above 75 years of age and who have income only from pension and interest income.
-“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,” said finance minister Nirmala Sitharaman.
-FM announced that the central government planned to reduce timeline for reopening of tax cases to 3 years from 6 years.
-To further ease of income income tax filing, capital gains from listing securities and interest income to come pre-filled in ITRs, announced Sitharaman.
-Serious tax offences of concealment of income of over ₹ 50 lakh can be reopened after 10 years.
-1.18 lakh crore revenue deficit grant to 17 states
-States to get 41 per cent share of taxes as per 15th Finance Commission recommendation; government has accepted the recommendation
-The government also proposed to make income tax appellate tribunals faceless and set up national income tax appellate tribunal Centre.
-“Exemption from tax audit limit doubled to ₹10 crore turnover for companies doing most of their business through digital modes, ” FM .
The reason for exempting senior citizens from filing their ITR, the finance minister said that this move aims to give such citizens their dues as they have devoted a long and important period of their life in nation building.