Budget 2021: Senior citizens exempted from ITR filing, no change in Income Tax slabs

Feb 1, 2021

By: Navdeep Yadav

​At the Union Budget 2021 today, the FM said senior citizens who are 75 years or above..

...will not be required to file income tax returns (ITR) anymore.

Credit: BCCL

​How will the tax be deducted?

The bank's paying income will deduct the necessary tax from their bank account.

Credit: BCCL

​Gratuity payout to employees will increase after new labour codes

FM said the maximum exemption limit for gratuity could be increased from ₹20 lakh to ₹25 lakh.

Credit: BCCL

​Exemption from tax audit limit doubled

Sitharaman increased the tax audit limit from ₹5 crores to ₹10 crores.

Credit: BCCL

​Reduction of time in Income Tax Proceedings

The time limit to reopen the assessment case proposed to be reduced to 3 years from the current 6 years limit.

Credit: BCCL

​Budget boost for affordable housing

Govt proposes to extend the ₹1.5 lakh benefit on interest paid on affordable housing loans till March 31, 2022.

Credit: BCCL

Employers who late deposit employee contribution to pension, gratuity will not get a deduction for this.

Credit: BCCL

​ITR filing made easy

ITR Form will come prefilled with details of capital gains on security, interest income for ease of compliance

Credit: BCCL

The budget made no changes in personal income tax slabs.

Credit: BCCL

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