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

​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.

​How will the tax be deducted?

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

​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.

​Exemption from tax audit limit doubled

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

​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.

​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.

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

​ITR filing made easy

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

The budget made no changes in personal income tax slabs.

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