Budget 2021: No Changes In Personal Income Tax Slabs; Big Relief For Senior Citizens Above 75 Years Of Age

Finance Minister Nirmala Sitharaman on February 1 presented the crucial Budget 2021 in the Lok Sabha amid the novel coronavirus pandemic. In 2021-22 Budget, Sitharaman did not announce a change in income tax slabs for individuals. The only change was that senior citizens above 75 years of age will be exempted from filing an income tax return if their source of income is only salary & interest. In the last Budget, the Finance Ministry had provided massive relief to salaried and middle-class individuals by introducing new tax slab, which came into effect from April 1, 2020. Also, in a big relief for taxpayers, the time limit to reopen the assessment procedures under the Income Tax Act has been reduced from 6 years to 3 years, except in serious tax cases. Watch the video to know more.

(The above story first appeared on LatestLY on Feb 01, 2021 05:29 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).