The finance minister Nirmala Sitharaman, on Monday, announced that no income tax filing required for seniors citizens above 75 years of age and who have income only from pension and interest income in the Union Budget 2021. This served as a big relief to the senior citizens.
“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. I offer them a pranam and as India completes 75 years of independence, and move to reduce their compliance burden,” said Finance minister Nirmala Sitharaman.
The Finance Minister said that the Budget proposals for 2021-22 rest on six pillars –health and well-being, physical and financial capital and infrastructure, inclusive development for aspirational India, reinvigorating human capital, innovation and R&D, minimum government, and maximum governance.