Budget 2021 Income Tax: People Above 75 Years Will Not Have to Pay Tax

Finance Minister Nirmala Sitharaman, during the budget speech, has given a big relief to senior citizens and announced not to pay tax to senior citizens above 75 years.

Finance Minister Nirmala Sitharaman presented the general budget on February 1, which was the digital budget. This came at a time when the country’s GDP had gone to minus two consecutive times, but this happened with the global economy.

Tax Provisions and Financial Sector: Key Points

• Finance Minister Nirmala Sitharaman made a special announcement for senior citizens and gave relief in tax to senior citizens above 75 years of age. Now those above 75 years of age do not have to fill ITR.
• Nirmala Sitharaman declared that NRI people had a lot of difficulty in paying taxes, so this time they are being exempted from the double tax system.
• Finance Minister Nirmala Sitharaman has announced that the initial exemption to start-ups to pay tax has now been extended till March 31, 2022.
• Finance Minister Nirmala Sitharaman has announced that there will be disinvestment in two banks and one public sector company along with IDBI Bank. Also, IPO will be brought for LIC.
• Finance Minister Nirmala Sitharaman has not made any changes in personal income tax rates/slabs in Budget 2021-22. Under the new alternative system, there is no tax on the income of Rs 2.5 lakh while 5 per cent on the income of Rs 2.5-5 lakh and 10 per cent on the income of Rs 5-7.5 lakh.
• Taxpayers who have paid taxes have not received anything special in the budget this time, so the middle class has remained the same as they had expected before the budget.

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(वित्तमंत्री निर्मला सीतारमण ने बजट भाषण के दौरान वरिष्ठ नागरिकों को बड़ी राहत देते हुये, 75 साल से ऊपर के वरिष्ठ नागरिकों को टैक्स नही देने की घोषणा की है |)

(वित्त मंत्री निर्मला सीतारमण ने एक फरवरी को आम बजट पेश किया, जो कि डिजिटल बजट था | ये ऐसे समय में आया, जब देश की जीडीपी लगातार दो बार माइनस में गई थी, लेकिन ये ग्लोबल इकोनमी के साथ ऐसा ही हुआ था |) 

कर (टैक्स) प्रावधान और वित्तीय क्षेत्र: मुख्य बिंदु