News of relief for pensioners, no tax on pension income for senior citizens above 75 years

New delhi date. Monday 01 February 2021

The Finance Minister has announced a big relief in Budget 2021, which will not have to pay tax on pension income. Not only that, the government has given a big gift to the elderly, according to which the elderly above the age of 75 are exempted from income tax. That means they no longer have to file a tax return.

- Will make reforms to increase tax compliance

- No tax on those above 75 years of age

- Senior citizens above 75 years of age do not have to file a tax return

- Tax cases older than 3 years will not be opened.

- Dividend payment of REITS inVITs exempted from TDS

- Infra Debt Fund will raise funds on zero coupon bonds

- Tax exemption limit on affordable housing will be increased for 1 year

- Tax exemption on interest up to Rs 1.5 lakh on affordable housing

- Tax exemption for startups increased by 1 year

- The new structure of customs duty will come into effect from October 1, 2021

- GST process will be simplified

- Customs duty on some mobile parts will be increased to 2.5%

- Customs duty on alloy, steel will be reduced to 7.5%

- Customs duty on copper, naphtha will be reduced

- Will rationalize import duty on Gold Silver