Union Budget 2021 |Pensioners over 75 years of age exempt from filing returns: FM Sitharaman

Finance Minister Nirmala Sitharaman tabled the Union Budget 2021-22 in Parliament on February 1 and announced a reduction in the tax burden on senior citizens above 75 years. Senior citizens who only have pension income are exempt from filing income tax returns.

Calling it a "key announcement" the finance minister in her budget speech said: "I begin my direct tax proposals by offering my pranam to senior citizens, many of them despite having forgone several basic necessities of their own have strived to build our nation.

Now in the 75th year of independence of our country when we continue our endeavor with renewed vigour, we shall reduce the compliance burden on our senior citizens who are 75 years of age and above, who only have a pension and interest income. I proposed exemption from filing their income tax return.," she said.

The finance minister also proposed a reduction in the time limit for reopening of tax records to three years from the current six years.