Personal Taxes

No modifications in revenue tax, senior residents over 75 years of age provided tax breaks

In her budget speech today, the finance minister said that seniors over 75 years old with only pension and interest income are exempt from filing tax returns. However, nothing has changed in terms of income tax. Pre-completed income tax returns will also be available shortly with details of capital gains on listed securities, dividend income and interest income from banks and post offices.

The government has also reduced the deadline for reopening income tax assessment cases from the current six years to three years. However, in serious tax fraud cases where the concealment of income is Rs 50 lakh or more, the deadline is 10 years. A dispute settlement committee would be established for small taxpayers with taxable incomes up to Rs 50 lakh.

Powered by Capital Market – Live News

(This story was not edited by Business Standard staff and is automatically generated from a syndicated feed.)

Dear Reader,

Business Standard has always endeavored to provide updated information and commentary on developments that are of interest to you and have far-reaching political and economic implications for the country and the world. Your encouragement and constant feedback to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these troubled times resulting from Covid-19, we continue to strive to keep you updated with credible news, authoritative views, and concise comments on relevant topics.
However, we have a request.

As we struggle against the economic impact of the pandemic, we need your support even more so we can continue to offer you higher quality content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. A larger subscription to our online content can only help us achieve our goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism to which we are committed.

Support of quality journalism and Subscribe to Business Standard.

Digital editor

Related Articles