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