The Finance Minister has given a big relief in the budget 2021, announcing that tax will not have to be paid on earnings from pension.
New Delhi: The Finance Minister has given a huge relief in the budget 2021, announcing that tax will not have to be paid on pension income. Not only this, the government has given a big gift to the elderly, under this, the elderly above 75 years have been exempted from income tax. That is, they will no longer have to return tax. Also, a look at the important announcements made by the Finance Minister:
Will improve to increase tax compliance
No tax on people over
75 years of age Senior citizens
above 75 years will not have to file tax returns No tax on pensioners over 75 years
old No tax cases older than 3 years will be opened
REITS inVITs of Dividend Payment exempted from TDS
Budget 2021: Government declaration, no change in income tax slab
will raise funds on infrastructure debt fund zero-coupon bonds
for affordable housing tax exemption limit was extended to 1 year
tax exemption on interest up to Rs 1.5 million on affordable housing
tax Startup Exemption 1 year Enhanced
The new
GST structure will be implemented from 1 October 2021, the GST process will be further simplified.
Custom duty on some mobile parts will be increased by 2.5%
Alloy, Custom duty on steel will be reduced by 7.5%
Copper, Custom duty on naphtha
will reduce import duty on gold silver
