Pensioners Above 75 Exempted From Filing I-T Returns: Nirmala Sitharaman

Pensioners above 75 years of age will not be required to file income tax returns, Finance Minister Nirmala Sitharaman said today as she presented the Union Budget 2021 in parliament. "Few months before the pandemic, the government slashed the corporate tax rate to make it the lowest in the world. The burden on small taxpayers was eased by increasing rebates. In 2020, the return filers increased to 6.48 crore from 3.31 crore in 2014. In the direct tax administration, we had recently introduced the faceless assessment. I now seek to take further steps to further simplify the tax administration," Ms Sitharaman told the parliament.