Budget 2021: Announcement for reforms in tax procedures, Relief to senior citizens

Last updated Feb 5, 2021

New Delhi : The country’s general budget is being presented today. Union Finance Minister Nirmala Sitharaman is reading the budget speech in Lok Sabha. Everyone is eyeing this budget to revive the stagnant economy in the Corona crisis. Tax or employment, the country has high expectations from this budget on every front.

Nirmala Sitharaman’s announcement for tax slab
Finance Minister Nirmala Sitharaman announced that when the world is going through such a huge crisis, everyone’s eyes are on India. In such a situation, we should give all the facilities to our taxpayers.

Finance Minister Nirmala Sitharaman made a special announcement for the senior citizens. Senior citizens above 75 years of age have now been given tax relief. Now those above 75 years of age do not have to fill ITR.

Nirmala Sitharaman declared that NRI people used to have difficulty in paying tax, but now this time they are being exempted from the double tax system.

Fiscal deficit for 2021-22 at 6.8% of GDP
Finance Minister Nirmala Sitharaman said in her budget speech that the fiscal deficit is expected to be 6.8 percent. For this, the government will need 80 thousand crores, which will be taken from the market in the next two months.