New Delhi: The current budget has not changed the income tax structure. However, pensioners over the age of 45 are exempt from income tax. “They do not need to file income tax returns,” Finance Minister Nirmala Sitharaman said during the presentation of the budget. People over the age of 45 who have only pensions and interest income do not have to file income tax returns. Similarly, the budget also states that, in general, NRIs have had to pay a lot of taxes. But this time they have been relieved of the double tax system. Union Finance Minister Nirmala Sitharaman has announced that the initial waiver for start-ups to pay taxes has now been extended to March 31, 2022. It will be made “faceless” to ensure efficiency and transparency. Income taxpayers up to Rs 5 lakh and up to Rs 10 lakh can apply to the committee in controversial tax cases. There is a proposal to reduce the current 4-year ‘Tax Assessment Rehabilitation’ to 3 years.
