Will Budget 2021 benefit senior citizens?


Finance minister Nirmala Sitharaman in her Budget speech announced that senior citizens above 75 years will not be required to file income tax returns provided they are earning only from pension and interest. However, this will not be applicable if they have any other source of income. Further, if senior citizens’ income is falling in certain tax slabs, then they will have to pay tax accordingly. For senior citizens above 60 years income up to Rs 3 lakhs per year is not taxable while for those above 80 years income up to Rs 5 lakhs is not taxable.

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