Nirmala Sitharaman while presenting Budget 2021 saidseniors will be exempted from filing income tax reutrns. The paying bank willdeduct tax on their behalf.
As per finance minister, the government wants to reducecompliance burden on senior citizens. Senior citizens having only pension andinterest income are exempted from filing income tax returns.
Moreover, the contingency fund will be increased to Rs30,000 crore.