Finance Minister Nirmala Sitharaman on February 1 presented the crucial Budget 2021 in the Lok Sabha amid the novel coronavirus pandemic. In 2021-22 Budget, Sitharaman did not announce a change in income tax slabs for individuals. The only change was that senior citizens above 75 years of age will be exempted from filing an income tax return if their source of income is only salary & interest. In the last Budget, the Finance Ministry had provided massive relief to salaried and middle-class individuals by introducing new tax slab, which came into effect from April 1, 2020. Also, in a big relief for taxpayers, the time limit to reopen the assessment procedures under the Income Tax Act has been reduced from 6 years to 3 years, except in serious tax cases. Watch the video to know more.
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