No Changes In Personal Income Tax Slabs, Senior Citizens Above 75 Years Offered Tax Relief

Finance Minister stated in her budget speech today that senior citizens above 75 years with only pension and interest income have been exempted from filing tax returns. However, there has been no change in the personal income tax slabs. Also, pre-filled income tax returns with details on capital gains from listed securities, dividend income and interest income from banks and post offices would be available soon. The government has also reduced the time limit for reopening of income tax assessment cases to three years from the present six years. However, for serious tax fraud cases where concealment of income is Rs 50 lakh or more the time limit would be 10 years. For small taxpayers with taxable income up to Rs 50 lakh, a dispute resolution committee would be set up.

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