Budget: Income Tax announcements by FM Nirmala | Watch who will benefit

• Union Finance Minister Nirmala Sitharaman said that senior citizens above 75 years of age with only pension and interest incomes have been exempted from filing tax returns. While tabling the Union budget 2021-22 in Parliament, the minister said that the number of income tax return filers has increased to 6.48 crores now from 3.48 crores in 2014. Sitharaman said serious tax offences of concealment off income of over ₹50 lakh can be reopened even after 10 years. She also proposed to make income tax appellate tribunals faceless and to set up national income tax appellate tribunal centre. Sitharaman said that exemption from tax audit limit doubled to ₹10 crores turnover for companies doing most of their business through digital modes. This is the first budget after the Covid-19 pandemic and the ninth one under the Modi government. The Union Budget 2021 is also unique as it will be the first paperless budget. Watch the full video for more.