New Delhi: Finance Minister Nirmala Sitharaman has announced in the Union Budget that there will be no change in income tax rates and slabs. Those above 75 years of age are not required to file an income tax return. The exemption has been announced only for those with pension and interest income. The announcement was made on the occasion of the 75th anniversary of independence. A special committee will be formed to look into income tax disputes. The time for tax review has been increased from six to three years. If there is evidence of tax evasion of Rs 50 lakh, it can be checked for up to 10 years.
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Double tax exemption for NRIs The new customs duty structure will come into effect on October 1. Customs duty on some vehicles has been increased by 15 per cent. Customs duty on solar lights reduced by five per cent.
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Finance Minister Nirmala Sitharaman told the House that the government is committed to the welfare of farmers. 75,000 crore will be provided to wheat farmers in 2020-21. It will benefit 43.36 lakh farmers. Allocation for paddy farmers has been increased to `1.72 lakh crore. Allocation for agricultural credit has been increased to `16.5 lakh crore. At the same time, the opposition ridiculed and shouted slogans while announcing plans for the farmers.
English Summary: FM Sitharaman presented Union Budget 2021
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