The Finance Minister has proposed exemption from income tax filing for senior citizens who only have a pension and interest income. The tax exemption will apply to senior citizens over the age of 75.
The Finance Minister proposed the exemption saying that as the country is in its 75th year of independence the compliance burden on senior citizens should be reduced.
The Finance Minister said, “We made substantial changes in the Direct Tax System. We slashed our Corporate Tax rate to make it lowest in the world.” There will be no double taxation for NRIs.