Here's how Budget 2021 will simplify life of small tax payers3 min read 01 Feb 2021, 03:15 PM IST
10 budget proposals by the FM, Nirmala Sitharaman which will make the life of small tax payers easier
While the budget does not bring about too many tax amendments, certain underlying messages in the statements made by the Finance Minister, could very well be the reason for providing some relief to the small tax payers. Investments and tax experts welcome these measures. "The income tax filing exemption granted to senior citizens, who rely on only pension and interest income, will significantly reduce their tax compliance burden. The announcement of a faceless dispute resolution system should help taxpayers by fast-tracking the resolution process. The pre-filled capital gains and interest income in ITRs will make income tax filing easier for retail investors. Overall, these measures announced in the budget will simplify the lives of small taxpayers and are welcome," says Lalit Keshre, Co-founder and CEO, Groww.