Finance Minister Nirmala Sitharaman has concluded Union Budget 2021 speech. She has proposed various benefits for the investors, depositors, and taxpayers. While keeping the Income Tax slab rates unchanged, FM Sitharaman has provided relief for senior citizens above 75 and NRIs by proposing few changes.

Senior citizens who are earning pension and income from deposits are exempted from filing Income Tax Return. Annual premium up to Rs 2.5 lakh on the maturity of ULIP will also be exempted from Tax. However, EPF interest income above Rs 2.5 lakh will be taxable.

The Government will also take all the necessary steps to provide GST relief by reducing inverted GST structures.

As the FM earlier had promised that the post-COVID Budget 2021 will be like no other, the common man was expecting that the government would expand some tax advantages through the budget. Several experts and professional bodies like ICAI had also recommended the government to increase the deduction limit under Section 80C of the Income Tax Act.