Finance Minister Nirmala Sitharaman presented the Union Budget 2021-22 on Monday. In a major move, Sitharaman proposed tax exemption for aircraft leasing companies.
The finance minister also announced tax exemption for notified affordable housing for migrant workers.
Sitharaman also said the Rs 1.5 lakh deduction on payment of interest for affordable housing has been extended by one year.
Stating that there were record GST collections in the last few months, the finance minister said the government will take every possible measure to reduce anomalies, including the inverted duty structures in GST.
She also announced a proposal to review over 400 old exemptions in indirect taxes and the government will begin extensive consultation for the same from October 2021.
The finance minister also announced that senior citizens above 75 years of age who are completely dependent on pension will be exempted from filing tax returns. Banks paying the interest would deduct the tax on their behalf.
(With PTI inouts)
