Although the theme of the Union Budget 2021 is majorly Public Health, Privatization and Infrastructure, but it is also making its step towards the campaign “Atmanirbhar Bharat”.
It is very overwhelming to see how Finance Minister of India has not introduced any new taxes. Instead, the FM has changed the current income tax rates.
The budget has come up with many procedural changes.
Now the budget 2021 has exempted the senior citizens above the age of 75 years from filing the tax returns.
This is applicable to only those whom have pension and interest income from the same bank on satisfaction of some conditions.
According to the conditions, the bank should be a specified bank or it must be notified by the government. The tax payer will have to give a declaration to the specified bank.
Apart from this, the NRIs will be given relief in respect to their foreign investment accounts. The government has proposed to come up with a new section 89A. The rules of avoiding doable taxation will get notified from now.
Now the government has exempted the tax payers from the taxability of interest on RPF/EPF. Also, the government has extended the tax incentive on affordable housing schemes.
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