Union Budget 2021-22: Here Are Some Income Tax Changes Every Taxpayer Should be Aware of

Union Budget 2021-22

In the Union Budget 2021-22  presented by Finance Minister Nirmala Sitharaman, no major changes in the income tax slabs were announced. The only revisions were seen in the exemption of senior citizens aged above 75 in case of filing an I-T return or if they are dependent on the pension or interest income. Here are 10 major income tax changes seen in the Union Budget 2021-22 which will affect an individual income taxpayer and how they tend to impact your personal finances:  A Dispute Resolving Committee (DRC) will now be set up to help…

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FM Nirmala Sitharaman presents the Union Budget for 2021-2022, find out the major announcements here

Union Budget

Finance Minister Nirmala Sitharaman presented the Union’s Budget for 2021-2022 at the Lok Sabha, today. Right from the common man to the major sectors like health and automobile, everyone had high expectations from this year’s budget presentation. Let us find out who-got-what from the 2021-2022 budget. Senior citizens exempted from ITR-filing obligation The Finance Minister has provided great relief to the senior citizens. Now, the senior citizens (above 75 years) will not be compelled to file the ITR. In short terms, pensioners above 75 years are exempted from mandatory income…

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The Case for Higher Standard Deduction from the Union Budget 2021

Union Budget 2021

January 27, 2021: In July 2019, the finance minister Nirmala Sitharaman had presented her union budget, which was the first Budget of the Second term of the NDA. She had raised the standard deduction of paid employees from to 50,000 from 40,000. What is this standard deduction and why is it important? This deduction is a fixed amount that is deducted from an individual’s taxable income.  It can be done by the government in order to hand more money to the taxpayer, especially after the Covid-related lockdowns, and a significant increase in this…

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