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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Government set to sell 25 percent stakes of LIC.

LIC

As Prime Minister Modi is looking for resources to bridge the widening gap in the budget, authorities are now seeking cabinet’s approval to sell 25 percent of the nation’s largest life insurer, Life Insurance Corporation (LIC). To prepare the sale of the insurance body, the government plans to amend the act of the parliament under which the Life Insurance Corporation was set up. The sale of the insurance body will be conducted in phases and depending on the market conditions, the timing of the insurer’s initial public offer will be…

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Nirmala Sitharaman speaks about a special meeting to be held in July to discuss State compensation.

Nirmala Sitharaman

There is no denying the fact that these are uncertain times and the government is feeling the heat as the national economy takes a dramatic hit. To palliate the blow faced by the economy, Nirmala Sitharaman, Union Finance Minister said on Friday that there will be a meeting held next month. The agenda of this meeting is to mainly discuss the compensation to states.  Sitharaman said that the Goods and Services Tax (GST) council will discuss borrowing to compensate states and ideally who will pay it back.  The minister said,…

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PM Kisan Samman Nidhi: 8.19 cr. farmers got 1st installment of Rs 2,000. If you didn’t get it, do this.

got-first-installment-of-rs-2000-pm-

Finance Minister Nirmala Sitharaman said in the fifth and final phase related to the economic package of 20 lakh crore rupees that as of May 6, the beneficiaries of 8.19 crore PM Kisan Samman Nidhi Yojana have got an installment of Rs 2,000 under the Pradhan Mantri Garib Kalyan Yojana. After the launch of the scheme, 5 installments of Rs 2,000 have been sent to the farmers so far. Its sixth installment is also coming soon. If the amount of PM farmer has not come into your account then you can still get…

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New on the banks of Ganga! Herbal Medicine Corridor to generate Rs. 5000-crore income for farmers

new-epf-announcement-nirmala

The Finance Minister had said that the government is planning to spend Rs 3.16 lakh crore for families of migrant workers. Finance Minister Nirmala Sitharaman today announced the third tranche of Rs 20 lakh crore Coronavirus relief package announced by the Prime Minister Narendra Modi in his address to the nation on May 12. She has announced an assistance of Rs 4,000 crore for the promotion of herbal cultivation in the country. The government has decided to cover 10 lakh hectares in the next two years with a fresh set of investments.…

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