New Vehicle Scrapping Policy: Important Points That You Should Know

Scrapping Policy

Union Minister Nitin Gadkari said in the new vehicle scrapping policy “New-vehicle buyers after deciding to scrap their old and polluting vehicles will get benefits under the new policy to phase out old and polluting vehicles. The road transport minister announced really great news that it would give a 30 percent boost to the Indian automobile industry turnover to Rs. 10 lakh crores in the next upcoming years. It has been clearly stated under the new vehicle scrapping policy that personal vehicles will undergo fitness tests after 20 years and…

Read More

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…

Read More

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…

Read More

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…

Read More

Finance Minister Launched Union Budget Mobile App: Get Quick Access to Paperless Budget 2021 on Feb 1

Union Budget

On Saturday, January 23, Finance Minister Nirmala Sitharaman made a big announcement regarding the launching of the Union Budget mobile app ahead of Union Budget 2021-22. The mobile application is available for both and Android and iOS devices and it is designed to provide information on the union budget to various stakeholders including citizens of India at the click of an option. All the information in the application will be accessible after the completion of the budget speech by the Finance Minister in the Parliament on February 1. National Informatics Centre (NIC)…

Read More