Budget 2021 for Salaried Individuals, Tax Benefits, Standard Deduction
Business Today
Budget For The Salaried
Budget 2021: 6 income tax changes taxpayers should know about

The time-limit for re-opening of assessment is being reduced to 3 years. Originally this was six years. Re-opening of assessment up to ten years will be allowed only if there is evidence of undisclosed income of  Rs 50 lakh (or more) for a year


Budget 2021: Multiple associations and experts have opined that the Section 80C limit must be increased. However, most have suggested almost doubling the limit

Given the skewed finances of the central government owing to the COVID-19 pandemic, there is no elbow room at all to provide any relief to the common taxpayer

This is an effort by the government to make the Budget tabulation process more 'participatory and democratic by taking it closer to the people of India'


Budget 2021: No changes in ncome tax slabs, PPF limit, Section 80C exemption were announced by the Finance Minister

While major changes in the income tax structure are unlikely, it is possible that the government may make some minor tweaks to provide relief

Budget 2021: Economy suffered biggest shock after first lockdown in March when around 11.3 crore people lost jobs as entire economy went into shutdown mode