URL copied
Middle class to gain from higher tax deductions likely in Budget 2021
Middle class tax payers may get a lot to cheer about the Budget proposals to be presented by Finance Minister Nirmala Sitharaman next month. Sources said that the Budget 2020-21 may take the sops announced earlier under the Atmanirbhar Bharat package to help people in their fight against the Covid-19 pandemic further, by raising the basic tax exemption limit for an individual income tax payee to Rs 5 lakh from Rs 2.50 lakh at present to enhance net disposable income in their hands.
In the interim budget of 2019, the government had proposed a rebate on all payable taxes if an individual s taxable income is upto Rs 5 lakh per annum. But it kept the basic exemption levels unchanged.
Government should realign income tax rates in Union Budget: KPMG
For individual taxpayers below 60 years of age, the income tax exemption limit is currently Rs 2.5 lakh p.a.
Share Via Email
| A+A A- By Express News Service
NEW DELHI: The government should realign income rates and slabs in the soon-to-be-announced Union Budget since the current limit has remained unchanged since financial year 2014-15, said consultancy firm KPMG in a recent note on its recommended changes in India’s income tax policy.
For individual taxpayers below 60 years of age, the income tax exemption limit is currently Rs 2.5 lakh p.a. Last year’s Budget provided some relief to taxpayers by allowing them to choose between the existing tax regime and an alternative optional new tax regime. However, the taxpayers aren’t allowed exemptions or deductions in the new taxation regime.
Middle class to gain from higher tax deductions likely in Budget 2021 daijiworld.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from daijiworld.com Daily Mail and Mail on Sunday newspapers.
Budget 2021: Top 5 expectations from Nirmala Sitaraman
The common man who is still reeling under the effects of the pandemic is awaiting some relief from the upcoming union budget. The union budget will be presented by the countryâs finance minister Nirmala Sitaraman on February 1, 2021 A Man watches live telecast of Union Budget 2020-21 presentation at a television showroom in Kolkata, Saturday, Feb. 1, 2020.
Swapan Mahapatra
As India looks to recover from the devastating Covid-19 blow, the common man who is still reeling under the effects of the pandemic is awaiting some relief from the upcoming union budget. The union budget will be presented by the countryâs finance minister Nirmala Sitaraman on February 1, 2021.