No change in tax slabs, PPF limit, Sec 80C exemption in Budget 2021
Budget 2021: No changes in ncome tax slabs, PPF limit, Section 80C exemption were announced by the Finance Minister
Anwesha Madhukalya | February 1, 2021 | Updated 17:03 IST
Budget 2021: No change in income tax slabs
Going against the expectations of salaried class, Finance Minister Nirmala Sitharaman did not announce any major alteration in personal taxation in Budget 2021 . There were no changes in income tax slabs, PPF limit, Section 80C exemption. This comes despite experts asking for increased money in the hands of the salaried class to boost consumption.
The Finance Minister, however, gave some relief to senior citizens. Senior citizens of 75 years and above who only have pension and interest income will not be required to file returns. The Finance Minister also offered relaxation to home buyers by announcing the extension of Rs 1.5 lakh deduction on payment of interest for affordable housing by a year.
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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.