Changes in the Budget Can Have an Effect on Your Pocket – STD10.NET

Changes in the Budget Can Have an Effect on Your Pocket

The budget for 2021-22 was presented to Finance Minister Nirmala Sitaram on February 1. No changes have been made to the income tax slab in this budget. Apart from this there were many other announcements in the budget, which is important for you to know. We are referring to similar advertisements here.

Relief to senior citizens

In the budget, the finance minister said that in the 75th year of independence, the country was working with new energy.

We cannot place too much emphasis on senior citizens over the age of 75. The finance minister said in the budget that senior citizens over the age of 75 receiving pension income would no longer be required to file tax returns.

Income Tax Return (ITR)

The government said in the budget that details of salary income, tax payments, TDS, etc. would be filled in the income tax return already. For greater ease of filing returns, details of capital gains, dividend income and interest received from banks post offices should also be filled in advance.

Tax incentives for affordable housing

The rebate of Rs 1.5 lakh on interest payments for Affordable Highs has been extended for one year. This means that buyers buying a house worth less than Rs 45 lakh can get a tax exemption of up to Rs 1.5 lakh.

ગુજરાતીમાં વાંચો

The budget said the 10-year-old assessment would only open where more than Rs 50 lakh in revenue would be found. In addition, small taxpayers can now file returns on a quarterly basis. Also, AI will be used to detect text theft. Revised custom duty restructuring will be introduced from October 2021.

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