Budget 2021 Highlights: The budget has not given a special gift to the common taxpayers but has given a convenience. Now filing income tax returns will be easier than before.
Budget 2021 Highlights: This time even though the taxpayer of Modi government has disappointed the general taxpayer, but there is also a convenience. Presenting the budget, Finance Minister Nirmala Sitharaman said that now filing IT returns will become easier. Capital gains, dividend income and interest income will already be filled in the return. Let us know that the trend of pre-filled tax returns is going on around the world.
The second biggest announcement in terms of tax was that elders 75 years and above would not have to fill ITR. However, this exemption will be applicable only if they have pension and interest income. Sitharaman said in his budget speech, ‘We are reducing the burden of people 75 years and above. The elderly aged 75 years and above will not have to file income tax returns.
In the budget, the Finance Minister has also proposed the formation of a resolution committee to protect small taxpayers from getting involved in litigation. People with taxable income of up to 50 lakhs can appear before this committee. Apart from this, the period of tax assessment has also been reduced from 6 months to 3 months. The Finance Minister also exempted NRI people from double tax.
The government announced an amendment to the Insurance Act 1938. It has been said that the limit for FDI will be increased from 49 per cent to 74 per cent. The opposition is questioning the budget. He says that the government wants to sell everything and it gave nothing to the common man and the farmers. However, the government has declared it as a poor and a farmer’s budget.
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Rahul Gandhi described the budget as the budget of some rich people and targeted Prime Minister Modi. Union Minister Smriti Irani, while replying to him, said that if you read the budget first and do not understand, then understand someone.
