Union Budget 2021: Changes in Income tax you should know about

Finance Minister Nirmala Sitharaman today announced the Union Budget 2021 in the Parliament. She announced a few changes in the Income-tax rules, but no changes in income tax slabs or rates have been proposed.

The Finance Minister made no changes personal income tax and announced that the Centre has decided to reduce the timeline for reopening tax cases to 3 years from 6 years.

The budget proposed to exempt senior citizens 75 years or above who have only interest income and pension income. A proposal to allow tax exemption on maturity proceeds of ULIP’s with an annual premium up to Rs 2.5 lakh.

The budget has made income through interest on Employee Provident Fund above Rs 2.5 lakh taxable.

The citizens did have huge expectations of tax relief which did not seem to be fulfilled by the budget, especially after the COVID-19 misery.


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