Spread the information
Budget Expectations 2021
Budget Expectations 2021 -I.Tax Limit from 2.5 to 5 lac? 2

Budget Expectations 2021 – All sectors are expecting a major relief in Budget 2021 for F.Y 2021-22, from the Honorable FM of India on February 01, 2021. The main expectations of an an individual, salaried class, small MSME proprietorship firms and self employed people are as include;

Increase in Income Tax exemption limit from 2.5 lac to 5 lack : Individuals having income less than 5 lac were exempted from Income Tax but individual having income, more than 5 lac had to pay 5% income tax on income above exemption limit of 2.5 lac, for the assessment year 2020-2021. The major expectations of an individual salaried class, proprietorship firms and self employed people are on increase of basic exemption limit from 2.5 lac to 5 lac, even if the income is more than 5 lack.

Increase in deduction under Section 80 from 1.5 lacs to 3 lacs: The other expectations of an individual salaried class, proprietorship firms and self employed people are on increase of basic exemption limit under section 80 (Savings in PF, LIC etc) from 1.5 lacs to 3 lacs in old as well as in new tax structure.

Increase in deduction under Section 24 from 2 lac to 4 lac : The other expectations of an individual salaried class, proprietorship firms and self employed people are on increase of basic exemption limit under section 24 (Repayment of housing loan installments) from 2 lac to 4 lac in old as well as in new tax structure to give a boost to real estate also.

Affordable housing for all individuals: The other expectation of the people thinking of buying a property or flat from realtor, real estate agents or builders are more tax rebates on housing, personal tax reliefs, extension of interest subvention, easy finance and subsidy for all up to a limit of one crore.

Always remain updated from the official website of Income Tax Department. Always feel free to get free advise from Deepak Malhotra Advocate

  •  
    32K
    Shares
  • 19K
  • 13K
  •  
  •  
  •  
  •  

No responses yet

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Comments