The income tax slab may not have changed, but these 6 big announcements related to tax made in the budget

100 more new military schools will be opened across the country.  (News 18 graphics)

100 more new military schools will be opened across the country. (News 18 graphics)

Budget 2021: Finance Minister Nirmala Sitharaman presented the budget on 1 February. Employed people had great expectations from this budget, but there has been no change in the income tax slab.

  • News18No
  • Last Updated:February 2, 2021, 12:52 PM

new Delhi. Finance Minister Nirmala Sitharaman on Monday presented the budget for the financial year 2021-22. This time the budget had a lot of hope for middle-class working people. These people were hopeful of getting relief in income tax, but the Finance Minister disappointed them. There was no change in the IT slab. Despite this, the Finance Minister made 6 announcements.

First, Nirmala Sitharaman has provided relief to the elderly above 75 years in this budget. Senior citizens falling in this category, whose only source of income is pension and interest, do not have to file income tax returns.

Second, While presenting the budget, Nirmala Sitharaman also announced an important plan of the central government. He has announced to reduce the period of reopening of tax related cases from 6 years to 3 years.

Third, Finance Minister has provided relief to the income tax payers. Now income from capital gains and interest will be pre-filed. Meaning that there will be no need to do it separately.

Fourth, The Central Government has proposed to make the Income Tax Appellate Tribunal faceless and to set up a National Income Tax Appellate Tribunal Center.

Fifth, It has been announced to double the exemption from tax audit for companies doing business mostly through digital medium.

Sixth, The cases related to concealing income of more than Rs 50 lakh can be reopened after 10 years.

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