Budget Expectations
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 individual, salaried class, small MSME proprietorship firms, and self-employed people include;
Budget Expectations Increase in Income Tax exemption limit from 2.5 lac to 5 lack: Individuals having income less than 5 lacs were exempted from Income Tax but individual having an income, over 5 lacs 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 an increase of basic exemption limit from 2.5 lac to 5 lac, even if the income is over 5 lakh.
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 and in the 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 and in new tax structure to give a boost to real estate as well.
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, an 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 the Income Tax Department. Always get free advice from Lawyers in Chandigarh, Legal Consultants, or Deepak Malhotra Advocate
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