The new tax regime introduced in last year's budget did not include any basic exemptions that are allowed under the old regime with higher taxes. That may change in the upcoming Union Budget 2021. Here is all you need to know:
Whilst Finance Minister Nirmala Sitharaman will be laying down measures to bolster the economy in Budget 2021, factors that impact the common man will certainly be on top of her agenda
7th Pay Commission: Expect good news on DA, DR, TA soon
India
Published: Thursday, January 28, 2021, 16:25 [IST]
New Delhi, Jan 28: The government is likely to take a decision soon with regard to the 7th Pay Commission and is likely to hike the DA and DR soon.
The first would be a 4 per cent hike in Dearness Allowance (DA), expected this month itself and the second would be the Dearness Relief (DR), which was approved by the Union Cabinet with effect from January 1 2020. The government is working on the same and is expected to make an announcement soon.
The increase of the DA by 4 per cent would mean Central Government employees will get more salary.
Budget 2021 could give tax sops to boost spending, extend LTC cash voucher scheme: EY
SECTIONS
Budget 2021 could give tax sops to boost spending, extend LTC cash voucher scheme: EYBy Shalini Jain, ET CONTRIBUTORS
Last Updated: Jan 20, 2021, 05:43 PM IST
Share
Synopsis
In every budget, the government is faced with the task of introducing measures to meet its revenue needs and at the same time cater to the taxpayers expectations for relief from taxes. Given the unprecedented times, the need to balance these requirements is much more than ever in this budget.
Getty Images
The Finance Minister has indicated that Budget 2021 will be a budget like never before as the government looks to steer the pandemic battered economy and push growth. The FM has also mentioned that investment in health will be the top priority for the government in Budget 2021.
Updated Jan 17, 2021 | 10:53 IST
The sops will be aimed at providing a more secure health safety net for individuals and families in the wake of a global public health crisis which has increased healthcare expenses of the common man Union Budget 2021: Will middle class get tax relief on medical insurance, expenditure? | Photo Credit: BCCL
New Delhi: Finance Minister Nirmala Sitharaman in the upcoming Union Budget 2021-22, to be presented on February 1, is expected to give tax relaxations on medical expenditure and insurance costs which will go a long way with the middle class.
The sops will be aimed at providing a more secure health safety net for individuals and families in the wake of a global public health crisis which not only increased healthcare expenses but also reduced income levels.