Important takeaways from Union Budget 2021 for taxpayers, salaried class Budget 2021 has proposed to reduce the time limits for general assessment or processing of ITR by 3 months and also for filing of income tax returns. DNA Web Team Feb 4, 2021, 10:10 PM IST The Union Budget 2021 has proposed to reduce the time limits for general assessment or processing of income tax return by three months and also for filing of income tax returns. This will bring certainty in income tax proceedings and this means the income tax department will have to process the ITR by December 31, 2021 instead of March 31, 2022.
1/5 To boost the purchase of an affordable house, the Union Budget 2021 proposed to extend the eligibility period for the claim of an additional deduction for the interest of Rs 1.5 lakh paid for a loan taken for the purchase of an affordable house to March 31, 2022.