What is new income tax slab for 2021-22?
In the last few years, the Modi government has so far pushed for a rebate on all payable taxes but didn t change the slabs. In the previous Budget, Sitharaman had offered an optional lower rate of income tax to individuals as she introduced new tax slabs of 15 per cent and 25 per cent in addition to the existing 10 per cent, 20 per cent and 30 per cent. The new I-T slabs, which came into effect on April 1, 2020, are for individuals not availing of certain specified deductions or exemptions.
What is the 80C limit for 2020-21?
Budget 2021 news updates: Nirmala Sitharaman delivers budget speech at parliament.
New Delhi:
Finance Minister Nirmala Sitharaman addressed parliament today with details of the Union Budget 2021, the first after a difficult year for the economy due to the COVID-19 pandemic. She announced foreign direct investment (FDI) hike in insurance to 74 per cent from 49 per cent with foreign control under safeguards. The Finance Minister has set a target of Rs 16.5 lakh crore as agricultural credit. Her budget speech comes after a difficult year for the economy due to the COVID-19 pandemic, which shut down businesses for months, leading to lost earnings, curtailed consumer spending and job cuts. The total impact of Atmanirbhar Bharat and measures by RBI was Rs 27.1 lakh crore, which amounts to 30 per cent of GDP, Ms Sitharaman said. 2021 is a year of many milestones, she said.