Income Tax 2021 updates: Income tax slabs kept unchanged

Union Budget 2021: This means that the existing regime, announced in last year's speech, will continue.

Union finance minister Nirmala Sitharaman presents the Union Budget 2021-22 in Lok Sabha in New Delhi on Monday. (ANI)

Union finance minister Nirmala Sitharaman on Monday presented Union Budget 2021. However, Sitharaman did not announce any new income tax slabs as part of her Budget which means that the existing regime, announced in last year's speech, will continue; the income tax-related announcements are among the most closely followed announcements in a Union Budget speech. This year’s Budget was unique as it went 'paperless' for the first time and will be available on a dedicated Union Budget app for both Android and iOS smartphones. ...Read More

 

Follow all the updates here:

• Feb 01, 2021 03:48 pm IST

  2 important features of this Budget: FM Sitharaman

  This Budget comes at a time when all of us decided to give impetus to the economy & that impetus, we thought, would be qualitatively spent and give necessary demand push if we choose to spend big on infrastructure: Finance Minister Nirmala Sitharaman

• Feb 01, 2021 03:12 pm IST

  Focused on transparent Budget, says PM Modi

  Many thought we will put the tax burden on the common man. However, we focused on a transparent Budget. It has been presented amid unprecedented circumstances: PM Narendra Modi

Feb 01, 2021 02:42 pm IST

More you praise Budget, less it is, says Rajnath Singh

People hadn't expected a Budget of this kind because, in a way, govt had presented 5 mini-budgets earlier. Several packages were announced, of which Aatmanirbhar Bharat is also a part. It's a superb Budget. The more it is praised, the less it is: Defence minister Rajnath Singh

Feb 01, 2021 01:50 pm IST

Tax slabs for financial year 2019-20

Tax slabs for FY 2019-20, which taxpayers can opt to pay under, are as follows: no tax up to ₹2.5 lakh, 5% from ₹2.5 lakh- ₹5 lakh, 20% from ₹5 lakh-10 lakh and 30% for above ₹10 lakh.

Feb 01, 2021 12:56 pm IST

No change in income tax slabs announced

FM Sitharaman, during her Budget speech, didn't announce any new income tax slabs, or changes to the existing slab, meaning that the existing slabs, announced in last year's Budget, will continue.

Feb 01, 2021 12:53 pm IST

Customs duty on gold, silver to be reduced

FM Sitharaman announces reduction on customs duty on gold and silver. Presently it is at 12.5%, having earlier been raised from 10%, in July 2019.

Feb 01, 2021 12:43 pm IST

Time limit for reopening tax assessments reduced to three years

Sitharaman announces reduction of time limit for reopening tax assessments to three years from the existing six years.

Feb 01, 2021 12:41 pm IST

Tax holiday for affordable housing projects till March 2022

Affordable housing projects can enjoy tax holiday for one more year, till March 31, 2022, announces FM Sitharaman.

Feb 01, 2021 12:37 pm IST

Sitharaman announces Income Tax 'faceless' tribunals

I announces setting up of Income Tax faceless tribunals, personal appearance to be done through video conferencing: Nirmala Sitharaman

Feb 01, 2021 12:30 pm IST

FM announces exemption from paying ITR for citizens above 75 years of age

Exemption from filing income tax returns for citizens above the age of 75, says finance minister Nirmala Sitharaman. This will be applicable on those under the pension scheme, she says.

Feb 01, 2021 12:10 pm IST

Budget 2021 available in digital format

For the first time, Budget is being presented in a digitised format. All you have to do is download an app to access the Budget at your convenience, and without any hassle. Read more

Feb 01, 2021 11:33 am IST

Last date to file ITR expired on January 10, 2021

The extended deadline to file Income Tax Returns (ITR) ended on January 10, 2021. The original deadline was July 31, 2020 but was first extended to November 30, 2020 and then to December 31, 2020 due to the ongoing Covid-19 pandemic.

Feb 01, 2021 11:09 am IST

FM Sitharaman begins Budget 2021 speech

FM Nirmala Sitharaman begins her Budget 2021 speech in Parliament, her third as the country's first full-time finance minister.

Feb 01, 2021 11:03 am IST

Union cabinet approves Budget 2021

Union cabinet approves Budget 2021 to be presented by finance minister Nirmala Sitharaman.

Feb 01, 2021 10:42 am IST

Union cabinet meets ahead of Budget

Union cabinet meets ahead of Budget presentation by FM Nirmala Sitharaman at Parliament.

Feb 01, 2021 10:21 am IST

FM Sitharaman and MoS (Finance) Anurag Thakur arrive at Parliament

FM Nirmala Sitharaman and MoS (Finance) Anurag Thakur arrive at Parliament to present Budget 2021.

Feb 01, 2021 10:16 am IST

How to calculate income tax to be paid?

Taxable income is calculated by adjusting all the available exemptions and deductions from the gross salary. Then, check if your salary falls under any of the tax brackets.

Feb 01, 2021 09:47 am IST

What to expect from Nirmala Sitharaman's budget?

The budget may offer more stimulus packages to various sectors of the economy still reeling from the damage caused by the coronavirus pandemic. Read more

Feb 01, 2021 09:44 am IST

Income Tax slab rates 2020-21 'optional'

The current Income Tax slab rates are 'optional.' This means that returnees can either forego certain exemptions to pay tax at lower rates or continue to pay tax under the existing rates.

Feb 01, 2021 09:29 am IST

Those earning up to ₹2.5 lakh annually exempted under current regime

Individuals earning up to ₹2.5 lakh annually are exempted from paying tax under the existing regime, as announced by Sitharaman in last year's Budget.

Feb 01, 2021 09:18 am IST

FM Sitharaman to present Budget 2021 today

Union finance minister Nirmala Sitharaman will present Budget 2021 at 11 am on Monday. This will be India's first-ever 'paperless' budget.