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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 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
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In her Budget 2020 speech, Sitharaman had announced the new simplified income tax regime. Under this, those earning up to ₹2.5 lakh annually are exempted from paying income tax. For those earning ₹2,50,001 to 5 lakh annually, the rate of tax is 5% while for those at ₹5,00,001 to ₹7,50,000 it is 10%. The rate is 15% for those making ₹7,50,001 to ₹10,00,000 and 20% for those between ₹10,00,001 and ₹12,50,000. For those at ₹12,50,001, the rate of tax is 25% and, finally, for those earning more than ₹15,00,000 annually, the rate is 30%.
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
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
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
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.
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.
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.
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.
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.
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
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.
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
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.
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.
Union cabinet approves Budget 2021
Union cabinet approves Budget 2021 to be presented by finance minister Nirmala Sitharaman.
Union cabinet meets ahead of Budget
Union cabinet meets ahead of Budget presentation by FM Nirmala Sitharaman at Parliament.
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.
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.
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
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.
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.
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.
