Mumbai, January 22: The Budget 2021 will be presented by FM Nirmala Sitharaman on February 1, 2021. Even as Finance Minister Nirmala Sitharaman has promised a never before like Union Budget, due to the COVID-19 scenario, experts are not hoping for many big-ticket reforms as far as personal finance and taxation are concerned.
The Union Budget papers will not be printed for the first time since Independence, due to the coronavirus pandemic. When Will Union Budget 2021 be Presented? Here's What You Can Expect From It as Budget Goes Paperless Amid COVID-19 Pandemic.
Here are a few expectations:
According to reports, experts are hoping that FM Nirmala Sitharaman will raise the Income Tax deduction limit under Section 80C of the Income Tax Act up to Rs 3 lakh in the upcoming Budget.
Higher deduction in taxable income can be expected on account of increased health expenses during the pandemic.
Some relief in the form of tax benefit under Section 80D of the Income Tax Act is expected
Individual taxpayers are hoping for personal tax relief in the budget.The economy is battered by the impact of coronavirus. In this backdrop, research and advisory firm Taxmann expect the government not to announce any new tax deductions in the upcoming Budget.