How The 2021 Union Budget Will Impact Your Personal Tax

From pre-filled return forms to relief on dividend income, here's how the 2021 Union Budget will affect personal taxes.
boomlive.in
No Change In Tax Slabs
Contrary to expectations, the Union Budget will not see any changes in income tax slabs.
boomlive.in
Tax Concession For Pensioners
Pensioners over 75 years of age will not be required to file Income Tax Returns.
boomlive.in
Pre-filled Return Forms
ITR forms will be pre-filled to help tax payers. The tax forms will include details of capital gains, TDS, dividend incomes and interest from investments.
boomlive.in
Income Tax Assessments
The time limit for reopening income tax assessments has been reduced from six years to three years. However, in serious tax evasion case of concealment of income of over Rs 50 lakhs or more in a year can be reopened up to 10 years.
boomlive.in
Tax Relief For NRIs
Non-Resident Indians with foreign retirement funds will see the double taxation rules being done away with.
Dividends Exempted From TDS
Dividends from real estate investment trusts (REITs) and infrastructure investment trusts will be exempted from tax deduction at source (TDS). Advance tax liability on dividends will arise after declaration of payment of dividend.
boomlive.in