Finance
Minister Nirmala Sitharaman had said that the budget 2021 will be very different from the
other budgets. Hence many of the people were curious about the same. And the
cryptocurrency is also not introduced in the budget but it was said that some
rules would be introduced also for the cryptocurrency but they are not yet
introduced and we hope that they would introduce them afterward in the next
budget. Here in this budget, if we take the concept of Income-tax then we get
to know that there are no changes done in the tax system and it would not
benefit anyone. But there are some minor changes done that would help the
senior citizens of India that are above 75 age.
The people
that are above age 75 and making their income from the pensions and interest
income, would not have to file the tax. In the past period, we would have to
give our information such as salary, TDS and many more details but from
present, we would not have to give this type of information and it would be in
the prefilled form. The capital gain tax and dividend income that was imposed
on your investment would also be in the prefilled form.
There are some of the expectations from the
people for the Budget 2021 that are mentioned below:-
1. People that are Employed are excepting
some deduction in the tax for Remote Work Setup:-
In the
Pandemic, most of the people were unemployed and some of the people were
working as Work From Home and It has now become a culture as Work From Home in
today's world. Hence the employees expect some of the tax benefits in the
budget 2021.
2. People also expect some relief under the
limit Under Section 80C and 80D of the Income Tax Act:-
The people
expect a change in the rules of the Under Section D, the deduction for medical
coverage for non-senior citizens should be increased up to Rs 25 K to Rs. 50 K.
and also for the senior citizens should increase up to Rs. 50 K to Rs. 75 K
which would help the people in the pandemic situation and would get the power
to tackle the situation by themselves.
3. The budget should grow the purchasing
power of the people:-
Most of
the experts say that the Government should introduce some of the reliefs to the
consumers that would help the consumers to spend more capital on their
priorities. The government should also give relief to the MSME's and Startups
in the tax that would encourage them to increase their hiring power and they
would hire talented employees for them. Also providing relief for the MSMEs and
Startups would help them to grow their organization and would also help our Indian
economy to get an increment.
4. People also expect some relief in the
Capital Market:-
In the
past, the long-term capital gain tax for the sale of equity shares and equity
mutual funds was 10 percent for the capital of Rs. One Lakh. Now people are
expecting the reduction in the tax rate up to 5 percent on the capital gain of
Rs. Two Lakhs.
5. The Industry would also accept the
announcement of the debt link saving scheme:-
The expert
of the industry that assumed in the budget the government should introduce the
DLSS (Debt Linked Savings Scheme)
which
helps the investor in the higher credit rated debt instrument with the help of
the tax benefit which helps the investor to invest their capital in the short
lock-in period-instrument v/s PPF or NPS.
Conclusion:-
The blog
explains the expectations of the peoples such as the investors, employees, and
the industry experts from Budget 2021. After the pandemic, most of things are
changed and people are expecting some relief from the Government.
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