New Delhi: Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget 2021 in Lok Sabha on February 1 at 11 AM.
Union Budget 2021 will go paperless as the Finance Ministry has decided not to print the budget documents amid the COVID-19 pandemic. Touted to be a historic move, it will be for the first time in the history of independent India that the budget 2021 papers will not be printed.
Be it tax exemption, increasing the rebate cap on home loans, giving subsidies to farmers or addressing the issue of women’s and senior citizens’ taxation, the decision of the Finance Minister will be closely watched by one and all.
The salaried class expects Finance Minister Nirmala Sitharaman to announce further increase in tax rebate under section 80C and 80D.
In the current consolidated deduction of Rs 1.5 lakh is allowed on all long term and short term serving instruments, including provident fund, pension funds, and equity linked savings scheme etc. The salaried class expects that FM could increase the bracket with upto Rs 2 lakh, an increase of Rs 50,000. Exemption limits of allowances such as children education allowance, transport allowance, medical allowance etc are very low. So expectations are that the allowances exempted from tax are increased along with rise in exemption limits under Sections 80C.
While under section 80D, the salaried tax payer expects that FM could increase the bracket. Section 80D allows aggregate deduction of up to Rs 25,000 in respect of payment of health insurance premium and payment made on account of preventive health check-up. The Section 80D offers deductions over and above the exemptions derived from the more popular Section 80C. With the advent of the COVID-19 Pandemic and the steep increase in the cost of medicines and routine medical check-ups, expectations are high for the limit to be increased to Rs 50,000 to further encourage the spread and coverage of health insurance.
In the zone of Standard deduction too, it is highly expected that FM could raise the bar further from Rs 50,000. An increase in the tax bracket would help people save more. Additionally, increase in tax limit will also kick-start savings which will ultimately lead to increase in investment and liquidity in the system.
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