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Tuesday, June 28, 2022

Quixplained: Key takeaways from Budget 2021

While presenting the budget on February 1, Union Finance Minister Nirmala Sitharaman however announced a slew of measures to ease the tax compliance burden on senior citizens above the age of 75, small companies and improve dispute resolution mechanisms.

By: Explained Desk |
Updated: February 6, 2021 3:49:05 pm
Despite filing incomes, Budget 2021 did not provide any reduction in income tax rates. (File photo)

The Union Budget 2021-22, despite coming at a time when India’s economy is reeling under the after-effects of the Covid-19 induced lockdown, did not offer any reduction in income tax rates. While presenting the budget on February 1, Union Finance Minister Nirmala Sitharaman however announced a slew of measures to ease the tax compliance burden on senior citizens above the age of 75, small companies and improve dispute resolution mechanisms. She also announced extension of key provisions allowing startups to claim a tax holiday and individuals to claim an exemption on capital gains if they are invested in startups.

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