New Delhi: Finance Minister Nirmala Sitharaman presented her fourth straight Union Budget in Parliament on Tuesday, while contrary to widespread expectations that the Finance Minister will change the income tax net, she has not made any such announcement.
Addressing a press conference later in the day, FM Sitharaman said that she budget announcement People-friendly as it has tried not to burden those already affected by the COVID-19 pandemic.
Sitharaman said, “I have not tried to earn even a single penny by raising taxes this year and even last year. PM Modi had given clear instructions that people should not be burdened with taxes at the time of pandemic. “
However, the Finance Minister has announced some concessions on NPS. Revised ITR Window , Start ups, Extended ECLGS Scheme to mention a few.
Among his other big announcements on direct tax was to increase the tax deduction limit for central and state government employees from 10% to 14% to help with social security benefits of state government employees and to bring them at par with the central government employees. be done. ,
The FM has also proposed that any income arising from transfer of any virtual digital asset will be taxed at the rate of 30%. Sitharaman said that no deduction in respect of any expenditure or allowance shall be allowed while computing such income, except the cost of acquisition.
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