Download the Policybazaar app
to manage all your insurance needs.
Union Budget 2021: Key Income Tax Announcements
The finance minister Nirmala Sitharaman in the live budget of 2021, has announced various proposals for the benefit of the investors, depositors and taxpayers.
- 4.8++ Rated
- 9.7 Crore Registered Consumer
- 51 Partners Insurance Partners
- 4.9 Crore Policies Sold
Tax Saving Plans
- Get Returns That Beat Inflation
- Zero Capital Gains tax¶
- Save upto Rs 46,800In Tax under section 80C^
We are rated++
9.7 Crore
Registered Consumer
51
Insurance Partners
4.9 Crore
Policies Sold
Get Instant Tax Receipts
Save Upto ₹46,800 in Taxes Under Section 80C^
-
Home
-
Income Tax
- Union Budget 2022: Key Income Tax Announcements
There are no changes made to the personal income tax. However, senior citizens are offered benefit. Within the proposal, the senior citizen who is above 75 years of age and are earning pension and interest income only need not file the ITR. The intent to do is to reduce the burden on the senior citizens. Moreover, income tax reforms have been simplified further. It has also been proposed to provide GST relief by decreasing the inverted GST structures for, which the government will take the required steps.
The government has also suggested permitting tax exemption upon maturity of ULIP having the annual premium of up to Rs 2.5 lakh. The Employee Provident Fund interest income that is above Rs 2.5 lakh will also be taxable. In the real estate section, there is an additional relief of Rs 1.5 lakh for the home loans in regards to the affordable housing. The homebuyers can easily avail an additional tax relief on the home loans until 2022, March 31.
To reduce uncertainty for the taxpayers and litigation, the government has also reduced the timeframe for reopening the tax cases to 3-years from 6-years. To ease the income tax filing, the capital gains from the listing securities and the interest income will come pre-filled in ITR. The exemption from the tax audit limit to be doubled to Rs 10 crore turnover for the companies that have been doing the business via digital modes.Â
It has also been suggested to make the income tax appellate tribunals faceless and also set up the national income tax appellate tribunal centre. For the NRI taxpayers, some relief will be provided from the double taxation in respect their income accrual outside India in the accounts of foreign retirement.
˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
Income Tax Returns & eFiling
Income Tax Calculator - Old vs New Regime
Income Tax Return Filing
Income Tax Refund Status: Check ITR Refund
Income Tax Return Form: How to download ITR Forms
How to Check ITR-V Receipt Status?
Income Tax Filing For the Freelancers
Income Tax Form 16
Income Tax for NRI in India
Tax Saving via NPS, ELSS, PPF, MFs
Tax Saving Investments
NPS Calculator
How to Open NPS Account Online
Equity Linked Savings Scheme Funds 2025
Steps to Invest in ELSS Funds
PPF Calculator
PPF Interest Rate 2025 - All You Need to Know
PPF or Public Provident Fund Account: A Complete Guide
Income Tax Section 80 & HRA
Section 80C
Income Tax Deductions
Section 80D
Section 80U
Income Tax Rebate in India
Income Tax Exemptions
HRA Calculator
House Rent Allowance
Tax Slab Rates & Saving Tips
Tax Saving - How to Save Income Tax For FY 2025-2026
How to Pay Income Tax Online in India 2025
Income Tax Slab Rates for FY 2025-2026 (AY 2026-2027)
Advance Tax Payment
How to Save Tax on Salary?
- SIP Calculator
- Income Tax Calculator
- Compound Interest Calculator
- NPS Calculator
- Show More Calculator
Income Tax articles
Recent Articles
Popular Articles
28 Apr 2025
The State Bank of India (SBI) Savings Account is a banking
24 Dec 2024
The SBI Multi Option Deposit Scheme (MOD) is an innovative
24 Dec 2024
The SBI Annuity Deposit Scheme is a financial product offered byExplore the popular searches and stay informed
- LIC
- Investment Plan
- Annuity Plan
- Child Plan
- Pension Plan
- ULIP Plan
- Child Investment Plan
- SIP
- SIP Calculator
- SBI SIP
- ULIP Calculator
- Sukanya Samriddhi Yojana
- Best SIP Plans
- Retirement Planning
- SBI SIP Calculator
- HDFC SIP Calculator
- Sukanya Samriddhi Yojana Interest Rate
- NPS Interest Rate
- Deferred Annuity Plans
- SBI Annuity Deposit Scheme Calculator
- Immediate Annuity Plans
- Post Office Child Plan
- Prime Minister Schemes For Boy Child
- Government Schemes for Girl Child
- 50k Pension Per Month
- Atal Pension Yojana Calculator
- Best Pension Plan in India
- 1 Crore Term Insurance
- Best Term Insurance Plan
- Term Insurance for Women
- Term Insurance for NRI
- Term Insurance
- Term Insurance Calculator
- Life Insurance
- Term Insurance with Return of Premium
- Whole Life Insurance
- Term Insurance vs Life Insurance
- What is Term Insurance
- Life Insurance Calculator
- 5 Crore Term Insurance
- 2 Crore Term Insurance
- 50 Lakh Term Insurance
- Term Insurance for Housewife
- Benefits of Term Insurance
- Term Insurance Terminology
- Medical Tests for Term Insurance
- Term Insurance for Self Employed
- Claim Settlement Ratio
- 10 Crore Term Insurance
- Term Insurance for Smokers
- 1.5 Crore Term Insurance
- Zero Cost Term Insurance