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The Great Indian Budget 2021: In & Out

A budget is telling your money where to go instead of wondering where it went – Dave Ramsey

Budget is most widely used but least bothered, understood and concerned phenomenon; when we hear about budget the only gigantic numbers and figures come in the mind. Budget is very usual thing I’d say, because everything you do or aspire to do would firstly need a budget estimation, i.e. if you want to buy a home, buy a new car, going on a vacation, admission of children in a reputed institutions, getting children married, life-style, etc every aspect of life would need a thorough understanding of budget – so as with the nation.

Since last few weeks, ‘Budget’ word has been in limelight as India - one of the largest economies of globe was to announce its budget for 2021-22.

Let’s try to understand the Budget 2021 via few simple Key Takeaways 2021 for Personal Finance

  • There is no as such changes in Tax Slabs
  • No ITR for senior citizens above 75 with only pension and interest income; other income may come under income tax slab
  • Now Pre-filled Tax Forms for hassle-free return filing
  • Maturity/Redemption of ULIPs bought after 1/1/21 to be taxable if annual premium exceeds Rs 2.5 lakh
  • Faceless tax dispute resolution mechanism for small taxpayers
  • Interest earned on annual PF contribution over Rs 2.5 lakh to be taxable
  • Deduction on Home Loan Interest extended till 31st March 2020
  • Setting up of an investment charter to reduce mis-selling of financial products
  • Home loan interest extended till 31st March 2022

Credit: Deepak Dhabalia, DD’s Real Wealth Maximiser

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