The year 2020 ended with hope for a better 2021 in all facets of our lives – economic, social and health. The novel coronavirus pandemic hit the Indian economy adversely impacting almost all sectors be it agriculture, aviation, manufacturing or the service sector. All eyes are now set on Budget 2021 with the hope that taxpayers will be given some respite. Every year the Budget attracts lots of expectations, but Budget 2021 will be more important from the perspective of the remedial actions that will be taken by the Finance Minister to revive the economy.
Among various expectations of individual taxpayers from Budget 2021, a key one is around taxability of retiral benefits. These benefits primarily cater to the needs of an individual after retirement.
Source: The Economic Times
