10 Income Tax Changes Announced In Budget Taxpayers Should Know

  • Finance Minister Nirmala Sitharaman did not announce big changes in income tax rules in Budget 2021
  • But she announced many changes that will ease compliance for taxpayers

In Budget 2021, Finance Minister Nirmala Sitharaman announced some tweaks in income tax rules that will help ease the compliance for taxpayers. Tax experts have welcomed the move. “No increase in taxes and no Covid cess. However no increased deductions either,” said Asrujit Mandal, Partner – Tax & Regulatory Services, BDO India. Pre-filled tax returns with details of bank and post office interest, capital gains and dividends will help taxpayers in capturing income more accurately, he said.

Here are 10 changes announced in Budget 2021 taxpayers should know:

1) In order to ease compliance for the taxpayer, details of salary income, tax payments, TDS, etc. already come pre-filled in income tax returns. To further ease filing of returns, details of capital gains from listed securities, dividend income, and interest from banks, post office, etc. will also come pre-filled.

Source: livemint

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