Addressing a press conference later in the day, FM Sitharaman said that she her Budget announcement is people-friendly since she has tried not to burden the people already affected by the Covid-19 pandemic.
New Delhi: Finance Minister Nirmala Sitharaman presented her fourth straight Union Budget in the Parliament on Tuesday while contrary to widespread expectations that the FM will make changes on income tax bracket, she has made no such announcement.
Addressing a press conference later in the day, FM Sitharaman said that she her Budget announcement is people-friendly since she has tried not to burden the people already affected by the Covid-19 pandemic.
“I have not tried to earn even a single paisa by increasing tax this year and even last year. PM Modi had given clear instructions that people should not be burdened with taxes at the time of the pandemic, notwithstanding the deficit,” Sitharaman said.
The FM has however announced some sops on NPS, filing of revised ITR window, start ups, extended ECLGS scheme to mention a few.
Among her other big announcement on the direct tax was that both Centre and States government employees’ tax deduction limit to be increased from 10% to 14% to help the social security benefits of state government employees and bring them at par with the Central government employees.
The FM has also proposed that any income from transfer of any virtual digital asset shall be taxed at the rate of 30%. No deduction in respect of any expenditure or allowance shall be allowed while computing such income, except cost of acquisition, Sitharaman said.
