Budget 2021: The third budget of the second term of the Modi government will be presented on February 1. The then Finance Minister Arun Jaitley presented the budget five times in the first term of the Modi government. At the same time, due to the Lok Sabha elections in 2019, an interim budget was introduced in February 2019 and then in July 2019, the full general budget comes. For the first time since the Narendra Modi government came to power at the Center in 2014, many big announcements have been made in the taxpayers’ budget. Whether it is the relief of additional discount on the interest on the home loan, whether the discount is increased or the alternative fee is offered. Let us know what the Modi government has done for the common man since 2014.
The interim budget was presented in February due to the 2014 Lok Sabha elections. After the Modi government came to power, the then Finance Minister Arun Jaitley presented the general budget in July. In the full budget of 2014, the limit of private tax exemption was increased from Tk 2 lakh to Tk 2.5 lakh. The limit for senior citizens was increased from Rs 2.5 lakh to Rs 3 lakh. At the same time, the tax exemption limit under section 80 (c) was increased from Rs 1.1 lakh to Rs 1.5 lakh. Under section 244, the interest tax exemption limit for home loan has been increased from Rs 1.5 lakh to Rs 2 lakh.
2015 budget (2015 budget)
A tax exemption of Rs 50,000 was announced for investment in NPS under Section 80CCD (1B). By combining Section 80C and 80CCD (1B), the tax exemption facility of Rs. 2 lakh has now started.
The interest earned on investments in Sukanya Samridhi Yojana was tax free. The limit of tax exemption on health insurance premiums for individuals has been increased from Rs 15,000 to Rs 25,000. In the case of senior citizens, the limit has been increased from Rs 20,000 to Rs 30,000.
The limit of transport allowance for salaried class was increased from Rs.800 to Rs.1600. The surcharge on persons with an annual income of more than Rs 1 crore has been increased from 10 per cent to 12 per cent. Property taxes have been abolished.
Budget for 2016 (Budget 2016)
For income below Rs 5 lakh, the tax exemption has been increased from Rs 2,000 to Rs 5,000. Buyers of new homes were given an additional tax deduction of Rs 50,000 for interest on loans up to Rs 35 lakh. For house rent, the tax exemption was increased from Rs 24,000 to Rs 60,000 as per section 80GG. The surcharge on people with an annual income of more than Rs 1 crore has been increased by three per cent to 15 per cent.
2017 budget (Budget 2017)
The income tax rate was reduced from 10% to 5% from Rs 2.5 lakh to Rs 2.5 lakh. All taxpayers were given a tax deduction of Rs 12,500. Provision was made for 10% surcharge for people with an annual income of Rs 50 lakh to Rs 1 crore.
2018 budget (Budget 2018)
As the finance minister of the Modi government, Arun Jaitley last presented the budget for 2018-19. The standard discount was cut back. A standard deduction of Rs 40,000 was brought back for salaried persons. Instead, the tax allowance of Rs 15,000 for medical treatment and Rs 19,200 for transport allowance has been canceled.
Long-term capital gains (LTCGs) over a period of more than Rs one lakh from equity were taxed at 10%. The cess has been increased from three per cent to 4 per cent. Senior citizens were given tax exemption up to Rs 50,000 on interest income, earlier the limit was Rs 10,000. In addition to these, for senior citizens, tax exemption on medical expenses up to Rs. 50,000 was given under Section0D.
2019 budget (Budget 2019)
The tax exemption limit was increased from Rs 2500 to Rs 12500. Due to this, income up to five lakh rupees becomes tax free. The standard discount amount was increased from Rs 40,000 to Rs 50,000. Interest up to Rs 40,000 was tax free for deposits in banks or post offices. Earlier this limit was 10000 rupees. The rent limit for TDS has also been increased from Rs 1.60 lakh to Rs 2.40 lakh.
A person’s second self-employed home was tax-exempt. The earlier rule was that if your family members lived in your second home, you did not pay the rent, but the rent was calculated according to the area around the house. This is how the government calculated taxes.
Under section 54, provision has been made that if a person sells a house and buys two houses with the proceeds, both the houses will be exempted from tax. Previously this discount was limited to a new home only. However, the condition is that the capital gain on the sale of the house should not exceed Rs 2 crore.
2020 budget (Budget 2020)
The alternative income tax slab was announced in the 2020 budget. Both the old traditional income tax slab and the new alternative tax slab are now available to taxpayers. Alternative tax slabs are like this.
DDT was abolished on dividends paid by companies and mutual funds. It was proposed to amend Section 206C of the Income Tax Act to recover TCS in case of sale of foreign remittances and overseas tour packages. Under the new rules under Section 206C, TCS will be payable at the rate of 5% if a person remits Rs 1 lakh or more as remittance under LRS outside India in any financial year.
If PAN or Aadhaar is not provided to the authorized dealer or tour package seller, the TCS rate will be 10%. However, the return can be obtained by filing an income tax return. Tax exemption for introduction of duty. Announcement of confidence project to reduce direct tax litigation.