InvestorQ : What will be your suggestion for budget 2021?
Ishita Jain made post

What will be your suggestion for budget 2021?

vani Patil answered.
2 years ago
With the year coming to end and a fight with this pandemic, people are expecting a lot from Budget 2021 this time. FM Nirmala Sitharaman Ji has also announced that this budget would be one such budget that would fulfill most of the expectations and shall be extraordinary. So, we can expect something bigger for this budget. Let’s see some of the things that are primarily expected.

Salaried Individuals can expect:
A Higher deduction limit for medical expenses under section 80D.
Allowing a separate deduction for repayment of housing loan instead of merging it with deduction under section 80C.
Allowing a deduction for installation on gadgets, software, equipment, etc. installed for work from home.
Increment in Children Education Allowance exemption limit considering the rising fee structure.

CSR activities applicability limit to be extended.
Corporate tax rate reduction.
Deduction for payments/losses/expenses caused due to the pandemic.

Individuals in general expect lower tax rates this time as the pandemic has caused enough disruptions in livelihood and income sources.