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Budget 2021 and taxes: A mixed bag met more with relief than excitement

  • The Union Budget was as good for what was mentioned in it as for what was not announced when it came to tax policies. While there were minor positive tweaks such as pensioners 75 years and above not to file taxes anymore and that the IT department can only reopen cases going three years back, no major changes in slabs were announced. However, there was relief that hard-pressed taxpayers did not face any new wealth tax or a Covid cess, as feared by many. At a high-powered panel that had Neeru Ahuja, Partner, Deloitte, India, and Mr. Pranay Bhatia, Partner & Leader - Tax & Regulatory Services -- BDO India LLP, with Shrija Agrawal, Executive Editor, HT Ideas, HT Digital, as a moderator there was a little bit of disappointment that the ‘Never Before” budget did not leave more money on the table for India’s taxpayers. To probe deeper into the tax implications--or the lack of them--in the budget, watch the full video.
 
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