Budget: No change in the upper limit of individual annual income!
Posted on: 01/Feb/2021 10:06:22 PM
Budget for the financial year 2021-22 was presented by the Central Finance Minister in the parliament today (Monday, 1st February).
The most important lingering question in the mind regarding the budget for the common citizen was “Whether the upper limit of the individual annual income will be raised?”
It was the financial year 2014-15 when the upper limit for the individual annual income was raised last – the change was the increase in the upper limit of the individual annual income to Rs. 2.5 Lakhs!
All subsequent budgets presented after the financial year 2014-15 did not announce any change in the upper taxable limit for the individual annual income. Only some other changes were made in certain other aspects.
Though the budget was presented last year – 2019-2020, there were no changes announced regarding the upper limit of the individual annual income. Instead, the percentage of tax was reduced. This was some sort of consolation for the eagerly expectant public!
Similarly, the budget presented today (Monday, 1st February) in the parliament by the central Finance Minister did not announce any change in the upper limit of the taxable income for the individual annual earnings.
However, a concession has been given to the senior citizens over 75 years of age – they have been exempted from filing Income Tax Returns with certain conditions.
While addressing the parliament after presenting the budget 2021-22, the Central Finance Minister Nirmala Seetharaman addressed the parliament and informed that the number of people filing Income Tax Returns had increased last year to 6.48 Crores and this was 3.31 Crores in the Financial Year 2014. However, the |Minister did not mention anything about the increase in the upper limit of the individual taxable annual income.
