Thus the budget is ready to give a big relief to the man, a tax exemption of up to Rs.

New delhi date. Monday, February 1, 2021

The finance ministry may make a big announcement in the budget 2021 to keep more money in the hands of taxpayers. In this case, in the budget, the finance ministry can announce tax relief up to Rs 80,000 a year.

Can declare relief in tax liability from Rs 50,000 to Rs 80,000

According to informed sources, the matter has been informed based on the discussion in the budget exercise. He said there was a strong possibility that he could announce a relief of Rs 50,000 to Rs 80,000 in total tax liability. For this, the central government may announce an increase in the standard deduction limit.

3 tax slabs were added to the tax structure to accelerate savings

The standard deduction amount is that. Which is calculated after deducting from a person's taxable income. In this way the income decreases. On which tax has to be paid. Finance Minister Sitaram had added 3 tax slabs in the tax structure to boost savings in Budget 2020.