BUDGET 2021: Find Out What You Can Expect from this Year’s Budget

New Delhi, 1/2: The Finance Minister Nirmala Sitharaman will present the Union Budget for the Year 2021-22 today. Nation’s eyes will be on Sitharaman as she will start her budget speech at  11 am in the Parliament.

The common man has a lot of expectations from this budget, especially after a tough fight with the Covid 19 Pandemic. Here are 5 things you could expect from this year’s Budget:

Hike in Tax Exemption limit

The salaried class of the country is looking at a hike in the tax exemption limit. The current exemption limit is Rs 2.5 lakh.

Hike in deduction on Health Insurance Premium

There is a high demand to hike the deduction amount available on the health insurance premium paid.

Leave Travel Concession (LTC) Cash Voucher Scheme

Due to the Pandemic, many people may have postponed their travel plans in 2020. They expect the government to extend the last date of the LTC Scheme.

Relaxation in Residency Criteria for NRI for FY 2020-21

The Coronavirus Pandemic has left many Non-Resident Indians(NRI) stranded in the country. The stay of many NRIs would have exceeded the desired number of days to meet the residency conditions to remain NRI under the income tax laws, relaxation is needed.

Deduction for work-from-home allowance

Currently, no tax benefit is provided to the employees who work-from-home. They spend a lot on buying tables, chairs and on other expenses. There is a need to provide tax benefits to such employees for the expenses made for working from home.