5 expectations from Budget 2021

Finance Minister of India will be presenting the Union Budget 2021 today. There are more expectations that this year budget would be better as the various segments of the economy was impacted due to the pandemic.

For salaried class, the year 2020 was very harmful with lay-offs, pay cuts, higher inflation and so on. That is why it is expected that this year’s budget would at least help ease their tax burden.

Top on the expectations list of the salaried class is hike in the basic exemption limit from the current level of ₹2.5lakh. Due to pandemic many became aware of the importance of health insurance for medical emergency.

Due to the pandemic many NRI have been stranded in India. Relaxation in residency criteria for NRI for 2020-2021, is needed. As majority of salaried class are working from home due to the pandemic, they have to incur various expenses. Budget 2021 should roll-out measures which would provide certain tax benefits for employees.