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Budget 2021: How Budget 2020 changed Income Tax filing in India

Budget 2020 was also the longest budget speech by any finance minister that lasted for 160 minutes.

January 29, 2021 / 09:21 AM IST

Finance minister Nirmala Sitharaman in budget 2020 had announced the launch of a new personal income tax regime which can help the middle-class save taxes and also scrapped dividend distribution tax (DDT) with a slew of measures to boost the Indian economy suffering from a slowdown.

Budget 2020 was also the longest budget speech by any finance minister that lasted for 160 minutes.

Finance Minister Nirmala Sitharaman said the government intends to remove all income tax exemptions in the long-run.

Individuals opting for taxation under new rates will not be entitled to exemption/deductions including under Section 80C and 80D, LTC, housing rent allowance, the deduction for entertainment allowance, professional tax, and interest on self-occupied/vacant property.