The Finance Minister has introduced the Budget 2021 in the Parliament amidst the great turmoil caused globally by the pandemic. All governments have had to grapple with the human and economic travails.
The budget aims to increase public spending to steer the economy from its worst contraction in decades.
In these dire circumstances, the budget has proposed amendments to the Income-tax Act, 1961 (the Act), many of the important ones are against the first principles of law, equity, and natural justice, which have evolved over the last many decades. Many of the changes have cast an extra burden of compliance on the taxpayers, which in these times could have been avoided.