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Indian Union Budget 2021-22: The Institute of Chartered Accountants of India has proposed that the tax implications on pension policies sold by insurance coverage organizations and the New Pension Scheme (NPS) of the government need to not be distinctive.

The Finance Bill, 2021 received the assent of honourable President of India on 28th March, 2021 upon which it came to be known as the 'Finance Act, 2021'. Like every year, this year also numerous amendments have come up in the provisions of the Income Tax Act, 1961 with the enactment of Finance Act, 2021. Since, we have already entered into a new financial year, i.e. FY 2021-22, let's walk through some crucial changes that have taken place in Income-tax provisions that we have extracted from the whole set of amendments that are applicable for the current year.