in

Indian Union Budget 2021

Key Reforms:-

  • Exemption from filing income tax returns for senior citizens aged 75 years or above.
  • Increase in limit for tax audit for persons who carry out 95% of their transactions digitally.
  •  Eligibility for claiming tax holiday for start ups proposed to be extended by one more year.
  • Reducing time limit for reopening of income tax assessment.
  • Income tax appellate tribunal to be made faceless.
  • Constitution of a dispute resolution committee for small tax payers.
  • Additional deduction of Rs. 1.5 lakh shall be available for loans taken up till March 31, 2022 for purchase of affordable house.
  • Pre- filling of returns will also cover capital grains from listed securities, dividend income etc.
  • Dividend payment to REIT/INVIT (real estate investment trusts and infrastructure investment trusts) to be exempted from TDS.

Written by Megan Davis

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading…

0

UAE to grant citizenship to investors and professionals

NEW UPGRADE POLICY OF UAE