HIGHLIGHTS OF UNION BUDGET 2021-22

 






HIGHLIGHTS OF UNION BUDGET 2021-22

 

·         First digital Budget in the history of India

·      Vehicle Scrapping Policy. Vehicle Fitness Test after 20 years in case of Personal vehicle and 15 years in case of commercial vehicles

·         64,180 crores allocated for New Health Schemes

·         35,000 crores allocated for Covid Vaccine

·         7 Mega Textile Investment parks will be launched in 3 years

·         5.54 lakh crore provided for Capital Expenditure

·         1.18 lakh crore for Ministry of Roads

·         1.10 lakh crore allocated to Railways

·         Proposal to amend Insurance Act. Proposal to increase FDI from 49% to 74 %.

·     Deposit Insurance cover (DICGC Act 1961 to be amended). Easy and time bound access of deposits to help depositors of stress banks.

·       Proposal to revive definition of ‘Small Companies’ under Companies Act 2013. Capital  less than 2 Cr. and Turnover Less than 20 Cr.

·       Disinvestment: IPO of LIC, Announced Disinvestment of Companies will be completed in FY 2021-22

DIRECT AND INDIRECT TAX

·       Senior Citizens: Reduced Compliance burden. 75 years and above. Proposal not to file ITR if only pension income and interest income.

·     Reduction in time for IT Proceedings: Reopening of Assessments period reduced from 6 years to 3 years except in cases of serious tax evasion cases

·     Proposal to constitute ‘Dispute Resolution Committee’. (Taxable income 50 lakhs and disputed income 10lakh).

·       National Faceless Income Tax Appellate Tribunal Centre

·      Relaxations to NRI: Propose to notify rules for removing hardship for double taxation.

·   Tax Audit Limit: Proposal of tax audit increased from 5 Cr. to 10 cr. (Only for 95%  digitized payments business)

·       Propose to provide relief on advance tax liability on dividend income.

·       Propose to include tax holidays for Aircraft leasing companies

·   Pre-filing of returns (Salary, Tax payments, TDS etc.)  Details of Capital gains from listed Securities, dividend income, etc. will be prefilled

·        Small Charitable Trusts. Increased from 1 crore to 5 crores (Compliance limit)

·        Late deposit of employee’s contribution by employer will not be allowed as deduction

·        Incentive to startup: Tax holiday exemption for one more year

·        Duties reduced on various textile, chemicals and other products

·        Gold and Silver (BCD reduced)

·       Agriculture Products: Custom duty increased on cottons, silks,etc.

 

Thanks & Regards :

TAXSHOP CONSULTANCY (OPC) PVT. LTD.

 

Reach us at - www.taxshop.in

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