Furthermore, to reduce litigation for small taxpayers, FM proposes to constitute a Dispute Resolution Committee for them, which will be faceless to ensure transparency, efficiency, and accountability. Anyone, with a taxable income of up to Rs. 50 lakhs and disputed income of up to Rs. 10 lakhs shall be eligible to approach the committee #Budget2021
Live Updates and discussion on Union Budget 2021
Page no : 8
Sai Charan
(Ca student)
(41 Points)
Replied 01 February 2021
Scheme for promoting flagging of merchant ships in India to be launched, by providing subsidy support to Indian shipping companies in global tenders floated by Ministries and CPSEs ₹ 1,624 crore over 5 years for this
CA Sapna Ghelani
(Chartered Accountant)
(7550 Points)
Replied 01 February 2021
Affordable Housing - Tax Holiday for 1 Year
CA Sapna Ghelani
(Chartered Accountant)
(7550 Points)
Replied 01 February 2021
To further ease filing of IT returns, details of capital gains and interest from banks, post offices, etc will be pre-filled
CA Sapna Ghelani
(Chartered Accountant)
(7550 Points)
Replied 01 February 2021
Tax holiday for Startups extended by 1 more year : FM
Niyati
(Student)
(7730 Points)
Replied 01 February 2021
For ease of compliance and to reduce discretion, the FM is committed to make taxation process faceless. The next level of Income Tax Appeal is the ITAT. FM proposes to make the ITAT Faceless #unionbudget2021
A National Faceless Income Tax Appellate Tribunal Center to be constituted #unionbudget2021
Shweta Gupta
(CA)
(62 Points)
Replied 01 February 2021
Late deposit of employee's contribution to PF by employers will not be allowed as deduction to employer: FM
CA Ruby Bansal
(Finance Professional)
(6814 Points)
Replied 01 February 2021
Income tax return filers increased to 6.48 cr in 2020 from 3.31 cr in 2014, says FM.
Shweta Gupta
(CA)
(62 Points)
Replied 01 February 2021
Union Budget 2021: Customs duty on copper scrap cut to 2.5%
Customs duty on some auto parts to be raised to 15%: FM
CA Sapna Ghelani
(Chartered Accountant)
(7550 Points)
Replied 01 February 2021
Union Budget 2021: Customs duty on cotton increased to 10%
Customs duty on solar lanterns cut to 5%
CA Sapna Ghelani
(Chartered Accountant)
(7550 Points)
Replied 01 February 2021
Sitharaman concludes her Budget speech.
Mita Basak
(Professional)
(1921 Points)
Replied 01 February 2021
When Non-Resident Indians return to India they have issues w.r.t the Accrued Incomes, in their Foreign Retirement Accounts. In this regard, FM in Budget 2020 had prosed exemption in Tax Audit of up to Rs. 5 cores for those who carry out 95% of their transactions digitally.
To further incentivize digital transactions and to reduce compliance burden, FM proposes to increase the limit for exemption in Tax Audit to Rs. 10 crores.
CA Ruby Bansal
(Finance Professional)
(6814 Points)
Replied 01 February 2021
Advance Tax Liability on Dividend Income shall now arise only after the declaration or payment of Dividend - FM
CA Ruby Bansal
(Finance Professional)
(6814 Points)
Replied 01 February 2021
No change in I-T slabs #Budget2021
The first Budget of the decade leaves direct taxes unchanged. These are the tax incentives announced.
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