Quick Summary
The Finance Bill, 2021 was passed in the Lok Sabha today.
The salient features of the bill include
- Reduced compliance burden for senior citizens of age 75 years & above
- Tax incentives for Affordable Housing and Affordable Rental Housing Project
- Reduction in Time Limits of Re-opening of Assessment
- Setting up of Dispute Resolution Committee (DRC)
- Faceless Income Tax Appellate Tribunal (ITAT)
- Tax benefit for Start-ups
FAQ :
The Finance Bill, 2021 is a legislative proposal that has now been passed by the Lok Sabha, introducing various changes to tax and financial regulations.
Senior citizens aged 75 years and above will experience a reduced compliance burden.
Yes, the bill includes tax incentives for both Affordable Housing and Affordable Rental Housing Projects.
The time limits for reopening of assessment have been reduced.
A Dispute Resolution Committee (DRC) and a Faceless Income Tax Appellate Tribunal (ITAT) are being established.
Yes, the Finance Bill 2021 includes tax benefits specifically for start-ups.
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