CCI Team
Quick Summary
The Union Budget 2021 was laid down in the parliament on 1st February 2021 by Finance Minister Smt. Nirmala Sitharaman and several changes were made. Thus, in this article, we will be discussing 10 major direct tax proposals which were made in this years budget. 1. Relief to Senior Citizens In
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FAQ :
Pensioners aged 75 and above are proposed to be exempt from filing income tax if their full tax liability has been deducted by the paying bank.
The time limit for reopening assessments is proposed to be reduced to 3 years from the current 6 years. In cases of serious fraud with income concealment of ₹50 lakh or more, it can be reopened up to 10 years with approval.
Taxpayers with taxable income up to ₹50 lakh and disputed income up to ₹10 lakh are eligible to approach the Dispute Resolution Committee.
The eligibility period for claiming an additional deduction on interest for affordable housing loans and for tax holidays for affordable housing projects has been extended to 31st March 2022.
The eligibility period for startups to claim tax holidays and for investors to claim capital gains exemption on investments in startups has been extended by one year to 31st March 2022.
Yes, a TDS of 0.1% is proposed on purchase transactions exceeding ₹50 lakh in a year, with the deduction responsibility falling on persons whose turnover exceeds ₹10 crore.
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