Live Updates and discussion on Union Budget 2021

Taking a step further, the FM proposes to discontinue the NSSF Loan to FCI for food subsidy and accordingly budget provisions have been made in RE 2020-21

Net Borrowings are 4% of GDP : FM

Union Budget 2021: 1,000 more mandis to be integrated with electronic national market

BIG. This year, India's first digital census, with an allocation of ₹3,768 crore. #Budget2021 

Contingency Fund to be increased to 30,000 crore : Union Budget 2021

A scheme for tea farmers will be introduced for the welfare of women and Children in Assam #Budget2021 #AatmanirbharBharatKaBudget

Relief to Senior Citizens - Reduction in Return Filing Compliance if Citizen is 75 Years or Above and has income from Interest or/and Pension Income : FM 

Re-opening of Assessment - From 6 years to 3 Years

If tax evasion above Rs.50 lacs - Reopening of Assessment is 10 Years 

Reduction in Time for Income Tax Proceedings - Presently an assessment can be opened in 6 years, and in serious tax fraud cases for up to 10 years. FM proposes to revise this limit for reopening of assessments to 3 years from the present 6 years, and in serious fraud cases, only when there is evidence of concealment of income of 50 lakh or more in a year, can the assessment be reopened up to 10 years. This can only be done after the approval of the Principal Chief Commissioner

Proposed Audit Turnover Limit if Transactions are 95% are Digital - From Rs.5 Crores to Rs.10 Crores.

IT reforms - #Budget2021

1.No IT return Filing for pensioners above 75 years

2.Further steps to Simply tax structure & reduce tax litigations for small tax payers

3.Time limit for reopening tax returns down to 3 Years

4.New faceless Dispute resolution panel for small tax payers

5.Rs 10 crore audit limit for Digital transactions

6.No Double taxation for Indian NRI's

Advance tax liability on dividend income shall arrive only after declaration of payment of dividends: FM

Talking about the Vivad se Vishwas Scheme, the FM says that the response from taxpayers has been the best ever, as over 1,10,000 taxpayers have already opted to settle disputes of over 85,000 crores through this scheme

Union Budget 2021: Propose to make dividend payments to REIT (estate investment trusts) and Invit's (Infrastructure investment trusts) exempt from TDS, says FM