Live Updates and discussion on Union Budget 2021

Page no : 9

Shivani (Finance Professional) (4852 Points)
Replied 01 February 2021

Eligibility of deduction amounting to Interest of Rs.1.5 lakh for loan taken to purchase an affordable house, which was announced in July 2019 has been extended by one year till 31st March 2022. The additional deduction shall now be available till 31st March 2022.

M Venkat (CA finalist) (456 Points)
Replied 01 February 2021

Definition of small companies under Companies Act 2013 to be revised Companies with paid-up capital up to ₹ 2 crore & turnover up to ₹ 20 crore will fall under small companies, benefiting more than 2 lakh companies in compliance req. #BUDGET2021

Shivani (Finance Professional) (4852 Points)
Replied 01 February 2021

FM revises duty rates on the following items:
1. Exemptions on Tunnel Boring Machines Withdrawn. It will attract a customs duty of 7.5%, and its parts, a duty of 2.5%
2. Raise of Customs Duty on certain auto-parts to 15%, to bring them on par with general auto-parts
3. MSME Products - Increase in duty from 10% to 15% on Steel Screws and Plastic Builder wares. On Prawn Feeds, duty has been increase from 5% to 15%
4. Withdrawal of exemptions on certain kinds of leathers as they are domestically produced in good quantity