Union Budget News

Union Budget 2021 - Relief to Senior Citizens

01 February 2021 at 14:34

In the Budget Speech, FM provided relief to senior citizens in the filing of income tax returns, reduced time limit for income tax proceedings, announced setting up of the Dispute Resolution Committee, faceless ITAT, etc.

Posted in Union Budget | 1416 Views

Union Budget 2021 - Revision in 'Small Companies' Definition

01 February 2021 at 14:34

FM proposes to change the definition of a small company by increasing their threshold for paid-up capital, from 'not exceeding 50 lakhs', to 'not exceeding 2 crores' and Turnover from 'not exceeding 2 crores' to ' not exceeding 20 crores'.

Posted in Union Budget | 2319 Views

Union Budget 2021 | Proposal for Faceless ITAT

01 February 2021 at 14:19

For ease of compliance and to reduce discretion, the FM is committed to make taxation process faceless. FM proposes to make the ITAT Faceless. A National Faceless Income Tax Appellate Tribunal Center to be constituted for this purpose.

Posted in Union Budget | 2145 Views

Union Budget 2021 | Clarification on Scope of Vivad se Vishwas Act, 2020

01 February 2021 at 14:19

With a view to remove any ambiguity, the definitions of appellant in section 2(1)(a), disputed tax in section 2(1)(j) and tax arrear in section 2(1)(o), of the VsV are proposed to be amended by way of removal of doubts by this Bill.

Posted in Union Budget | 1449 Views

Budget Highlights | Key Features of Union Budget 2021-22

01 February 2021 at 14:15

The Union Budget 2021 was presented by FM Smt. Nirmala Sitharaman in the parliament today. Discussing some of the key highlights of the Budget including Direct and Indirect Tax Proposals.

Posted in Union Budget | 2538 Views

Union Budget 2021 | Constitution of Dispute Resolution Committee for small and medium taxpayers

01 February 2021 at 13:46

FM proposes to constitute a Dispute Resolution Committee, which will be faceless. 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.

Posted in Union Budget | 1683 Views

Budget 2021 | Major Amendments in Customs Act, 1962

01 February 2021 at 13:41

Discussing the major amendments in the Customs Act, 1962 as laid down by the Union Budget 2021-22, presented in the parliament by FM Smt. Nirmala Sitharaman.

Posted in Union Budget | 2967 Views

Union Budget 2021 - Tax audit limit increased to Rs 10 crore for business not exceeding 5% cash transaction

01 February 2021 at 13:37

In order to incentivise non-cash transactions, promote digital economy and to further reduce the compliance burden of small and medium enterprises, it is proposed to increase the threshold from five crore rupees to ten crore rupees in some cases.

Posted in Union Budget | 16911 Views