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'.
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.
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.
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.
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.
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.
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.
The Union Budget 2021 was presented in the parliament by FM Smt. Nirmala Sitharaman. Discussing the Direct Tax Proposals made in the Budget.
FM Nirmala Sitharaman meets President Ram Nath Kovind ahead of Budget 2021 presentation. Cabinet meeting over Budget to take place at 10:15 AM.
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