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SENIOR CITIZENS ABOVE 75 YEARS OF AGE, HAVING PENSION INTEREST INCOME EXEMPTED FROM FILING TAX RETURN FURTHER PUSH TO AFFORDABLE / RENTAL HOUSING FACELESS DISPUTE RESOLUTION COMMITTEE IN THE OFFING TAX RELAXATIONS FOR ATTRACTING FOREIGN INVESTMENT IN INFRASTRUCTURE SECTOR TAX INCENTIV
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FAQ :
Senior citizens aged 75 and above, who have only pension and interest income, are now exempted from filing income tax returns. Their banks will deduct the necessary tax.
Yes, the budget proposes rules to ease the hardship for NRIs returning to India regarding accrued income in their foreign retirement accounts.
The eligibility period for claiming an additional deduction of Rs. 1.5 lakh on loans for affordable housing is extended to March 31, 2022. Additionally, tax holidays for affordable housing projects are extended by one year, and new tax exemptions are introduced for affordable rental housing projects.
The eligibility for claiming a tax holiday for startups is extended by one year until March 31, 2022. The exemption for capital gains on investment in startups is also extended by one year.
The time limit for reopening income tax proceedings has been reduced to three years from the current six years. However, in serious tax evasion cases involving concealment of income of Rs. 50 lakh or more, proceedings can be reopened up to 10 years with approval.
A Dispute Resolution Committee is proposed to reduce litigation for small taxpayers. Individuals with taxable income up to Rs. 50 lakh and disputed income up to Rs. 10 lakh can approach this faceless committee.
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