Finance Minister Nirmala Sitharaman is presenting the budget. The Finance Minister has extended the tax exemption time for affordable home buyers to March 2022. People above the age of 75 years whose source of income from only with a pension, they have been exempted from filing income tax returns.
Here Are Some Key Announcements Related To Tax Slabs:
Also Read: Two more COVID-19 vaccines coming, says FM Nirmala Sitharaman, key announcements in Health Sector
1. On the 75th anniversary of independence, we want to provide relief to senior citizens aged 75 years and above. They will no longer need to file IT returns.
2. Right now, cases of tax reassessment could be opened even after 6 years and in severe cases after 10 years. Now it is being reduced to 3 years. In serious cases, when there is talk of hiding income of more than Rs. 50 lakhs in a year, only then cases can be opened for 10 years. Only the commissioner will approve it.
3. 85 thousand crore rupees tax disputes have recently ended. A dispute resolution committee will be formed. People with income up to 50 lakh and disputed income up to 10 lakh will be able to go to this committee. National Faceless Appellate Tribunal to be formed.
Also Read: Two more COVID-19 vaccines coming, says FM Nirmala Sitharaman, key announcements in Health Sector
4. If the turnover now exceeds Rs 1 crore, then a tax audit has to be done. This exemption was increased to 5 crore turnover for 95% of digital transactions. It is now being increased to 10 crores.
5. Home is a priority for all. There was a provision for a reduction of Rs. 1.5 lakh rupees in interest on home loans. Now an additional discount of Rs. 1.5 lakh rupees in interest for the affordable house will be available till 31 March 2022.