TMI BlogBudget 20-21- Important TakeawaysX X X X Extracts X X X X X X X X Extracts X X X X ..... Budget 20-21- Important Takeaways - By: - CS Swati Dodhi - Budget - Dated:- 2-2-2021 - - K ey Highlights from the Union Budget 2021 Direct Taxes Vivad Se Viswas Scheme Last Date of filing extended to 28th February, 2021. Citizens of age 75 years and above who have only Pension and Interest income Need not file Income Tax Returns Re-opening of Assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to reduced to 3 years from 6 years. Only where evidence of concealment of Income of ₹ 50 lakhs or more re-opening can be made upto 10 years only with approval of Pr.CCIT. Reducing Litigation for small tax payers Constitution of Faceless Dispute Resolution Panel for people with Total Income upto ₹ 50 lakh and disputed income of ₹ 10 lakh Income Tax Appellate Tribu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal to become Faceless Only electronic communication will be done Relaxation to NRIs Rules to remove hardship of Double Taxation Tax Audit Limit to be increased to ₹ 10 crores from ₹ 5 crores for those having less than 5% cash transactions Dividend Tax - Dividend will be exempt from TDS. Advance tax liability on dividend income will arise only after declaration or pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yment of dividend. For Foreign Investors lower treaty rate benefit will be given. Affordable Housing Additional Interest deduction ( Sec 80EEA ) of ₹ 1.5 lakhs to be extended for loans taken till 31st March, 2022. Affordable Housing Projects Tax Holiday extended till 31st March, 2022. Tax Holiday for Capital Gains for Aircraft Leasing Companies and Tax Exemption to Lease ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... paid to Foreign Persons Pre-Filling of Returns Details of Capital Gains, Dividend Income and Interest income will be pre-filled in the returns Benefit to Trusts Charitable trusts running Hospitals and Educational Institutions and Medical trusts get relief increased from ₹ 1 crore to ₹ 5 crore. Employee contribution not paid by employer will not be allowed as a deduc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion. Start-Ups tax holiday extended to 31st March, 2022. Capital Gains exemption on investment in start ups also extended to 31s March, 2022. MCA , Companies Act , LLP Act Compliance requirements eradication of Small Companies Limit increased to Share Capital upto ₹ 2 crore and Turnover upto ₹ 20 crore will be Small Companies. One Person Companie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s (OPC) to grow without any restriction in Share Capital or Turnover. NRIs will be allowed to set-up OPCs. Presence in India of 120 days in a year enough to start an OPC. Decriminalisation of LLP Act, 2008 . Tribunals to be rationalised. Intoducing MCA Version 3.0 E-Scrutiny, E-Adjudication and Compliance management simplification. - - Scholarly articles for knowledge shari ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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