Exemption duty on steel scrap up to March 2022; customs duty on naphtha cut to 2.5 pc: FM
Rationalising customs duties on gold and silver says FM in Budget for 2021-22
Customs duty on cotton increased to 10%, silk to 15%
Customs duty on solar lanterns cut to 5%
FM proposes tax exemption for aircraft leasing cos; tax exemption for notified affordable housing for migrant workers
Rs 1.5 lakh deduction on payment of interest for affordable housing extended by 1 yr:
Record GST collections in last few months; govt to take every possible measure to reduce anomalies
Tax holiday for startups extended by 1 yr; exemption on capital gains on investment in startups extended by 1 yr
Late deposit of employee’s contribution to PF by employers will not be allowed as a deduction to the employer
Tax holiday for start-ups increased by one more year – till March 31, 2022
NRIs allowed operating One Person Companies or OPCs in India
To further ease the filing of IT returns, details of capital gains and interest from banks, post offices, etc will be pre-filled
The government has given relief measures for senior citizens by removing the need to file income tax returns for those aged over 75 years.
It has also announced a halving of the time frame for reopening of income-tax assessment cases from 6 years to 3 years. For reopening of serious tax evasion cases up to 10 years, the government has put in a monetary limit of cases involving over Rs 50 lakh in a year, This is expected to reduce instances of tax harassment of income taxpayers.
NRIs to be spared from double taxation. New rules to be notified, says FM
Tax audit limit increased from Rs 5 crore to Rs 10 crore
In serious tax evasion cases, only where there is evidence of concealment of income of Rs 50 lakh or more in a year, can reassessment be opened for 10 years. For others, assessment reopening only for 3 years.
FM says the definition of small companies to be revised by raising the capital base to Rs 2 cr from the current limit of Rs 50 lakh
FM announces transport system operator (TSO) for regulating common carrier capacity in gas pipelines to boost the gas-based economy
Free cooking gas LPG scheme Ujjwala to be extended to 1 cr more beneficiaries
Scheme for promoting flagging of merchant ships in India will be launched by providing subsidy support
FM announces Rs 18,000 cr scheme to augment public transport in urban areas
No change in income tax slabs
Government removes threshold limits of paid-up share capital of Rs 50 lakh and an average annual turnover of Rs 2 crore over the past three financial years. The government has also eased requirements of residency for a person setting up a One person company from 182 days to 128 days in India.