TaxTMI 
TaxTMI 
Budget 20-21- Important Takeaways
X X X X Extracts X X X X
X X X X Extracts X X X X
....udget 20-21- Important Takeaways<br>By: - CSSwati Rawat<br>Budget - Tax Proposals<br>Dated:- 2-2-2021<br><br>Key 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 Assessmen....
X X X X Extracts X X X X
X X X X Extracts X X X X
....t 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 Appellat....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e Tribunal 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 d....
X X X X Extracts X X X X
X X X X Extracts X X X X
....eclaration or payment 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....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Tax Exemption to Lease 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 employe....
X X X X Extracts X X X X
X X X X Extracts X X X X
....r will not be allowed as a deduction. • 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. • ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....One Person Companies (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.<br> Scholarly article....
X X X X Extracts X X X X
X X X X Extracts X X X X
....s for knowledge sharing by authors, experts, professionals ....