Personal tax: Mostly procedural relief proposed for FY22
By IANS |
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Mon, Feb 1 2021 22:36 IST |
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New Delhi, Feb 1 : A revenue constrained Union Budget 2021-22 did not offer much to personal taxpayers, with mostly procedural relief rather than an exemption cushion proposed.
The proposals presented to the Parliament by Finance Minister Nirmala Sitharaman exempted senior citizens of 75 years and above, who are dependent on pension and interest income from filing income tax returns. However, the paying bank will deduct the necessary tax on their income.
Besides, the dividend payments to Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) from tax deduction at source (TDS) have been exempted.
Union Budget 2021: No Filing Of Returns For Seniors Above 75 Years
Finance minister Nirmala Sitharaman keeps rates unchanged, lifts double taxation burden on NRIs, halves I-T proceedings time limit Tribhuvan Tiwari/Outlook Himali Patel 2021-02-01T19:14:06+05:30 Union Budget 2021: No Filing Of Returns For Seniors Above 75 Years outlookindia.com 2021-02-01T19:53:54+05:30
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The 2021 Budget comes as a relief for seniors above 75 years of age. The Centre has exempted them from filing income tax returns if the paying bank deducts the entire dues from pension and interest incomes.
Once a 75-plus citizen gives a declaration to her bank, it will compute her income after giving effect to the deduction under Chapter VI-A and rebate under Section 87A of the Income-Tax Act for the assessment year and deduct the tax payable. Once this is done, she won’t be required to furnish the income tax return (ITR) for the assessment year. This amendment
NRIs will soon be able to float one person companies
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Last Updated: Feb 01, 2021, 03:43 PM IST
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Synopsis
Dedicating a separate portion of her 2021-22 Budget speech to company matters, Sitharaman said in the next fiscal year, MCA 21 portal will be driven by data analytics, artificial intelligence and machine learning features as well as have additional modules such as for e-adjudication and compliance management.
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NEW DELHI: Seeking to further improve the ease of doing business, Finance Minister Nirmala Sitharaman on Monday said NRIs will be allowed to set up one-person companies, the definition of small companies will be revised and various provisions of the Limited Liability Partnership (LLP) Act will be decriminalised.
Synopsis
These stranded NRIs had been given relaxation in residency criteria for income tax purposes for FY 2019-20. NRIs were seeking relaxation because the rules for determining the residency for an NRI have changed from FY 2020-21.
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Non-resident Indians (NRIs) stuck in India due to the coronavirus pandemic have not been given any relaxation in residency criteria for FY 2020-21 by Budget 2021. Such individuals have been demanding relief under the residency criteria because this may impact the taxation of the global income of the NRIs.
These stranded NRIs had been given relaxation in residency criteria for income tax purposes for FY 2019-20. NRIs were seeking relaxation because the rules for determining the residency for an NRI have changed from FY 2020-21.
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NRIs Will Soon Be Able To Float One Person Cos
MCA 21 portal is used for submitting various documents as part of compliance requirements under the companies law.
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Seeking to further improve the ease of doing business, Finance Minister Nirmala Sitharaman on Monday said NRIs will be allowed to set up one person companies, definition of small companies will be revised and various provisions of the Limited Liability Partnership (LLP) Act will be decriminalised.
The proposed relaxations to rules governing One Person Companies (OPCs) are expected to benefit startups and innovators.
Dedicating a separate portion of her 2021-22 Budget speech to company matters, Sitharaman said in the next fiscal year, MCA 21 portal will be driven by data analytics, artificial intelligence and machine learning features as well as have additional modules such as for e-adjudication and compliance management.