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Budget 2021 was definitely one like never before. It did not boast of several deductions under Section 80C or a multitude of schemes with tongue-twister-like names. Instead, the focus was on digitisation.
In terms of increasing tax audit limits for digitised businesses or taking assessment procedures faceless, Budget 2021 seemed to be subtly pushing for a digital revolution, without burdening taxpayers. It was also India’s first digital budget.
Direct taxes
In a significant push to digitise businesses, the government has increased the tax audit limit under Section 44AB from Rs 5 crore to Rs 10 crore, where 95 percent of business transactions are done in digital mode.