Among small measures, the FM may provide relief on covid-19-related expenses, according to experts.The government may tinker with tax slabs in the old regime, and may increase the standard deduction limit
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.
Affordable housing gets shot in the arm
By IANS| Published: 2nd February 2021 2:45 am IST
By Suresh Surana
A host of measures have been proposed in the Finance Bill 2021, which is targeted to provide relief to both the affordable house buyers as well as the developers of affordable housing projects. These specific and targeted measures would help to boost the activity in the real estate sector.
Increase in tolerance limit up to 120 per cent (from 110 per cent) for real estate developers selling residential units meeting certain conditions:
The said proposal to increase the tolerance limit from 110 per cent to 120 per cent was initially brought in as part of AatmaNirbhar Bharat Package 3.0 on 12 November 2020 for residential units meeting the specified conditions and the legislative amendments were to be brought in due course. This is a consequential amendment made under the provisions of section 43CA & 56(2)(x) to give effect to the said announcement by the Ministry of Financ
Synopsis
As per a government press note in 2012, if the amount of income tax refund or tax payable is this much, then you are neither liable to pay such tax demand amount nor will you receive such refund amount in your pre-validated bank account.
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Sec 143 (1) notices sent by the income tax department to taxpayers after processing their returns also indicate the above in cases where there is a refund or tax demand of less than Rs 100.
Did you get an intimation from the income tax department after processing of your income tax return, for a tax demand or tax refund amount of less than Rs 100? If you have, then you are neither liable to pay such tax demand amount nor will you receive such refund amount in your pre-validated bank account. Such tax demand dues will be adjusted against future income tax refunds.
Budget 2021: Special window for big-ticket foreign investments likely Big-ticket foreign investors looking to invest in India could soon find their proposals getting quick treatment from the government. According to sources, the Centre is planning to create a special window for strategically important investors such as sovereign wealth funds and pension funds that wish to invest over Rs 3,000 crore through a single transaction. Read more
Round-2 of Sebamed-HUL ad war: German firm offers free test kits for soaps German personal care brand Sebamed, fighting Hindustan Unilever (HUL) in court over an ad campaign, has stepped up the war by launching a new campaign that offers free test kits to check the pH value of soaps. The verdict in the ongoing court battle is likely to be out on Tuesday. Read more