75? Only pension and interest income? No need to file tax return
Union Budget: Number of return fillers increase from 3.31 crore to 6.48 crore in 6 years, further push to affordable/rental housing, faceless dispute resolution committee in the offing
GN Bureau | February 1, 2021
The Union Budget 2021-22 presented in Parliament on Monday by the finance minister Nirmala Sitharaman seeks to further simplify the tax administration, litigation management and ease the compliance of direct tax administration.
In the budget speech, the finance minister provided relief to senior citizens in filing of income tax returns, reduced time limit for income tax proceedings, announced setting up of the Dispute Resolution Committee, faceless ITAT, relaxation to NRIs, increase in exemption limit from audit and relief for dividend income. She also announced steps to attract foreign investment into infrastructure, relief to affordable housing and rental housing, tax incentives to IFSC, relief to sm
Keeping in view the National Education Policy, Sitharaman announced to set up a Higher Education Commission which will be responsible for the accreditation and the Funding of the Colleges and the Universities. In school education, the budget focuses on the tribal area with an announcement of the opening up 750 Ekalavya Schools at Tribal Areas and 100 New Sainik Schools across the nation. The budget focuses on 15,000 schools across the country will be strengthened quality-wise and will serve as exemplar schools in that region. The implementation will be an excellent start toward a more holistic educational approach and a good deliverable for the union budget.