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
She was accompanied by her deputy Anurag Thakur and other officials of the Finance Ministry. Finance Minister Nirmala Sitharaman, MoS Finance & Corporate Affairs Anurag Thakur, and senior officials of the Ministry of Finance, called on President Kovind at Rashtrapati Bhavan before presenting the Union Budget 2021-22, the President tweeted. With the Union Budget 2021-22 set to be delivered in paperless form for the first time, Sitharaman replaced the Swadeshi bahi khata and switched to a tablet. Dressed in a red and cream colour saree, accompanied by Thakur and other officials from her ministry at North Block, the Finance Minister was seen carrying a tablet kept inside a red coloured cover with a golden coloured national emblem embossed on it.
Taxation
Tax System. We slashed our Corporate Tax rate to make it lowest in the world.
- For senior citizens with the only pension as a source of income, government grants exemption from filing income tax returns.
- I propose to reduce the time limit for reopening of assessments (tax assessments) to 3 years from the present 6 years: FM
- Govt to set-up a faceless dispute resolution mechanism for small taxpayers.
- Govt proposes to increase the threshold for tax audit to Rs.10 crore vs Rs. 5crore (for those transacting 95 per cent digitally).
- Rs 1.5 Lakh additional deduction on
loan for affordable homes.
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