Union Budget 2021: Nirmala Sitharaman offers carrot and stick approach to raise revenue, soothe taxpayers Taxpayers can also draw solace from the fact that the Budget has reduced the period for issuing tax notices by the department for a particular transaction to four years from seven years earlier Mihir Tanna February 02, 2021 14:49:51 IST Representational image. MoneyControl
In line with expectations, considering the pandemic pain, there were no tax sops in the form of exemptions or rebates that Budget 2021 offered, but instead relaxations were given in compliance for senior citizens and incentives for digital transactions in the fine print.
To begin with, the Budget has proposed a constitution of a Dispute Resolution Committee who can be approached by small taxpayers having a taxable income up to Rs 50 lakh and disputed income up to Rs.10 lakh through f
In her Budget speech for 2021-22, Sitharaman also announced that senior citizens above 75 years of age having only pension and interest income would not be required to file income tax returns. Banks paying the interest would deduct the tax on their behalf.
Time limit for reopening of I-T assessment halved to 3 years, serious fraud cases retained at 10 yrs
India
Updated: Monday, February 1, 2021, 16:52 [IST]
New Delhi, Feb 01: Finance Minister Nirmala Sitharaman on Monday reduced the time limit for reopening of income tax assessment cases to three years from six years, while for serious tax fraud cases where concealment of income is Rs 50 lakh or more it would be 10 years.
Union Budget 2021: Direct taxes unchanged but healthcare and infrastructure get a push|Oneindia News
Nirmala Sitharaman
In her Budget speech for 2021-22, Sitharaman also announced that senior citizens above 75 years of age having only pension and interest income would not be required to file income tax returns. Banks paying the interest would deduct the tax on their behalf.
Contrary to the expectations of crores of taxpayers, finance minister Nirmala Sitharaman on Monday did not make any changes in the income tax (I-T), while exempting pensioners above 75 years from filing tax returns.
Budget Insights: Top experts break down real impact of FM’s big moves
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Last Updated: Feb 01, 2021, 02:55 PM IST
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Here is what experts have to say about the real impact of Nirmala Sitharaman s Budget announcement.
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NEW DELHI: As Finance Minister Nirmala Sitharaman unveiled the Union Budget for financial year 2020-21, there were many announcements that were easy to digest and then there were those whose ramifications were not clear immediately. At ETMarkets.com, we had a panel of experts from diverse fields analyzing the real impact of these moves real time.
Here is how they did the hair-splitting of the Budget: