Key highlights of Union Budget 2021-22 ANI | Updated: Feb 01, 2021 15:19 IST
New Delhi [India], February 1 (ANI): Finance Minister Nirmala Sitharaman on Monday announced higher capital expenditure for the FY 2021-22 and focused on providing a major boost to healthcare and infrastructure building.
In her Budget speech, Sitharaman mentioned that this year s budget focused on six pillars- Health and Wellbeing, Physical and Financial Capital, and Infrastructure, Inclusive Development for Aspirational India, Reinvigorating Human Capital, Innovation and R&D and minimum government and maximum governance.
Presenting the first-ever digital Union Budget, the minister stated that India s fight against COVID-19 continues into 2021 and that this moment in history, when the political, economic, and strategic relations in the post-COVID world are changing, is the dawn of a new era - one in which India is well-poised to truly be the land of promise and hope
Faceless interaction, painless compliance
February 01, 2021
Move aimed at avoiding harrassment of taxpayer, malpractices
In the last few years, the tax department had introduced e-proceedings, faceless assessment and faceless appeal, to avoid incidences of harassment or other malpractices by the taxman.
The taxpayer’s physical presence would not be required in these online processes. Also, it helps avoid the hassles and costs associated with travel while side-stepping legacy problems such as non-receipt, delayed delivery of notice or inability to be present at hearings due to other emergencies.
Following faceless assessments appeals, the Budget has introduced ‘faceless’ procedures for the Income Tax Appellate Tribunal and a ‘faceless’ Dispute Resolution Committee for small taxpayers. The thrust is towards adopting a virtual digitised mechanism in place of in-person hearings for tax disputes. The measures are aimed at simplifying tax administration, ease compliance as
India s Union Budget 2021: Key Changes to Keep Track Of india-briefing.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from india-briefing.com Daily Mail and Mail on Sunday newspapers.
: Monday, February 1, 2021, 11:40 PM IST
Budget 2021: Time limit for reopening of I-T assessment halved to 3 years, serious fraud cases retained at 10 years
Budget 2021: Time limit for reopening of I-T assessment halved to 3 years, serious fraud cases retained at 10 years
Pixabay
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.
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.
View: A Budget that sets sail and template for the decade
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Last Updated: Feb 02, 2021, 02:34 AM IST
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Synopsis
The FM had hinted that this budget would set the tone for the next decade. Through a sparkle of reform fireflies, the budget does just that.
Agencies
Faith is the bird that feels the light and sings when the dawn is still dark.’ There could have been many quotes from Rabindranath Tagore in the budget speech. This one is apt, because it is from a collection of aphorisms, ‘Fireflies’, influenced by Tagore’s visits to Japan. India, along with the world, faced the epidemic and fared better than most. In the glimmer of dawn, there are still dark uncertainties.