Budget 2021 rationalises tax rules, removes difficulties faced by taxpayers
The focus on self-reliance, innovation, research and development, infra capex and digital payments in Union Budget 2021 would definitely help in lifting the Indian economy from under $3 trillion to $5 trillion in the near term
Budget 2021 was expected to provide more relief to most affected ones including salaried individuals and businesses in the hospitality and travel sector
The proposals by Finance Minister Nirmala Sitharaman in the Union Budget 2021 showcase an approach to shift the economy from survival mode to revival mode.
Considering the unprecedented public expenditure due to the COVID-19 pandemic, it was widely speculated that the government as an expedient measure could propose an additional cess or increase tax rates.
Debate over how to improve MAPs and APAs will bring changes this year
Finance Minister Nirmala Sitharaman announced that companies will no longer be required to pay for an external audit of their annual goods and services tax (GST) return or to obtain a reconciliation statement to satisfy the rules under the GST regime.
However, tax professionals are divided as to whether the change to self-certification introduces more risks for in-house tax departments that could lead to litigation.
“This is a double-edged sword,” said a tax director at a leading pharmaceutical company.
At the same time, African governments are looking for ways to increase tax revenue. Botswana’s annual budget was also presented to Parliament on February 1. Minister of Finance and Development Thapelo Matsheka announced a two percentage point rise in the VAT rate from 12% to 14%, as well as a number of other rate rises on withholding tax and fuel levies.
Budget 2021: Much to cheer for taxpayers on procedural changes
The easing of procedural norms for senior citizens, NRIs and advance tax payers is welcome February 04, 2021 / 11:11 AM IST
The theme of the Budget 2021 is mainly Infrastructure, Public Health and Privatisation. Further, it is a step towards fulfilling the vision of ‘Aatmanirbhar Bharat’. It is heartening to note that the FM has not introduced any new taxes including surcharge/cess due to Covid19 pandemic, but has also kept unchanged the current income slabs and tax rates as well as exemptions/deductions applicable to individual taxpayers.
Exemption from filing I-T returns for those aged 75 and above
Hon’ble Speaker,
I present the Budget for the year 2021-2022.
1. Honourable Speaker, the preparation of this Budget was undertaken in circumstances like never before. We knew of calamities that have affected a country or a region within a country, but what we have endured with COVID-19 through 2020 is sui generis.
2. When I presented the Budget 2020-21, we could not have imagined that the global economy, already in throes of a slowdown, would be pushed into an unprecedented contraction.
3. We could not have also imagined then that our people as those in other countries would have to endure the loss of near and dear ones and suffer hardships brought about due to a health crisis.
Union Budget 2021: Here is Full Text of Nirmala Sitharaman s Address at the Parliament
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Introduction
Honourable Speaker, the preparation of this Budget was undertaken in circumstances like never before. We knew of calamities that have affected a country or a region within a country, but what we have endured with COVID-19 through 2020 is sui generis. RELATED NEWS
When I presented the Budget 2020-21, we could not have imagined that the global economy, already in throes of a slowdown, would be pushed into an unprecedented contraction.
We could not have also imagined then that our people as those in other countries would have to endure the loss of near and dear ones and suffer hardships brought about due to a health crisis.