Budget 2021: Easier compliance, tax administration to boost revenue
Finance Minister Nirmala Sitharaman in her Budget speech on Monday kept income-tax rates untouched but announced a slew of measures to simplify tax administration, ease compliance, and reduce litigation to boost revenue. These include a dispute resolution committee for small taxpayers, a faceless income tax appellate tribunal (ITAT), addressing double taxation concerns for non-resident Indians, exempting senior citizens from income tax return filing, and reducing the reassessment window to three years from six years in normal cases. Besides, the Budget proposed abolishing the under-perform...