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From 97% to 42%: How tax rates for individuals changed

Surcharge was removed and reintroduced multiple times in various budgets but became permanent from 2013

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Union Budget 2021: Govt focusses on easing pain points for taxpayers in coming fiscal year

Union Budget 2021: Govt focusses on easing pain points for taxpayers in coming fiscal year
In order to make taxation processes faceless, the National Faceless Income Tax Appellate Tribunal Centre shall be established with the facility of personal hearing through videoconferencing.
Kapil Rana
February 03, 2021 13:36:35 IST
Govt need to ease tax burden. Scott Graham/Unsplash
To make governance simple for taxpayers and for the Income Tax Department, the government had introduced a series of direct tax reforms providing benefit to taxpayers with an aim to boost the economy by increasing tax collection. In course of these reforms, corporate tax rates have been slashed significantly and the Dividend Distribution Tax too was abolished. Further, to eliminate the burden of taxation on small taxpayers’, the government had increased the rebates to lower the tax liabilities. Due to these efforts and reforms in 2020, we have witnessed a sharp increase in the return filers from 3.31 crores in 2014 to 6.48 crore.

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With reforms about choice, efficiency too, a welcome budget

Budgets have become simpler and more transparent. Taxes are headed towards stability, though that’s still a work in progress

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Union Budget: Ramdas Athawale counters opposition's 'jumla' charge with poetic jibe

On Monday, Union Minister Ramdas Athawale hit back at the opposition parties which had accused the Centre of making false promises in the Union Budget 2021-22.

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Full text: FM Nirmala Sitharaman unveils Union Budget 2021; doubles healthcare spending, lifts caps on FDI

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.

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Union Budget 2021-22 Summary: Here's the complete overview of Budget

Health and Wellbeing
There is substantial increase in investment in Health Infrastructure and the Budget outlay for Health and Wellbeing is Rs 2,23,846 crore in BE 2021-22 as against this year’s BE of Rs 94,452 crore, an increase of 137 percentage.
The Finance Minister announced that a new centrally sponsored scheme, PM AatmaNirbhar Swasth Bharat Yojana, will be launched with an outlay of about Rs 64, 180 crore over 6 years. This will develop capacities of primary, secondary, and tertiary care Health Systems, strengthen existing national institutions, and create new institutions, to cater to detection and cure of new and emerging diseases. This will be in addition to the National Health Mission.

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Union Budget 2021: Here is Full Text of Nirmala Sitharaman's Address at the Parliament

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.

Jammu , Jammu-and-kashmir , India , Ladakh , Alang , Punjab , Pakistan , Australia , Japan , Kollam , Kerala , Hong-kong

Union Budget 2021: No Filing Of Returns For Seniors Above 75 Years

Union Budget 2021: No Filing Of Returns For Seniors Above 75 Years
Finance minister Nirmala Sitharaman keeps rates unchanged, lifts double taxation burden on NRIs, halves I-T proceedings time limit
Tribhuvan Tiwari/Outlook
Himali Patel
2021-02-01T19:14:06+05:30
Union Budget 2021: No Filing Of Returns For Seniors Above 75 Years
outlookindia.com
2021-02-01T19:53:54+05:30
Also read
The 2021 Budget comes as a relief for seniors above 75 years of age. The Centre has exempted them from filing income tax returns if the paying bank deducts the entire dues from pension and interest incomes.
Once a 75-plus citizen gives a declaration to her bank, it will compute her income after giving effect to the deduction under Chapter VI-A and rebate under Section 87A of the Income-Tax Act for the assessment year and deduct the tax payable. Once this is done, she won’t be required to furnish the income tax return (ITR) for the assessment year. This amendment will take effect from April 1.

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Faceless interaction, painless compliance - The Hindu BusinessLine

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 well as reduce scope for harassment of assessees by the tax authorites.

National-faceless-income-tax-appellate-tribunal-centre , Resolution-committee , Income-tax-appellate-tribunal , Dispute-resolution-committee , தீர்மானம்-குழு , வருமானம்-வரி-மேல்முறையீடு-தீர்ப்பாயம் , தகராறு-தீர்மானம்-குழு ,

Disruptive clicks - The Hindu BusinessLine

India needs more disruptive reforms to unlock its startup potential
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In the wake of the mini Budgets presented last year, and responding to the clarion call for Atmanirbharta (self-reliance) by PM Modi, it was no surprise that Budget 2021 focused on economic recovery and job creation, on health and well-being, capital and infrastructure, inclusive development, reinvigorating human capital, innovation and R&D, and minimum government and maximum governance. It was a very pleasant surprise to see the FM present the first digital Budget from a Made in India tablet, which bears testimony to the government’s deep commitment to tech adoption and support for Indian players.

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