Major Income Tax Proposals in Budget 2021

Budget, Income Tax
Major Income Tax Proposals in Budget 2021 1. No Income tax returns for senior citizen of 75 year or above age where the total income consist only of pension and interest income 2. Income tax returns will have prefill data of capital gains from listed securities, post office interest, Interest income, Salary etc,. 3. Increase in tax audit limit from Rs. 5 crore to Rs. 10 crore if more than 90% transactions are made digital mode and increase in tax Audit Exemption Limit for NRIs who carry out 95% of their transaction digitally, to Rs. 10 crores 4. Introduction of Faceless for Income tax appellate tribunal. A National Faceless Income Tax Appellate Tribunal Center to be constituted, wherein all communication between the Tribunal and the Appellant shall be electronic. Where…
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