Our recent comment on budget on you tube :CA NITIN PATHAK
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Direct tax proposals highlights
1. Relief to senior citizen: for 75 years and above: Having only pension and interest income: exemption from filing ITR: Paying banks will do TDS
2. Reassessment: from 6 years to 3 years
Serious tax evasion cases: where evasion evidence is Rs.50lac or more then reopening within 10 years-
3. Dispute resolution committee: it will be faceless: anyone with total income less than 50 lacs and disputed income less than 10 Lacs can approach this committee
4. Faceless ITAT: faceless ITAT centre will be set where personal hearings will be conducted through VC
5. Tax Audits: digital transactions from 5 cr to 10 cr
6. Advance tax liability on dividend will arise only after declaration of dividend
7. Affordable housing 1.5 lac deduction will now be even available for loan taken till 31.3.2022
8. 80IBA: extended 31.3.2022
9. Tax incentive of affordable renting housing project
10. Pre filled income tax return will have pre filled data regarding Dividend, post office interest income, salary etc.
11. Trusts: educational and hospitals: limit increased from Rs.1 Cr to Rs. 5 crore (10(23C)
12. Late deposit of employee contribution of PF will now be not allowed as deduction.
*All above proposals could be properly analyzed once budget documents are released.
1. *Definition of Small Companies revised.*
Capital < 2 Cr
Turnover < 20 cr
Relief to more than 200,000 cos.
2. MCA version 3 expected soon
3. LLP decriminalisation soon
4. LIC IPO will come soon in 2022
5. Infusion of Rs. 20000 cr. For public sector banks
6. FDI in insurance sector hiked to 74% from 49%
7. Director Residence criteria - 120 days from earlier 182 days
8. OPC proposed to be incorporated by foreigners as well
9. Policy for disinvestment in all non strategic and strategic sectors
10. Separate administration structure to promote ease of doing business.
CA Nitin Pathak
