- Exemption duty on steel scrap up to March 2022; customs duty on naphtha cut to 2.5 pc: FM
- Rationalising customs duties on gold and silver says FM in Budget for 2021-22
- Customs duty on cotton increased to 10%, silk to 15%
- Customs duty on solar lanterns cut to 5%
- FM proposes tax exemption for aircraft leasing cos; tax exemption for notified affordable housing for migrant workers
- Rs 1.5 lakh deduction on payment of interest for affordable housing extended by 1 yr:
- Record GST collections in last few months; govt to take every possible measure to reduce anomalies
- Tax holiday for startups extended by 1 yr; exemption on capital gains on investment in startups extended by 1 yr
- Late deposit of employee’s contribution to PF by employers will not be allowed as a deduction to the employer
- Tax holiday for start-ups increased by one more year – till March 31, 2022
- NRIs allowed operating One Person Companies or OPCs in India
- To further ease the filing of IT returns, details of capital gains and interest from banks, post offices, etc will be pre-filled
- The government has given relief measures for senior citizens by removing the need to file income tax returns for those aged over 75 years.
- It has also announced a halving of the time frame for reopening of income-tax assessment cases from 6 years to 3 years. For reopening of serious tax evasion cases up to 10 years, the government has put in a monetary limit of cases involving over Rs 50 lakh in a year, This is expected to reduce instances of tax harassment of income taxpayers.
- NRIs to be spared from double taxation. New rules to be notified, says FM
- Tax audit limit increased from Rs 5 crore to Rs 10 crore
- In serious tax evasion cases, only where there is evidence of concealment of income of Rs 50 lakh or more in a year, can reassessment be opened for 10 years. For others, assessment reopening only for 3 years.
- FM says the definition of small companies to be revised by raising the capital base to Rs 2 cr from the current limit of Rs 50 lakh
- FM announces transport system operator (TSO) for regulating common carrier capacity in gas pipelines to boost the gas-based economy
- Free cooking gas LPG scheme Ujjwala to be extended to 1 cr more beneficiaries
- Scheme for promoting flagging of merchant ships in India will be launched by providing subsidy support
- FM announces Rs 18,000 cr scheme to augment public transport in urban areas
- No change in income tax slabs
- Government removes threshold limits of paid-up share capital of Rs 50 lakh and an average annual turnover of Rs 2 crore over the past three financial years. The government has also eased requirements of residency for a person setting up a One person company from 182 days to 128 days in India.