No Change in Income Tax Slabs in 2021 Budget

02 February 2021 Current Affairs:

Union Finance Minister Nirmala Sitharaman did not propose any changes to the income tax plan in the “2021 Union Budget”. However, some relief for the elderly has been announced. Announced that seniors over 75 years old are exempt from paying income tax returns.

Highlights:
♦ The government has announced the establishment of a national anonymous income tax court for small-scale taxpayers.
♦ The government also extended tax incentives to senior citizens over 75 years of age. They also do not need to file an income tax return.
♦ New rules have been formulated to avoid double taxation on NRI. In addition, NRI has been allowed to establish and operate one-person companies in India.
♦ The tax audit limit has been increased from 50 million to 10 million. The minister announced that affordable housing projects will now be able to take advantage of the tax holiday until March 31, 2022.
♦ It has been announced that details regarding capital gains and interest from banks and post offices will be pre-filled in order to simplify the submission of income tax returns.
♦ Employers are not allowed to deposit overdue deposits into employees’ provident funds as deductions.

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