Highlights of Union Budget 2021-22.


Proposal to revive definition of ‘Small Companies’ under Companies Act 2013. Capital less than 2 Cr. and Turnover Less than 20 Cr.

2. Senior Citizens: Reduced Compliance burden. 75 years and above. Proposal not to file ITR if only pension income and interest income.

3. Reduction in time for IT Proceedings: Reopening of Assessments period reduced from 6 years to 3 years except in cases of serious tax evasion cases. 4. Proposal to constitute ‘Dispute Resolution Committee’.

(Taxable income 50 lakhs and disputed income 10 lakh). 5. National Faceless Income Tax Appellate Tribunal Centre 6.



Relaxations to NRI: Propose to notify rules for removing hardship for double taxation. 7. Tax Audit Limit: Proposal of tax audit increased from 5 Cr.

to 10 cr. (Only for 95% digitized payments business) 8. Propose to provide relief on advance tax liability on dividend income.

9. Propose to include tax holidays for Aircraft leasing companies. 10. Small Charitable Trusts. Increased from 1 crore to 5 crores (Compliance limit) 11.

Late deposit of employee’s contribution by employer will not be allowed as deduction. 12. Incentive to start-up: Tax holiday exemption for one more year.

#Budget2021 #India #Income_Tax_Exemption #Economy

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