The Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman presented the Union Budget 2021-22 in Parliament today, which is the first budget of this new decade and also a digital one in the backdrop of unprecedented COVID-19 crisis. Laying a vision for Aatma Nirbhar Bharat, she said this is an expression of 130 crore Indians who have full confidence in their capabilities and skills. She said that Budget proposals will further strengthen the Sankalp of Nation First, Doubling Farmer’s Income, Strong Infrastructure, Healthy India, Good Governance, Opportunities for youth, Education for All, Women Empowerment, and Inclusive Development among others.
The main allegations against the three groups were that they had been inflating expenses and had taken accommodation entries in the form of non-genuine unsecured loans and security premium. These entities had suppressed their net profits across the years by claiming bogus expenses and routed back the same into business in the form of share premium, share capital and unsecured loan.
(1.) ITR filing exemption to citizens aged 75 years and above (only if income from pension and interest).
(2.) New period for re-opening of assessment for transparent tax system : Reopening of assessment period reduced from 6 years to 3 years except in the cases where tax evasion is 50 lakh or more (re-opening of assessment period is 10 years in these cases).
(3.) Constitution of Dispute Resolution Committee (for taxpayers having taxable income of 50 lakh and above and disputed income is 10 lakh).
• According to the section 159 of the Income Tax Act, 1961; where a person
dies, his legal representative shall be liable to pay any sum which the deceased
would have been liable to pay if he had not died, in the like manner and to the
same extent as the deceased. The legal representative of the deceased shall,
for the purposes of this Act, be deemed to be an assessee.
• Income Tax return of deceased person can be filed by the legal heir/executor of
the deceased person. To file the ITR the legal representative/executor has to
get register as Legal heir on e-filing on portal.
• The legal heir has to login on e-filing portal and follow the below steps:
The Central Board of Direct Taxes, CBDT has launched an automated dedicated e-portal on the e-filing website of the Department to receive and process complaints of tax evasion, foreign undisclosed assets as well as complaints regarding benami properties.
* Salary Income
* House Property Income
* Income from Business and Profession
* Income from Other Sources
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Govt extends tax compliance deadlines. Last date for ITR filing is now 10 Jan
55,823 ITR files in just one hour. When are you paying your income tax return?
Important Income Tax (Direct Tax) Amendments (since 2019)
Government has announced several measures to promote growth, investment and create new employment opportunities through the amendments in the Income-tax Act, 1961 and the Finance Act (No. 2), 2019.
EXPLORING SECTION 80D – DEDUCTION IN RESPECT OF HEALTH INSURANCE PREMIA