Friday, February 26, 2021
  • About
  • Advertise
  • Careers
Scoftware Magazine
  • Home
  • Politics
  • Business
  • Culture
  • Opinion
  • Lifestyle
  • Entertainment
  • Login
No Result
View All Result
Scoftware Magazine
Home Business

Union Budget 2021: Govt focusses on easing pain points for taxpayers in coming fiscal year

Jaleel M. by Jaleel M.
February 3, 2021
in Business
0
Union Budget 2021: Govt focusses on easing pain points for taxpayers in coming fiscal year
0
SHARES
5
VIEWS
Share on FacebookShare on Twitter


In order to make taxation processes faceless, the National Faceless Income Tax Appellate Tribunal Centre shall be established with the facility of personal hearing through videoconferencing.

Related posts

Market roundup: Sensex falls to 49,099.99, Nifty settles at 14,529.15 amid sell-off before release of Dec GDP data

Market roundup: Sensex falls to 49,099.99, Nifty settles at 14,529.15 amid sell-off before release of Dec GDP data

February 26, 2021
Sensex tanks over 1,000 points in opening trade; Nifty slips below 14,900

Sensex tanks over 1,000 points in opening trade; Nifty slips below 14,900

February 26, 2021

Union Budget 2021: Govt focusses on easing pain points for taxpayers in coming fiscal year

Govt need to ease tax burden. Scott Graham/Unsplash

To make governance simple for taxpayers and for the Income Tax Department, the government had introduced a series of direct tax reforms providing benefit to taxpayers with an aim to boost the economy by increasing tax collection. In course of these reforms, corporate tax rates have been slashed significantly and the Dividend Distribution Tax too was abolished. Further, to eliminate the burden of taxation on small taxpayers’, the government had increased the rebates to lower the tax liabilities. Due to these efforts and reforms in 2020, we have witnessed a sharp increase in the return filers from 3.31 crores in 2014 to 6.48 crore.

This Union Budget is focused more on infra, agriculture, power and education sector. However, there are few areas in the direct and indirect taxation where remarkable changes have been proposed.

Presently, non-resident Indians (NRIs) are facing difficulty in respect of the taxability of accrued income lying in their foreign account at the time of returning to India or in repatriation to India. This happens due to unequal taxation laws and rates between the earning country and India. In some cases, it leads to double taxation in the hands of NRIs. Further, getting credit in the foreign jurisdiction for additional taxes deducted on the transfer or repatriation is a pain point.

To make the process simple and smooth, in Budget 2021 the finance minister has announced some new rules proposed to be notified. By notifying these rules, tax laws will become simplified for NRIs and they will also get credit easily for the tax deducted in India. This will avoid the situation which leads to double taxation.

There is another massive push by the government to encourage the Digital India Movement, which is its main focus for quite some time. The government has increased the threshold limit for tax audit from Rs 5 crores to Rs 10 crores for entities who comply with the norms of 95 percent of the transactions in digital mode.

To encourage small taxpayers and to increase their numbers, the government has been pushing for eases in tax compliance and tax autonomy. For this, the government has proposed the setting up of a new committee known as ‘Dispute Resolution Committee’ in order to further reduce litigation for small taxpayers, which will be faceless to ensure efficiency, transparency and accountability for those individuals having a taxable income of up to Rs 50 lakh and disputed income of up to Rs 10 lakh.

In order to make taxation processes faceless, the National Faceless Income Tax Appellate Tribunal Centre shall be established with the facility of personal hearing through videoconferencing.

The focus of the government is growing and it is committed to providing all kinds of ground support in this process. Remarkably, in this Budget, the government has proposed provisions for providing relief to the taxpayer regarding the reopening of earlier year assessment. The time-limit for reopening of the assessment has been reduced to three years from six years. Even for serious tax evasion cases too–only if there is no evidence of concealment of income of Rs 50 lakh or more in a year with prior approval of the Principal Chief Commissioner or highest level otherwise–there will be no change in the assessment re-opening period of 10 years.

To facilitate the small taxpayers, major changes have been announced in Budget 2021:

  • Pre-filing of more data while filing Income Tax Return

 

Before describing the change, let us understand the meaning of Pre-filled data. Pre-filled data means some of the required information is auto-populated from external sources in your Income Tax Return.

Currently, the information which is pre-filled in the ITR form is personal information, bank details, details of allowable donation u/s 80G, details of salary income as per your Form 16, details of TDS, TCS and taxes paid as advance tax and self-assessment tax from Form 26AS. In Budget 2021, some more information is notified which will be pre-filled in the Income Tax Return i.e. Details of capital gain arising from the sale of listed securities, details of dividend income and details of interest income received from Bank or Post Office.

  1. Exemption from filing ITR

Only an individual who is of 75 years of age or more having a pension and interest income is exempt from filing ITR. Moreover, in the case of an Individual of 75 years or more, the liability of necessary tax deduction is now transferred to the paying bank.

The writer is Founder and Chairman, HostBooks Ltd

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.



Source link

Previous Post

Google ads, cloud boost Alphabet Inc’s profits to $15.2 billion in Q4 2020- Technology News, Firstpost

Next Post

Union Budget 2021: Allocation of Rs 1,500 cr to boost digital payments will take fintech sector a higher notch

Next Post
Union Budget 2021: Allocation of Rs 1,500 cr to boost digital payments will take fintech sector a higher notch

Union Budget 2021: Allocation of Rs 1,500 cr to boost digital payments will take fintech sector a higher notch

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

AC Milan Would Have Won Serie A, If I Had Been Here From The Start: Zlatan Ibrahimovic

AC Milan Would Have Won Serie A, If I Had Been Here From The Start: Zlatan Ibrahimovic

8 months ago
Subscription Boxes Dads Will Enjoy Over and Over

Subscription Boxes Dads Will Enjoy Over and Over

8 months ago
Bundesliga: Dani Olmo Double Keeps RB Leipzig On Champions League Path

Bundesliga: Dani Olmo Double Keeps RB Leipzig On Champions League Path

9 months ago
Liverpool Won’t Defend Premier League Title, “We Will Attack It”: Jurgen Klopp

Liverpool Won’t Defend Premier League Title, “We Will Attack It”: Jurgen Klopp

8 months ago

FOLLOW US

  • 81 Followers
  • 29.5k Followers
  • 103k Subscribers

BROWSE BY CATEGORIES

  • Business
  • Culture
  • Entertainment
  • Lifestyle
  • Music
  • National
  • News
  • Opinion
  • Politics
  • Sports
  • Tech
  • Travel
  • World News

BROWSE BY TOPICS

2018 League Balinese Culture Bali United Budget Travel Champions League Chopper Bike Doctor Terawan Istana Negara Market Stories National Exam Visit Bali

POPULAR NEWS

  • Kris Jenner Spills Details About Her Sex Life With Corey Gamble: Watch

    Kris Jenner Spills Details About Her Sex Life With Corey Gamble: Watch

    0 shares
    Share 0 Tweet 0
  • Common Saints Release New Single “Idol Eyes”

    0 shares
    Share 0 Tweet 0
  • Sam Heughan & Graham McTavish Are Men in Kilts for Travel Show

    0 shares
    Share 0 Tweet 0
  • KRISTIN LASH & JAKOB GREY Team Up On “Sleeping With The Lights On”

    0 shares
    Share 0 Tweet 0
  • A Blackhat Hacker Durgesh Singh Kushwah Tells Us All!

    0 shares
    Share 0 Tweet 0
  • About
  • Advertise
  • Careers

© 2020 Scoftware.com

No Result
View All Result
  • Home
  • Politics
  • Business
  • Culture
  • National
  • Sports
  • Lifestyle
  • Travel
  • Opinion

© 2020 Scoftware.com

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Terms and Conditions - Privacy Policy