Union Budget 2021: Nirmala Sitharaman provides relief to almost all; home consumers, pensioners, staff, among others – India News , Firstpost

A price range with take care of all.

Union Finance Minister Nirmala Sitharaman has in her first price range put up-pandemic-Budget 2021 provided some relief measures to almost all. Be it entrepreneurs or MSMEs and tax payers, everybody has been given a cushion.

Here are among the relief measures introduced by the finance minister in Budget 2021:

Affordable housing

To proceed encouraging first-time homebuyers in the direction of shopping for reasonably priced homes, i.e., residential property having stamp obligation worth up to Rs. 45 lakhs, the tip-date for taking a home mortgage from monetary establishments has been prolonged by one 12 months from 31 March 2021 to 31 March 2022.

With an try to enhance the housing sector, waiver from deemed taxation on the distinction between stamp obligation worth and transaction worth has been prolonged from 10 p.c to 20 p.c on the sale of residential items by builders in the course of the interval 12 November 2020 to 30 June 2021 for a consideration not exceeding Rs 2 crore.

Lesser tax compliance for pensioners

Senior residents of age 75 years and above absolved from submitting tax returns the place earnings consists of solely pension and curiosity earnings from the identical financial institution offering a pension. Senior residents have to furnish a declaration to the financial institution which might deduct relevant taxes on such earnings.

Alternative to LTC exemption

Individual staff can nonetheless avail exemption for go away journey concession (LTC) of 1-third of specified expenditure or Rs 36,000 whichever is much less for the block of 2018-21 if they’ve incurred expenditure on buy of products/companies liable to GST on the charge of 12 p.c or extra, offered the cost is made through non-money mode and incurred in the course of the interval 12 October 2020 to 31 March 2021.

Deferment in cost of advance taxes

Advance taxes on dividend earnings to be paid solely when the dividend is introduced or paid as correct dedication of such earnings is just not attainable. The provisions are at par with the legal responsibility to pay advance taxes on capital good points.

Dispute Resolution Committee

As a measure to scale back litigation for small taxpayers the place returned earnings is up to Rs 50 lakhs and the combination quantity of variation is up to Rs 10 lakh in a specified order, a separate dispute decision committee to be arrange.

Employees contribution to PF

After bringing the employer’s excessive contribution to Provident Fund (PF) underneath the tax internet within the earlier 12 months, Budget 2021 brings staff excessive contributions to PF underneath the tax internet. The curiosity earnings on contributions made by an individual in extra of Rs 250,000 in a 12 months on or after 1 April 2021 to the provident fund is now taxable. In the earlier 12 months’s Budget, the deductions accessible on employer contribution to retirement profit funds (together with PFs) was restricted to Rs 750,000.

Boost to entrepreneurship

With intent to encourage entrepreneurship, the federal government has prolonged the interval until which exemption from capital good points on switch of residential property may be claimed if proceeds are invested in fairness shares of an eligible begin-up from 31 March 2021 to 31 March 2022.

Lesser tax compliance for SMEs

Exemption from necessary tax audit compliance is prolonged for small and medium-sized entrepreneurs whose turnover is lower than Rs 10 crore (earlier Rs 5 crore), solely when the combination of all receipts and funds in money don’t exceed 5 p.c.

Time restrict for submitting returns

The time restrict for submitting belated or revised returns has been curtailed by three months i.e. For AY 2021-22, the final date for belated/revised return could be 31 December 2021 (as an alternative of 31 March 2022).

The author is Partner, Dhruva Advisors LLP

Find newest and upcoming tech devices on-line on Tech2 Gadgets. Get expertise information, devices evaluations & scores. Popular devices together with laptop computer, pill and cell specs, options, costs, comparability.

Source hyperlink

What do you think?

Written by Business Boy


Leave a Reply

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



Sensex, Nifty pare early losses, turn positive in opening commerce; Reliance, TCS, Infosys post gains – Business News , Firstpost

AstraZeneca vaccine can slow the spread of Covid and delayed second dose works, Oxford data shows