- Senior Citizens: Reduced Compliance burden. 75 years and above. Proposal not to file ITR if only pension income and interest income.
- 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
- Proposal to constitute ‘Dispute Resolution Committee’. (Taxable income 50 lakhs and disputed income 10 lakh).
- National Faceless Income Tax Appellate Tribunal Centre
- Relaxations to NRI: Propose to notify rules for removing hardship for double taxation.
- Tax Audit Limit: Proposal of tax audit increased from 5 Cr. to 10 cr. (Only for 95% digitized payments business)
- Propose to provide relief on advance tax liability on dividend income.
- Propose to include tax holidays for Aircraft leasing companies
- Prefiling of returns (Salary, Tax payments, TDS etc.) Details of Capital gains from listed Securities, dividend income, etc. will be prefilled
- Late deposit of employee’s contribution by employer will not be allowed as deduction
- Duties reduced on various textile, chemicals and other products
- Gold and Silver (BCD reduced)
- Agriculture Products: Custom duty increased on cottons, silks, alcohol etc.
- Vivad Se Viswas Scheme Last Date of filing extended to 28th February, 2021.
- Relief to Trusts – Charitable trusts running Hospitals and Educational Institutions relief increased from Rs.1 crore to Rs.5 crore
- Tax holiday for Start-Ups extended to 31st March, 2022. Capital Gains exemption on investment in start ups also extended to 31s March, 2022.
- Affordable Housing Projects – Tax Holiday extended till 31st March, 2022.
- Affordable Housing – Additional Interest deduction (Sec 80EEA) of Rs.1.5 lakhs to be extended for loans taken till 31st March, 2022