- Senior citizens 75+ years: proposal not to file ITR if income is only pension and interest.
- Reopening of assessments period reduced from 6 years to 3 years, except serious tax evasion cases.
- Proposal to constitute a 'Dispute Resolution Committee' (taxable income up to Rs 50 lakh, disputed income up to Rs 10 lakh).
- National Faceless Income Tax Appellate Tribunal Centre proposed.
- Relaxations for NRIs: rules to be notified removing hardship of double taxation.
- Tax audit turnover limit increased from Rs 5 crore to Rs 10 crore (for businesses with 95%+ digital payments).
- Relief proposed on advance tax liability for dividend income.
- Tax holiday proposed for aircraft leasing companies.
- Pre-filing of returns: salary, tax payments, TDS, capital gains from listed securities, dividend income etc. to be pre-filled.
- Late deposit of employees' contribution by employer not allowed as deduction.
- Customs duties reduced on various textile and chemical products; gold and silver BCD reduced.
- Customs duty increased on cotton, silk, alcohol etc.
- Vivad Se Vishwas Scheme last date extended to 28th February 2021.
- Relief to charitable trusts running hospitals/educational institutions: threshold raised 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 31st March 2022.
- Tax holiday for affordable housing projects extended to 31st March 2022.
- Additional interest deduction (Sec 80EEA) of Rs 1.5 lakh for affordable housing loans extended for loans taken till 31st March 2022.