BUDGET LIVE - ECONOMIC & TAX PROPOSALS & FIGURES
1. Expenditure for 2020-21 - 30.42 L Crs upto 34.5 L Crs. 2021-22 BE 34.8 Lakh Crs.
2. Fiscal Deficit 9.5% of GDP in 2020-21. Another 80k Crs. BE 6.8% of 2021-22.
3. FRBM Act amendment recomended
1. Relief to Senior Citizens - Exemption from.ITR for 75yrs plus people with pension & interest income only.
2. Limitation period for e opening reduced to 3 yrs from 6 yrs Serious cases of 50L or more - 10 yrs on approval of Pr CIT
3. Over 1.10 taxpayers opted for VVS scheme.
4. Dispute resolution committee for small taxpayers (less than 10L disputed)
5. National Faceless ITAT
6. NRI Relaxation - Rules relaxed
7. Tax Audit Limit increased to 10crs for those with more than % of non cash transactions
8. Advance Tax on Dividend Income only after declaration or payment of dividend
9. Affordable Housing : Additional deduction of 1.5 L interest extended to 31.3.2022. Tax Holidays for developers also extended.
10. Pre filing of returns - details of capital gains from listed securities, dividend & interests from banks to be pre filed.
11. Labour Welfare - No deduction for late deposit of PF etc.
12. Start Ups - incentive extended till 31.3.2022
1. FM Hails record collections due to crackdown
2. Inverted duty structure to be reduced
3. Customs Duty : Massice Review of 400 old exemptions
4. Revised Customs Duty structure
5. 2.5% import on parts of mobile phone
6. Iron & steel - 7.5% on import duty
7. Steel scrap duty reduced till 31.3.2022
8. Copper- 2.5% from 5%
9. Textiles - BCD on nylon articles reduced to 5%
10. Chemicals - NAFTA reduced
11. Gold & silver reduced
12. Solar energy - raising on solar invesrterd & lanterns increased
13. Steel screws 15% from 10%
14. Leathers import duty increased
15. Gemstones increased
16. Definite timelines for customs investigations
