Senior Citizens having Pension and Interest Income is not required to file Income Tax Returns. TDS will be deducted by paying bank.

Re-opening of Assessment: Time limit reduced to 3 years from 6 years. In case of serious cases, the time limit will continue to be 10 years, but the tax evaded to be more than Rs.50L and approval of Principal Chief Commissioner.

Dispute Resolution Committee to be constituted.

Faceless Income Tax Appelate Tribunal

Rules to be framed to removing impact of double taxation for NRI.

TAx Audit – Exemption from Audit for those doing business where the total receipts and payments are below 5% of total receipts and total payments respectively to Rs.10 crores from Rs.5 crores.

Dividend: Advance tax to be calculate after dividend declaration

Affordable Housing: Additional Rs.1.5L on loan taken for affordable housing will be eligible upto 31.03.2022.

Small Company: The limit of Share Capital and Turnover is incrased to Rs.2 crores and Rs.20 crores from existing Rs.2 Lakhs and Rs.2 Crores.

The limit fixed for One Person Company (OPC) is taken away. The residency limit for OPC director is reduced to 120 days from 182 days thereby allowing NRI to incorporate OPC.

Voluntary Vehicle Scrapping Scheme to be implemented. Compulsory fitness test after 20 years in case of personal vehicle and 15 years for others.

7 textile parks to be established in 3 years.

Infrastructure Development – A financing authority to be introduced.

The Finance Minister Started presenting the Budget for Financial Year 2021-22..