Taxation – Budget Highlights 2021

ACS > Updates > Taxation – Budget Highlights 2021

INCOME TAX

  • Senior Citizens > 75 years of age – having only “Pension and Interest Income” – No need to file ITR.

  • Interest deduction for affordable housing extended till 31st march 2022.(Interest Limit: Rs. 1.5L) and (Stamp Value of the property: Rs. 45L)

  • No TDS on dividends from REIT/InvIT.

  • Interest on Employees Contribution to PF – Taxable only if sum exceeds Rs. 2.5L.

  • You will be considered as resident if you have stayed in the country for 120 days which is reduced from 182 days, which will be helpful for you to make investments in different avenues especially start-ups.

  • Turnover limit for Tax audit increased to Rs. 10cr only if cash transactions is less than 5%.

  • Educational institutions – Threshold for Deductions increased from Rs. 1cr to Rs. 5cr.

  • All your capital market transactions will be prefilled in the ITR making it easier for you to file your returns.

 

 

Leave a Reply

Your email address will not be published.

× How can I help you?