UPDATES OVER BUDGET

UPDATES OVER BUDGET

BUDGET 20-21

1. Scrapping policy for 15yrs CV & 20 yrs perosnal

2. 7 mega TEXTILE parks within 3 yrs time

3. Development financial Institute will start with 20k cr

4. Railway will sale dead assets

5. PSUs warehousing assets will be sold

6. Capital expentidure for FY22-5.5Lk crs

7. GAIL IOC HPCL Will sale pipeline assets

8. Health will get FY22-2.2 lk cr

9. By next yr 8500km of ROAD project will be completed

10. 25k cr will be spent on WEST BENGAL highways

11. Min of road transport n highway will get 1.18 lk cr

12. FY-22 Fiscal deficit estimate - 6.8%

13. FY-21 Fiscal deficit- 9.5% Actual

14. Railway will get record 1.1 lk cr

15. Public buses will get 18k cr

16. City gas distribution new 100 disticts will be included

17. Security market code will be launched

18. GOLD Exchange will be regulated by SEBI

19. FDI in insurance- increase to 74% from 49%

20. FY-22 PSUs will get 20k cr

21. No restriction on OPC

22. NCLT framework will be strenghten

23. Small cos PAID UP CAPITAL limit increased to 20Cr

24. Main PSUs divestment will take in FY 21-22 INCLUDING 2 public banks & 1 General insurance co

25. LIC IPO will be launched in FY-22

26. 1.75 lk cr is target of strategic PSU divestment

27. Rural infra fund will get 40k cr

28. Margin money requirement reduced from 25% to 15%

29. 5 major fishing hubs would be developed in the country

30. MSME will get 15,700 Cr

31. 100 new army schools will be build

32. National research foundation will get 50k cr

33. Digital payment will be provided with an incentive of 1500 cr

34. Estimated gross borrowing of govt for FY 22 would be 12 lk cr

35. FISCAL DEFICIT Target of 4.5 % of GDP BY FY25-26

36. Exemption for those above 75 yrs not to pay TAX having income from pension

37. E-ITAT will now come to forces

38. TAX AUDIT Limit increased from 5 cr to 10 cr for those making 95% transactions digitally

39. REIT,INVIT dividends are now out from TDS regime

40. Limit for reopening of IT Assessmemts reduced to 3 yrs from 6yrs

41. Details of capital gain from listed exchanges, bank interest PPF interest will come pre filled in ITR FORMS

42. Tax holiday period for start ups by 1 more year

43. Increased Start up investment capital gain exemption by 1 more year

44. New custom duty code will come in place from 01/10/2021

45. Reduced custom duty to alloy( steel/iron) to 7.5%

46. Mobile components custom duty increased to 2.5%

47. Copper custom duty reduced 2.5%

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Direct tax proposals highlights

1. Relief to senior citizen: for 75 years and above: Having only pension and interest income: exemption from filing ITR: Paying banks will do TDS

2. Reassessment: from 6 years to 3 years

Serious tax evasion cases: where evasion evidence is Rs.50lac or more then reopening within 10 years-

3. Dispute resolution committee: it will be faceless: anyone with total income less than 50 lacs and disputed income less than 10 Lacs can approach this committee

4. Faceless ITAT: faceless ITAT centre will be set where personal hearings will be conducted through VC

5. Tax Audits: digital transactions from 5 cr to 10 cr

6. Advance tax liability on dividend will arise only after declaration of dividend

7. Affordable housing 1.5 lac deduction will now be even available for loan taken till 31.3.2022

8. 80IBA: extended 31.3.2022

9. Tax incentive of affordable renting housing project

10. Pre filled income tax return will have pre filled data regarding Dividend, post office interest income, salary etc.

11. Trusts: educational and hospitals: limit increased from Rs.1 Cr to Rs. 5 crore (10(23C)

12. Late deposit of employee contribution of PF will now be not allowed as deduction.