Union Budget 2021: No change in income tax slabs, relief for senior citizens in Sitharaman's 'never like before' Budget
New Delhi | Jagran Business Desk: Providing huge reliefs to salaried class, Finance Minister Nirmala Sitharaman on Monday presented Union Budget 2021 amid hopes to revive the coronavirus pandemic-hit economy of the country.
Sitharaman, who presented her third Budget, did not tweak personal income tax and announced that the Centre has decided to reduce timeline for reopening of tax cases to 3 years from 6 years. The Finance Minister further said that the Centre will propose to make income tax appellate tribunals faceless and set up national income tax appellate tribunal centre.
"I propose to make Income Tax Appellate Tribunal faceless. We shall establish a national faceless income tax appellate Tribunal centre. All communication between Tribunal and the appellant shall be electronic, where personal hearing is needed, it shall be done through video conferencing," she said.
Sitharaman, who had termed Union Budget 2021 a 'never like before' event earlier, also said that the Centre has decided to double the exemption from tax audit limit to Rs 10 crore for firms doing most of their business online.
"Currently, if your turnover exceeds Rs 1 crores, you have to get your accounts audited. In February 2020 budget, I had increased the limit for taxation audits to Rs 5 crores for those who carry out 95 per cent of their transactions digitally. To further incentivise digital transactions and to reduce compliance burden, I propose to increase this limit for tax audit for such persons from five crores to Rs 10 crores," she said.
The Finance Minister also said that senior citizens above 75 years with only pension income have been exempted from filing I-T returns, noting that the number of income tax return filers has increased to 6.48 crores now from 3.48 crores in 2014.
She further said that to constitute a dispute resolution for small taxpayers that will be faceless to ensure efficiency, transparency and accountability.
Posted By: Aalok Sensharma