What Nirmala Sitharaman Said On Tax In Budget: Key Announcements
Income Tax Slabs Speech: Key Announcements
Finance Minister Nirmala Sitharaman proposed to:
- Allow taxpayers to update returns even after reassessment proceedings have been completed with 10% tax.
- Rationalise prosecution framework in Income Tax Act.
- Allow inter-cooperative society dividend income as deduction under New Tax Regime.
- All IT services to be clubbed under single category with common safe harbour margin of 15.5 per cent.
- Threshold for availing safe harbour for IT services to be enhanced to Rs 2000 crore from Rs 300 crore.
- Provide tax holiday till 2047 to any foreign company that provides cloud services by setting up data centres in India.
- Net tax receipts estimated at Rs 28.7 lakh crore, budget size at Rs 53.5 lakh crore.
- Non-audit business cases, trusts to be allowed time to file returns to August 31.
- To extend time available to revise returns with payment of nominal fee.
- Individuals with ITR1 and ITR2 to continue to file till July 31
- Non-audit business cases, Trusts to be allowed time to file returns to August 31
- TDS on sale of immovable property by NRI to be deducted by resident buyer vs earlier requirement of TAN
