Budget Updates

 ✅ Budget Updates :-

👉The government has given relief measures for senior citizens by removing the need to file income tax returns for those aged over 75 years. 

👉 It has also announced halving of the time frame for reopening of income-tax assessment cases from 6 years to 3 years. For reopening of serious tax evasion cases up to 10 years, the government has put in a monetary limit of cases involving over Rs 50 lakh in a year, writes Anil Sasi

👉 This is expected to reduce instances of tax harassment of income tax payers.

👉 Finance Minister Sitharaman proposes policies to make it easy for foreign investors to invest in India's infrastructure projects.

👉 Propose to make dividend payments to REIT (estate investment trusts) and Invit's (Infrastructure investment trusts) exempt from TDS

👉 To further ease filing of IT returns, details of capital gains and interest from banks, post offices, etc will be pre-filled. 

👉 No change in slabs Rates & exempt limi.

👉 NRIs to be spared from double taxation. New rules to be notified, says FM.

👉 Tax audit limit increased from Rs 5 crore to Rs 10 crore