1) Great relief to senior citizens
This time in the budget, senior citizens have got a big relief. The finance minister has announced in the budget that people over the age of 75 will no longer be taxed. However, the condition is that this exemption will be given to them only on earnings from pension and interest. There are no discounts left on Tesk. This means that all the remaining earnings of people above the age of 75 will be tax deductible whether it is rent or any other earned income.
2) Tax cases can now be reopened in six to three years
In this budget, it has been announced to reduce the time limit for reopening a tax assessment case from 6 years to 3 years. The big advantage will be that taxpayers will no longer be in uncertainty. Even in serious cases where evidence of tax evasion of Rs 50 lakh or more is found in a year, it can also be reopened in 10 years.
3) Filling ITR became much easier
So far, while filling up the ITR, we have already filled in the form with information like name, address, salary tax, tax payment, TDS. It has been made easier by an announcement in the budget. The ITR form will already have information on capital gains with listed securities, dividend income and interest from the bank post office.
4) Arrangement of Faceless Income Tax Appeal Tribunal
The budget also calls for the establishment of a faceless income tax appeals tribunal. Under this, a National Income Tax Appellate Tribunal Center is being set up. In this new system all communication will be done digitally. If a case requires the presence of a taxpayer, he will be able to speak via video conferencing.
5) The time limit for tax audit has been doubled
In this budget, Nirmala Sitharaman has increased the tax audit limit from Rs 5 crore to Rs 10 crore. He said that earlier he had increased the turnover from Rs 1 crore to Rs 5 crore. This is for people who do 95 percent of their transactions digitally.