No change in personal tax; Non-Resident Indians get tax exemptions

New Delhi, Feb 01: In significant changes to the taxation process, Sitharaman announced the scrapping of income tax for senior citizens under certain conditions, new rules for removal of double taxation for NRIs, and a reduction in the time period of tax assessments among other measures.

Finance Minister Nirmala Sitharaman as part of the Budget 2021-22 speech, announced that the NRIs will be spared from double taxation, and new rules will be notified for the purpose. She also announced that Tax audit limit has been increased from Rs 5 crore to Rs 10 crore.

Sitharaman said that the tax system should put minimum burden on the taxpayers. A faceless dispute redressal platform to be set up for small taxpayers.

The FM announced that the government is removing threshold limits of paid-up share capital of Rs 50 lakh and average annual turnover of Rs 2 crore over the past three financial years.