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

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Google Oneindia News

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.

    Union Budget 2021: Direct taxes unchanged but healthcare and infrastructure get a push|Oneindia News
    No change in personal tax; Non-Resident Indians get tax exemptions

    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.

    Budget 2021: Agriculture sector gets a boost; Sitharaman increases outlay to Rs 16.5 lakh croreBudget 2021: Agriculture sector gets a boost; Sitharaman increases outlay to Rs 16.5 lakh 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.

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