With the budget 2021 done and dusted, looks like we can start focusing on the year ahead. Few changes made to tax laws. However, big news is obviously that there is no new tax or cess.
Definitely a situation of no news is good news here.
We know you’ve received Whatsapp forwards from a million places with budget highlights (a PDF document between 30-200 pages). We also know you haven’t even bothered opening half of them.
Here’s what we propose - don’t bother reading our budget highlights either. Look at the main headings, if it’s relevant to you - go ahead and read it. Otherwise, skip!
Instead of quoting sections and throwing numbers at you, we’ve decided to keep it simple so that everyone can understand the changes made to tax laws, company laws and GST.
We’ve also stayed away from quoting budget numbers. We know the human mind can’t tell the difference between INR 100 crore and INR 100,000 crore (We can’t tell the difference either – they just seem like very big numbers).
Use this as a handy reference document or use it to show-off your knowledge to your friends and family!
Happy reading!
Read here: https://www.thegalacticadvisors.com/post/union-budget-2021
What's covered in our Budget Highlights?
A. Income Tax
Definitely a situation of no news is good news here.
We know you’ve received Whatsapp forwards from a million places with budget highlights (a PDF document between 30-200 pages). We also know you haven’t even bothered opening half of them.
Here’s what we propose - don’t bother reading our budget highlights either. Look at the main headings, if it’s relevant to you - go ahead and read it. Otherwise, skip!
Instead of quoting sections and throwing numbers at you, we’ve decided to keep it simple so that everyone can understand the changes made to tax laws, company laws and GST.
We’ve also stayed away from quoting budget numbers. We know the human mind can’t tell the difference between INR 100 crore and INR 100,000 crore (We can’t tell the difference either – they just seem like very big numbers).
Use this as a handy reference document or use it to show-off your knowledge to your friends and family!
Happy reading!
Read here: https://www.thegalacticadvisors.com/post/union-budget-2021
What's covered in our Budget Highlights?
A. Income Tax
- Unit Linked Insurance Plan - Investing large amounts in a ULIP? This will now be taxable
- Employee’s Provident Fund - More pain for the high salaried individual
- 401K, IRA & Retirement accounts - Finally. New rules to be notified for Retirement accounts
- Leave Travel Concession - LTC Cash scheme finally given legal backing
- Update to Section 44ADA - This one’s big. A change to the Mythical Section 44ADA
- Tax Audit only above 10 crore - Earlier limit of INR 5 crore increased to INR 10 crore
- Stamp Duty value can be 120% of Property Value - Deeming provisions will not apply on certain Residential Property
- Extension for Startups - Time limits extended by 1 more year to 31 March 2022
- Affordable housing loan - Time limits extended by 1 more year to 31 March 2022
- Revision of ITR due dates
- Relief for Senior Citizens - No need to file ITR
- TDS on Purchase of Goods - Purchase of goods greater than INR 50 lakh in a year
- Double TDS for non-filers - Be prepared for double tax in case of non-filing of ITR
- Assessment reopening - Time limits reduced to reduce burden on tax payers
- Honouring the Honest
- Small Company and One Person Company - Relaxation for Small Companies
- Small Company and One Person Company - Amendments for One Person Companies
- Decriminalization of Offences under LLP Act
- NCLT, MCA and FDI - Rationalization of Tribunals and E-courts systems.
- NCLT, MCA and FDI - Launch of MCA Version 3.0
- NCLT, MCA and FDI - Increase in FDI limit in Insurance
- GST Audit and Self Certification - GST Audit requirement removed
- GST Audit and Self Certification - Self-Certification of annual returns
- GST Updates
- Extension of Power and Penalties