Major Highlights for Individual Taxpayers in Digital Budget 2021

The Finance minister shows the first budget in the digital form in the parliament.

Also, there is no amendment which has been urged to the personal tax rates the budget consists of several advantages methods and proposals to directed the simplicity of the agreement for the assessees. The budget indeed urges the taxation of particular income like interest resulting in relation to PF participation of more than the particular limit which is not directed towards the tax.

The Relaxation Towards the Senior Citizen From the Furnishing of the Return of the Income

So to diminish the yielding load from the senior citizens of age 75 years and more and possesses only pension income and the interest income through the bank will not be needed to furnish the return relevant to the mentioned conditions.

Diminish the Time Duration for the Late Returns and Revised Returns

Currently, the late returns in which the furnishing of the return is not furnished as per the mentioned date and the amended returns in which the assessee urges to furnish the return to check the errors in the original return can be furnished prior to the finish of the corresponding fiscal year or end of the assessment. For instance, a late return or amended return for the FY 2019-20 can be furnished on or prior to the 31/03/2021 or ending assessment as per the earlier one.

Prolongation of the Loan Disbursal Date for the Deduction with Respect to the Affordable Residential House Property

Section 80EEA of the income tax act 1961 Get to know complete guide of TDS provisions under income tax act 1961 at here. Also, we include several topics as TDS returns, TDS due dates, penalty & more. Read more gives a deduction of Rs 150000 in addition with respect to the interest on the loan which is opted to buy the property with respect to the stipulated conditions. The guidelines involve the disbursal of loans 1 April 2019 and 31 March 2021, stamp duty rate of the house property not more than Rs. 45,00,000 and the person not having any residential property on the date of disbursal of the loan.

Through the Retirement Funds From Foreign Relaxation in the Taxes

The individual is taxed in India as per their income via retirement funds from overseas in the foreign countries. This income might get taxed when the time of withdrawal on a receipt grounds in the before-mentioned foreign countries.

Advance Tax Payments for Dividend Income

The budget urges that no interest for late in the payment of the advance tax instalments is to be charged with respect to the dividend income in which full tax is to be furnished in the corresponding advance tax instalments The complete guide to advance tax along with payment calculation, due dates and guidelines. We describe the advance tax payment calculation formula for easy learning. Read more post declaration of the payment of the dividend that is the liability to furnish the prior tax on dividend will get rise only post to the dividend has been announced or furnished.