BUDGET 2021-22 Highlighted points

 BUDGET 2021-22 BULLET POINTS 😊

11-6-2021

1- Self Assessment Scheme to be revived

2- Third-Party audit introduced 

3- Automated based selection for audit

4- Income and expenditure-based tax system to be introduced

5- Information technology to be used for non-filers

6- No harassment by any official to taxpayers

7- Salaried person no new taxes

8- GST net to be increased and all wholesaler and retailer will be brought in a scheme

9- Prizes will be given to sales tax payees receipt owners

10- To introduce a simple tax return form

11- Sales tax and FED changes introduced

12- Small business turnover tax increased to 10 Million rupees having tax credits

13- Cars up to 850cc car FED abolished and sales tax decreased to 12.5% and VAT abolished.

14- IT services, zero-rated introduced

15- Locally Electronic cars sales tax decrease to 1%, VAT exempted, Fed exempted

16- Special Technology zones will be introduced and for their related  imports will be exempted

17- Telecom --- FED exempted, Sales tax from 17 to 165, Merchant discount abolished

18- Tier 1 Retailers ---price scheme introduced for POS schemes

19- INCOME TAX—The inquiry system will be abolished

20- Show cause time increase to 20 days

21- Third-party audit is introduced to curtail powers of assessing officers

22- Automated system for Refund will be introduced

23- ADR again to be revived

24- WHT decrease by 40%

25- Direct and Indirect taxes are a burden and making compliance difficult thereof

26- The documented sector is deducting 38 clauses and from this 12 clauses deleted

27- WHT deleted from banking transaction, Stock Exchange, Travelling, Mobile phone (decrease); Minerals, Credit Cards, etc.

28- Decrease in WHT in oil field, tourism, etc 

29- Disposal of securities Capital Gain Tax is decreased to 12.5%

30- Individual and AOP turnover tax increased to 100 Million

31- Turnover tax Rate decrease to 1.25% of turnover 

32- Installation of POS machine will get a tax credit

33- Fix Tax Scheme for SME’s

34- Special tax regime for Manufacturers

35- One-page tax return to be introduced for SME’s

36- Services from Banking channel receipts, tax to be lower down

37- Tax Credit on IT sectors under section 100C

38- Special economic zone, tax on turnover now exempted

39- Future commodities market reduced tax to 3%

40- Telecommunication sector as industrial undertaking

41- Many changes in  Custom Act for cars below 850 cc, motorcycles, electronic cars, etc

42- Relief to the textile sector

43- More than 300 Pharmaceuticals materials—custom duty exempt including syringes, etc.

44- Leather industry material and dairy industry will get relief through changes in  Tariff

45- Increase in Regulatory duty on mobile rejected by PM

46- My car policy introduced

47- Minimum salary increase to rs. 20000/-

48- Government servant to be allowed 10% Adhoc Allowances

49- Pensioners will get 10% more

50- Many incentives for Stock Exchange, Housing, Autos, Agriculture, Health, Services, IT sector, Students, Individuals, Govt. Servants, etc