No bad news is itself a good news. That summarises the first look of the latest budget. Excepting for Agriculture Infrastructure and Development cess (on various items of daily consumption like petrol, edible oil, etc.,) budget doesn’t have any new burden. However, the FM may be forced to amend certain provisions of the new cess during the debate on budget. Other highlights of the budget are:
- Tax rates have been kept unchanged and also there are no changes in exemption limits and tax slabs.
- Exemption from filing income tax returns for senior citizens (75 years and above) who only have pension and interest income. The paying bank will deduct the necessary tax on their income.
- Reducing time limit for reopening of income tax assessment. Presently, an assessment can be re-opened up to 6 years and in serious tax fraud cases for up to 10 years. The budget proposes to reduce this time-limit for re-opening of assessment to 3 years from the present 6 years.
- Constitution of a Dispute Resolution Committee for small tax payers which will be faceless to ensure efficiency, transparency and accountability. Anyone with a taxable income up to Rs 50 lakh and disputed income up to Rs 10 lakh shall be eligible to approach the Committee.
- Income Tax Appellate Tribunal to be made faceless
- Additional deduction of ₹1.5 lakh shall be available for loans taken up till 31 March 2022 for purchase of affordable house
- Jal Jeevan Mission (Urban) for universal water supply in all ULBs
- Urban Swachh Bharat Mission with outlay ₹1,41,678 crore over 5 years
- ₹2,217 crore for 42 urban centres to tackle air pollution
- Voluntary Vehicle Scrapping policy
- Innovative PPP models to augment public bus transport
- MetroLite and MetroNeo for tier 2 and peripherals of tier 1 cities