*Top Updates Budget 2021*

1) FM proposed to amend the Insurance Act, propose to hike FDI limit to 74 percent from 49 percent. Also to allow foreign ownership & control with safeguards

2) BPCL , AIR INDIA , IDBI BANK , PAWAN HANS disinvestment to be completed next FY,

3) Govt to launch IPO for offering for life insurance Corp of India.

4) SEBI to be notified as regulator for regulated gold exchanges.

5) Definition of small companies to be raised by increasing the capital limit from Rs 50 lakh to Rs 2 crore and turnover from Rs 2 crore to Rs. 20 Cr.

NRIs allowed to set up one person company.

6) FM propose to divest two PSU banks and one general insurance company in FY22

7) No Return for Senior Citizen of Age 75 Year or More having only Interest and pension Income.

8) Tax Audit Limit Increased to 10 Crores from 5Crores if Digital Transactions account for 95%

9) National ITAT for Faceless ITAT Appeals Personal hearing through Video conferencing.

10) Exempts ReITS and InviT from TDS.

11) Serious tax evasion cases: where evasion evidence is Rs.50lac or more then reopening within 10 years-

12) Govt . to propose to lower period for reopening of of assessment by tax authorities to 3 yrs from 6 yrs

13) Late deposit of employee contribution of PF will now be not allowed as deduction.

14) Pre filled income tax return will have pre filled data regarding Dividend, post office interest income, salary etc.

15) 80IBA: extended 31.3.2022

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Auditing Notes

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REVISED INCOME TAX AMENDMENT FOR JUNE & DEC 2021

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