Budget 2021: Here’s how I-T return submitting will change into easier now

Presenting a Budget “like never before” within the Parliament, Union Finance Minister Nirmala Sitharaman Monday introduced a extra easier I-T return submitting whereby, particulars of capital features, dividend earnings and curiosity earnings will likely be pre-filled within the returns.
The transfer comes as pre-filled tax returns are gaining recognition and acceptance globally.
In yet one more main announcement, the Government has sought to cut back the compliance burden on senior residents by exempting these above 75 years of age who’ve solely pension and curiosity earnings, from submitting their Income Tax return.

“We shall reduce the compliance burden for those 75 years and above. Senior citizens above 75 years of age with only interest income will not have to file income tax returns,” Siatharam mentioned in her Budget speech.
To additional cut back litigation for small taxpayers, the federal government has determined to make the Income Tax Appellate Tribunal faceless and solely digital communication will likely be executed.
Sitharaman proposed to represent a dispute decision committee which will likely be faceless to make sure effectivity and transparency. Anyone with a taxable earnings as much as Rs 50 Lakhs and disputed earnings as much as Rs 10 Lakhs is eligible to strategy the committee, she added.

Further, the timeline for re-opening of tax returns has been lowered to a few years from the current six years.
Stating that Income tax submitting has gone up, the finance minister mentioned earnings tax return filers have elevated to six.48 crore in 2020 from 3.31 crore in 2014.
Meanwhile, no announcement has been made for particular person taxpayers, thereby indicating no change in IT slabs as of now.

Finance Minister Nirmala Sitharaman offered a Budget “like never before”, which occurs to be the Modi authorities’s first Budget after Covid-19 pandemic hit India and the ninth one beneath the Modi authorities.
Sitharaman, for whom that is the third price range since she debuted in 2019, at this time gave a miss to the standard ‘bahi khata’ as she opted for a Made-in-India tab for the paperless price range of 2021.