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Abhishek Sharma | Feb 02, 2021, 04:21 PM IST
1.Tax holiday for startups
In the Budget 2021, FM Sitharaman has proposed the extension of tax holiday for start-ups by one year.
"Tax holiday for startups extended by one year. Exemption on capital gains on investment in startups extended by one year," she announced.
2.Delayed PF contribution
In the budget, the FM announced that delayed deposite of employees' contribution to Provident Fund (PF) and ESIC would disentitle the employer from claiming the same as business deduction from financial year 2020-2021.
3.Time limit for reassesment increased
In this budget, the government has proposed to reduce the time limit for reassessment to 4 years from the end of the relevant financial year. Earlier, the duration was 7 years. In tax fraud cases where there is evidence that income of 50 lakh or more has escaped assessment, the government has proposed to increase the time limit from 7 to 11 years from the relevant financial year.
4.Time limit for filing revised tax returns increased
The time limit for filing revised return and belated return for taxpayers including India Inc, has been reduced by three months.
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5.Tax holiday for affordable housing projects
The benefit of 100% tax holiday for affordable housing projects and notified affordable rental housing projects has been extended by a year for projects approved on or before March 31, 2022.
