Income Tax Slabs Speech: Key Announcements
Finance Minister Nirmala Sitharaman proposed to:
Allow taxpayers to update returns even after reassessment proceedings have been completed with 10% tax.
Rationalise prosecution framework in Income Tax Act.
Allow inter-cooperative society dividend income as deduction under New Tax Regime.
All IT services to be clubbed under single category with common safe harbour margin of 15.5 per cent.
Threshold for availing safe harbour for IT services to be enhanced to Rs 2000 crore from Rs 300 crore.
Provide tax holiday till 2047 to any foreign company that provides cloud services by setting up data centres in India.
Net tax receipts estimated at Rs 28.7 lakh crore, budget size at Rs 53.5 lakh crore.
Non-audit business cases, trusts to be allowed time to file returns to August 31.
To extend time available to revise returns with payment of nominal fee.
Individuals with ITR1 and ITR2 to continue to file till July 31
Non-audit business cases, Trusts to be allowed time to file returns to August 31
TDS on sale of immovable property by NRI to be deducted by resident buyer vs earlier requirement of TAN
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