No Changes inn the Direct Tax Rates / Slabs
Though generally speaking the individual may be disappointed, would consider it major relief since the fiscal deficit has gone all time high of 9.5% because of unforeseen Government expenditures on the Covid pandemic lockdowns and revenue collections went all time low. Not even an expected COVID Cess was a pleasant surprise.
No ITR filing for Senior Citizens over 75 years
Since the taxability remains, no major impact here.
Pre-filled ITR Data
This is a long pending expectation and eases compliance for salaried individual tax payers & tax filing professionals.
Faceless assessment, appeals & ITAT
This is definitely a step towards good governance and reduces malpractice at the offices.
Reduce time limit for reopening of tax assessments to 3 years.
Another move towards better compliance and good governance.
Tax Audit threshold of turnover further increased for digital transactions to 10 crores
Great move towards respecting small businessmen following digital transactions over cash transactions. Good incentive.
Dispute resolution panel for small taxpayers.
Excellent move towards recognising honest small individual tax payers.
Major economic impetus to auto industry
Voluntary scrapping of phasing out old polluting vehicles & further measures which presumably will be announced by the Highways and Road Transport Ministry in this month will surely boost the auto, auto-ancillary units. Bharatmala projects will not only boost auto sector but infrastructure also. This becomes a boost for FDI & employment generation besides good amount of revenue collection for the Government.
FDI increase in the insurance sector from 49% to 74%, LIC & 1 General Insurance IPO
Another major boost for the FDI, development of the sector in general besides the path of disinvestment.
Overall to summarise the Government has conceptualised the budget like an enterprise rather than a government. Kudos!!!
