Other updates related Tax

• PAN cards will be allotted instantly online soon with Aadhaar.

• Proposal to bring down litigation in direct taxation scheme; 4.83 lakh direct cases pending in various appellate forums.

• Vivad se Vishwas scheme for direct tax payers whose appeals are pending at various forum.

• Income Tax Act to be amended to allow faceless appeals against tax orders on lines of faceless assessment.

• Registration of charity institutions to be made completely electronic, donations made to be pre-filled in IT return form to claim exemptions for donations easily.

• Budget proposes deferment of tax payment by employees on ESOPs from startups by five years

• Government extends additional Rs 1.5 lakh tax benefit on interest paid on affordable housing loans to March 2021.

• In a boost to MSMSEs, turnover threshold for audit raised to Rs 5 crore from Rs 1 crore

• Tax on Cooperative societies proposed to be reduced to 22 per cent plus surcharge and cess, as against 30 per cent.