Budget 2021- Key Highlights of the Budget 2021

 Key Highlights of the Budget 2021

DIRECT TAXES

1. No Change in Individual slab Rate

2. No Change in Tax Rate for Companies/Partnership firm/ AOP/BOI 

3. Pensioner of Age 75 or  75+ , will not require to file ITR (Condition apply**  Only pension Income + interest on saving account on that pension income , A declaration to be filed to Bank in prescribed form)

4. Tax Audit - Tax audit required under Section 44AB

                                                           Existing                                         New Limit

a. for Professional                           50,00,000/-                                     50,00,000/-

b. for Business   (Normal case)    1,00,00,000/-                                  1,00,00,000/-

In order to reduce compliance burden on small and medium enterprises, through Finance Act 2020, the threshold limit for a person carrying on business was increased from one crore rupees to five crore rupees in cases where.

(i) aggregate of all receipts in cash during the previous year does not exceed five per cent (5%) of such receipt;     

                                                        and 

(ii) aggregate of all payments in cash during the previous year does not exceed five per cent (5%) of such payment. 

                                                         Existing                                         New Limit

for Business                                5,00,00,000/-                                     10,00,00,000/-

5. Section 43CA