- No Change in Slab
Surcharge Capped to 15% where the total income includes any income by way of dividend or income chargeable under section 111 A and 112A of the Act, the rate of surcharge on the amount of income-tax computed in respect of that part of income shall not exceed fifteen percent; {Earlier as high as 37% if above 5 Cr} - Concept of Updated Return introduced in Section 139(8A) along with Payment of additional taxes of 25%/50% in non search, information etc routine cases u/s 132, 132A, 133A, PMLA etc
- Sub-section (2) of the aforesaid section 80DD provides that the deduction shall be allowed only if the payment of annuity or lump sum amount is made to the benefit of the dependant, in the event of the death of the individual or the member of the HUF in whose name subscription to the scheme has been made. Now this has been relaxed, it is proposed to allow the deduction under the said section also during the lifetime, i.e., upon attaining age of sixty years or more of the individual or the member of the HUF in whose name subscription to the scheme has been made and where payment or deposit has been discontinued. Further, it is proposed that the provisions of sub-section (3) shall not apply to the amount received by the dependant, before his death, by way of annuity or lump sum by application of the condition referred to in the proposed amendment.
- it is proposed to amend clause (2) of section 17 and to insert a new sub-clause in the proviso to state that any sum paid by the employer in respect of any expenditure actually incurred by the employee on his medical treatment or treatment of any member of his family in respect of any illness relating to COVID-19 subject to such conditions, as may be notified by the Central Government, shall not be forming part of “perquisite”.
- Corresponding change in Section 56 also
- Additional TDS Tax Category of non filers u/s 206AB and 206CCA – Individual / HUF exempted if income u/s 194-IA, 194-IB and 194M
- in the provisions of section 194-IA and sections 43CA and 50C of the Act done away)
- In order to remove inconsistency, it is proposed to amend section 194-IA of the Act to provide that in case of transfer of an immovable property (other than agricultural land), TDS is to be deducted at the rate of one per cent. of such sum paid or credited to the resident or the stamp duty value of such property, whichever is higher. In case the consideration paid for the transfer of immovable property and the stamp duty value of such property are both less than fifty lakh rupees, then no tax is to be deducted under section 194-IA
- Earlier it was based on consideration.
- Tax on Crypto Introduced @ 30%. No Deduction, No Set off of any losses, corresponding TDS also introduced on non exchange cash redemptions
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