Assessment No personal interaction
- Faceless assessment will be launched to bring down personal interaction between the department and the taxpayer. Cases for scrutiny shall be allocated by a Central Cell, without disclosing details.
Property TDS on Deals
- In addition to the basic price, other charges like a club membership fee, car parking fee, etc. will also be considered while calculating TDS now.
Returns Compulsory Filling reintroduced
- Provision for compulsory filing of returns introduced again. You Have to do it if you have deposited Rs. 1 Crore or more in Bank accounts, incurred the expenditure of more than Rs. 2 lakhs on foreign travel, have Electricity bills above Rs. 1 lakhs, etc.
PAN & Aadhar Interchangeable
- Tax Filers are now allowed to quote either PAN or Aadhaar number while filing tax returns.
CPSE ETF to get ELSS benefits
- The Government wants to bring CPSE ETFs under the ambit of the equity-linked saving scheme (ELSS). This will make investments in CPSE ETFs eligible for tax deduction under Section 80c.
Deduction of TDS by individuals or HUF
- Individuals or HUFs have to deduct TDS at 5% if the annual payment made to contractor or professional exceeds Rs. 50 lakhs.
Gifting to Foreign Residents
- Gifting rule rationalised by bringing tax parity between gifts made to residents and non-residents(NRI).
News by Economic Times