Key Budget proposals effective from new fiscal 2021-22: Income tax rules, dividend relief, privatisation, more | Daily Current Affairs 2021
1xbet 1xbet bahisno1 bahsegel casino siteleri ecopayz güvenilir bahis siteleri canlı bahis siteleri iddaa marsbahis marsbahis marsbahis marsbahis marsbahis marsbahis marsbahis marsbahis marsbahis marsbahis marsbahis marsbahis restbet canlı skor süperbahis mobilbahis marsbahis marsbahis marsbahis marsbahis
bahissenin tipobet betmatik

Key Budget proposals effective from new fiscal 2021-22: Income tax rules, dividend relief, privatisation, more

Posted by
Subscribe for News Feed

The new financial year has started From April 1, 2021, and with it, rules and announcements made by Finance Minister Nirmala Sitaraman in the Union Budget 2021-22 have come into effect. Given below are the key announcements, dividend payment to REIT/InvIT exempt from TDS to privatisation of two public sector banks to new highway projects in poll-bound states. Moreover, on the tax front, income tax rules on TDS and new provident fund tax rules have already come into effect in the new financial year 2021-22 (FY22).

TDS (Tax Deducted at Source): FM proposed a higher TDS (tax deducted at source) or TCS (tax collected at source) in order to make more people file their income tax returns (ITRs). The insertion of two new sections — Sections 206AB and 206CCA — were proposed during the Budget 2021 as a special provision for deduction of higher TDS and TCS from those not filing ITR.

Dividend payment to REIT/InvIT exempt from TDS: In order to attract more investment in real estate and infrastructure sectors, FM Sitharaman announced the debt financing of InVITs and REITs by foreign portfolio investors (FPIs). Moreover, the government announced that dividend payments to REITs and InVITs would be exempt from Tax Deduction at Source (TDS).

Disinvestment and strategic sale: The strategic divestment of BPCL, Air India, Shipping Corporation of IndiaContainer Corporation of IndiaIDBI Bank, BEML, Pawan Hans, Neelachal Ispat Nigam limited among others would be completed in 2021-22. For the financial year 2021-22, FM Nirmala Sithraman had announced a disinvestment target of Rs 1.75 lakh crore.

Privatisation of 2 PSUs: FM Sitharaman announced the privatisation of two public sector banks and one general insurance company as part of a disinvestment plan to generate Rs 1.75 lakh crore.  The minister also informed that in 2021-22, the government would also bring the IPO of LIC.

New highway projects for poll-bound states: Sitharaman announced the National Highways projects for poll-bound states — Rs 1.03 lakh crore for 3,500 km in Tamil Nadu, Rs 65, 000 crore for 1,100 km in Kerala, Rs 25,000 crore for 675 km in West Bengal, and Rs 34,000 crore for 1,300 km in Assam.

Source: Financial express

Subscribe for News Feed