CRED Analyzed the Union Budget 2021-2022 for you
Admin | 7199 Views | 05 Feb 2021
We get it. the budget is a lot of noise.
there are facts and then are more facts. to help you understand how this budget affects you directly, we are showcasing the highlights that matter and what that means for you:
gold:
import duties on gold & silver will reduce from 12.5% to 7.5% with a small 2.5% cess, which would aid agriculture and development. so when you're out to buy gold, it'll be cheaper.
pre-filled ITR forms:
now, the returns form will have capital gains dividend and interest incomes along with your TDS. this achieves two things.
1. reduce the time it takes to file your taxes
2. reduces chances of error and then fearing the tax notices.
double taxation:
getting tax credits in India is hard. non-resident Indians (NRIs) usually have a complex task at hand when they have to consolidate income accrued in foreign accounts. the proposed alterations to double taxation rules will greatly simplify things for them
stock transactions:
no new taxes were announced for stock market transactions. is it a reason enough for you to indulge in the markets? well, it certainly isn't a deterrent.
re-evaluation of automobiles:
the finance minister announced that passenger vehicles older than 20 years and commercial ones older than 15 years will be scrapped subject to a test.
tax slabs:
it is the same as last year. and if you remember last year's budget, then you know that it's actually the same as the year before.
startups:
the government extended the tax holiday for startups till march 31, 2022 and have changed the definition of small companies to those with paid-up capital of ?2 crore and turnover up to ?20 crore.
customs on goods:
duties on over 4000 goods have increased steadily over the past 6 years. this is in a bid to protect the domestic industry from global competition. on a side note, expect ACs and refrigerators to rise in prices this year.
other than this, this budget was good news for taxpayers:
the time to reopen tax assessments has been reduced to three years, half of the earlier limitation period. all of this means less friction for you.
to summarize:
there is always a difference between the forecasting you do on your spreadsheet and the actual spends to chase your ambitions.
the real challenge begins now.
not to worry, we've got your back. we're covering all you need to know on our blog to help you keep up with everything finance. Visit Cred website for more information.
there are facts and then are more facts. to help you understand how this budget affects you directly, we are showcasing the highlights that matter and what that means for you:
gold:
import duties on gold & silver will reduce from 12.5% to 7.5% with a small 2.5% cess, which would aid agriculture and development. so when you're out to buy gold, it'll be cheaper.
pre-filled ITR forms:
now, the returns form will have capital gains dividend and interest incomes along with your TDS. this achieves two things.
1. reduce the time it takes to file your taxes
2. reduces chances of error and then fearing the tax notices.
double taxation:
getting tax credits in India is hard. non-resident Indians (NRIs) usually have a complex task at hand when they have to consolidate income accrued in foreign accounts. the proposed alterations to double taxation rules will greatly simplify things for them
stock transactions:
no new taxes were announced for stock market transactions. is it a reason enough for you to indulge in the markets? well, it certainly isn't a deterrent.
re-evaluation of automobiles:
the finance minister announced that passenger vehicles older than 20 years and commercial ones older than 15 years will be scrapped subject to a test.
tax slabs:
it is the same as last year. and if you remember last year's budget, then you know that it's actually the same as the year before.
startups:
the government extended the tax holiday for startups till march 31, 2022 and have changed the definition of small companies to those with paid-up capital of ?2 crore and turnover up to ?20 crore.
customs on goods:
duties on over 4000 goods have increased steadily over the past 6 years. this is in a bid to protect the domestic industry from global competition. on a side note, expect ACs and refrigerators to rise in prices this year.
other than this, this budget was good news for taxpayers:
the time to reopen tax assessments has been reduced to three years, half of the earlier limitation period. all of this means less friction for you.
to summarize:
there is always a difference between the forecasting you do on your spreadsheet and the actual spends to chase your ambitions.
the real challenge begins now.
not to worry, we've got your back. we're covering all you need to know on our blog to help you keep up with everything finance. Visit Cred website for more information.
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