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High net worth individuals looking to convert their investment holding entities into limited liability partnership firms to avoid Reserve Bank of India scrutiny may run into tax trouble.
No new tax benefits, relief comes in other forms
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Last Updated: Feb 04, 2021, 02:21 PM IST
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Synopsis
Budget 2021 stopped short of granting much sought after income tax breaks, specially for higher expenses of the salaried on account of working from home. However, taxpayers aged above 75 with only pension and interest income won’t have to file their tax returns.
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Income tax forms will come prefilled with details such as capital gains from listed securities and dividend income.
While stopping short of making any major changes in personal taxes, the finance minister introduced a host of smaller measures in the budget that will make tax compliance easier.