Year Ender 2021: In Pics - Glance through the initiatives taken by Ministry of Finance

Ministry of Finance has tweeted from its official Twitter handle, "Time limit to re-open IT assessment cases reduced to 3 years from 6 years. The assessment can be reopened upto 10 yrs, only when there is evidence of concealment of income of more than Rs. 50 lakh in a year with approval of Pr. CCIT." Source: Ministry of Finance Twitter

In another tweet, it said, "Faceless Penalty Scheme eliminates interface between the IT Department & taxpayers. Provides a team-based mechanism with dynamic jurisdiction. Taxpayer can submit replies at their convenience without the need for visiting IT Office." Source: Ministry of Finance Twitter

In a tweet, Ministry of Finance mentioned from its official Twitter handle, "Finance Act, 2021 has inserted specific section in the IT Act, 1961 to provide relief to NRI taxpayers who have an issue with respect to their accrued incomes in their foreign retirement accounts due to mismatch in taxation period." Source: Ministry of Finance Twitter

In a relief, the Ministry of Finance undertook the decision of exempting ITR for specified senior citizens. In a tweet, it mentioned, "A new section 194P, inserted in the Income Tax Act, 1961, provides that senior citizens above the age of 75 years, who have only pension and interest from the bank account in which they receive the pension, shall be entitled to IT Exemption from filing of return." Source: Ministry of Finance Twitter

Another initiative by the Ministry of Finance is Integrated e-filing & CPC 2.0. In a tweet, it said, "Integrated e-filing & CPC 2.0 Project will radically transform & scale-up e-governance capability & performance of the IT Deptt. in delivering taxpayer services. Will redefine ITR filing & processing to provide best-in-class services." Source: Ministry of Finance Twitter

In a tweet, the Ministry of Finance said, "Taxpayers’ Charter launched by Hon’ble PM, reflects certain principal commitments of the IT Department towards the taxpayer. The Charter will go a long way in strengthening the trust between the taxpayer and the tax administration." Source: Ministry of Finance Twitter

Regarding the scheme, the Ministry of Finance tweeted, "Pre-filled ITRs to individual taxpayers make filing of ITRs easier and encourage compliance. Initial pre- filled data includes salary income. Scope of data for pre-filling is being expanded to include interest, dividend etc." Source: Ministry of Finance Twitter

Regarding this, the Ministry tweeted, "Subsequent to a comprehensive study of Income-tax Act & Rules to identify compliances that can be reduced, out of 271 compliances 74 compliances were reduced; 152 of the balance are online and the rest are being made online." Source: Ministry of Finance Twitter

About this initiative, the Finance Ministry tweeted, "To increase #EaseOfCompliance of small charitable trusts running educational institutions & hospitals, tax exemption relief to such trusts is provided by the Finance Act, 2021 by raising existing threshold of annual receipts from Rs 1 cr. to Rs 5 cr." Source: Ministry of Finance Twitter

The Finance Ministry tweeted, "To incentivize start-ups in the country, eligibility for claiming tax holiday for start-ups extended for start- ups incorporated till 31.03.2022. The threshold limit for eligible start-ups was earlier raised to Rs 100 cr. from Rs 25 cr." Source: Ministry of Finance Twitter

The Ministry tweeted, "#Taxincentives & exemptions for relocating foreign funds into #IFSC to make it a hub for financial services in world. Tax exemption provided for investment division of foreign banks located in IFSC; aircraft lease rentals paid to foreign lessor etc." Source: Ministry of Finance Twitter