The Finance Minister Nirmala Sitharman has announced some simplified tax norms for the current financial year. She said that the idea was to reduce the hardships for the common man.
1. No IT returns for senior citizens who have interest income and pension only.
2. Reopening of IT cases reduced to 3 years from 6 years.
3. If more than 50 lakh tax evasions is reported then the case can be reopened after 10 years also.
4. Tax exemption for senior citizens over 75 years.
5. IT appearances only via electronic and video conference method if needed.
6. Govt announces tax relaxations for NRIs.
7. Tax audit level increased from Rs 5 crore to Rs 10 crore.
8. No double tax for NRIs.
9. The Tax holiday for the startup has been extended.
10.Taking measures to simplify GST.
11. AI Tech to identify TAX evaders.
