With the intent to boost consumer spending and provide impetus to revive the economy, the finance minister had sought suggestions from various stakeholders for Union Budget 2021.
Here are some expectations of an average Indian:
Tax Provisions
Union Budget 2020 extended the applicability of Tax Collection at Source (TCS) at the rate of 5 percent for overseas remittance exceeding₹7 lakh, under Liberalised Remittance Scheme (LRS). For non-resident Indians earning a salary in India, it is expected that specific clarifications be provided to adjust TCS against the withholding tax dues on monthly salary or income. This will ensure immediate cash flow benefits instead of claiming TCS as a refund through the tax return.
Revisiting Deductibility Criteria
This story is from the January 2021 edition of Outlook Money.
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This story is from the January 2021 edition of Outlook Money.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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