Page 29 - DHC Budget Book 2021-22 Final
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received, have been exempted from filing return of income w.e.f. AY 2021-22. Such income shall be subject to TDS after allowing deduction under Chapter VIA and rebate u/s 87A based on declaration furnished to bank.
In view of Covid pandemic, Sec. 10(5) has
been amended only for AY 2021-22 to provide exemption for cash allowance, being lower of
H 36,000 per person or one third of the specified expenditure, in lieu of applicable LTC in the Block Year 2018-21. Specified expenditure refers to actual expenditure incurred during the period 12-10-2020 to 31-03-2021, by individual or member of the family on goods or services liable to GST @ 12% or above. Press release dated
29-10-2020 has now been enacted by above amendment.
Any sum received under a Unit Linked Insurance Policy/Policies issued on or after 01-02-2021 shall not be exempt u/s 10(10D), if annual premium/aggregate premium of such policies exceeds H 2.5 lacs in any of the Previous Years. The income on redemption of such policy will be taxable as capital gain at a concessional
tax rate of 15% [u/s 111A] or 10% [u/s 112A] as applicable.
Time limit for sanction of loan from any financial institution extended from 31-03-2021 to 31-03-2022 for the purposes of claiming
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Budget Snapshots Basic 27
