Union Budget Announcements for Individual Taxpayers

I thoroughly enjoyed your cover story in the previous issue about the sectors to bet on post the Union Budget. It was crisp, informative and meticulous. I was able to gain a clear perspective of the sectors as well as the companies that are expected to get a fillip from the recent budget. Can you highlight the key announcements made for individual tax payers during the budget?

- Mithila Patil

Editor Responds:Thank you for your kind words of appreciation. Here are a few key announcements made by Finance Minister Nirmala Sitharaman that every individual taxpayer should be cognizant of. Taxpayers will get an extra opportunity to file ‘updated’ tax return within three years from the end of relevant financial year on payment of additional Income Tax. With huge data available with the IT department, this will encourage the taxpayers to voluntarily comply, thereby reducing litigation. Also, there is a benefit of reduced surcharge of 15 per cent that will be applicable on long-term capital gains from all assets. Earlier, it was applicable only on capital gains from listed equity shares and units of equity- oriented fund. This is aimed at encouraging investments in start-ups and other companies. Hope this helps. Keep writing to us.