The Budget proposed changes that would make your personal finance checklist look different. Pre-filling of Income Tax ReturnsThe Budget proposed to introduce certain financial taxes and interest payouts to be pre-filled in income tax returns forms. Reduction in Time for Income Tax ProceedingsThe budget reduced the time-limit for re-opening of an income tax assessment to 3 years from the present 6 years. Faceless Income Tax Appellate Tribunal (ITAT)A National Faceless ITAT will be set up to communicate between the Tribunal and the appellant electronically. It is expected to streamline and expedite judicial hearings related to income tax matters.

Source: Forbes February 08, 2021 15:11 UTC