As Finance Minister Nirmala Sitharaman announced a Budget that is being seen as growth-oriented and balanced. Indian benchmark equities cheered by not only cracking a 6-day fall, but also posting their best single-day gain since April last year. Both benchmarks saw their best budget-day gain since the Union Budget of 1997. Equity market was most thrilled with the absence of some nightmares like the introduction of wealth tax or raising LTCG tax, especially given that this was a challenging year on the revenue front for the government.
On Monday, The Sensex ended 2,314.84 points or 5.00% higher while The Nifty rose 646.60 points or 4.74% to settle at 14,281.20. On Tuesday, The Sensex was up 1,197.11 points or 2.46% at 49,797.72 while the NSE Nifty 50 index gained 2.57% to end at 14,647. Market extends with gains on Today. Gains were mainly led by banking, infra, metal and auto stocks. The Bank Nifty-led gains in markets showed how strongly investors believe, budget is positive for banks and NBFCs. The budget stimulates growth and that is positive news for PSU banks.
For senior citizens having only pension and interest income, no ITR is to be filed however the bank will be deducting TDS.
Re-opening of assessment to only 3 years from present six years and in serious tax cases re-opening only when there is concealment of Rs.50 lakh or more.
The limit for tax audit increased to Rs. 10 crores for those having digital transactions.
Dispute Resolution Committee for small tax payers having taxable income upto Rs. 50 lakh and disputed income of Rs. 10 lakhs can approach the committee.
The Govt. budgeted Rs 1.75 lakh cr from stake sale in public sector companies and financial institutions, including 2 PSU banks and one general insurance company, in the next fiscal year beginning April 1.