*Direct Taxes*
•       Vivad Se Viswas Scheme Last Date of filing extended to 28th February, 2021.
•       Citizens of age 75 years and above who have only Pension and Interest income – Need not file Income Tax Returns
•       Re-opening of Assessment to reduced to 3 years from 6 years. Only where evidence of concealment of Income of Rs. 50 lakhs or more – re-opening can be made upto 10 years & only with approval of Pr.CCIT.
•       Reducing Litigation for small tax payers – Constitution of Faceless Dispute Resolution Panel for people with Total Income upto Rs.50 lakh and disputed income of Rs.10 lakh
•       Income Tax Appellate Tribunal to become Faceless – Only electronic communication will be done
•       Relaxation to NRIs – Rules to remove hardship of Double Taxation
•       Tax Audit Limit to be increased to Rs.10 crores from Rs.5 crores for those having less than 5% cash transactions
•       Dividend Tax- Dividend will be exempt from TDS. Advance tax liability on dividend income will arise only after declaration or payment of dividend. For Foreign Investors – lower treaty rate benefit will be given.
•       Affordable Housing – Additional Interest deduction (Sec 80EEA) of Rs.1.5 lakhs to be extended for loans taken till 31st March, 2022.
•       Affordable Housing Projects – Tax Holiday extended till 31st March, 2022.
•       Tax Holiday for Capital Gains for Aircraft Leasing Companies and Tax Exemption to Lease paid to Foreign Persons
•       Pre-Filling of Returns – Details of Capital Gains, Dividend Income and Interest income will be pre-filled in the returns
•       Relief to Trusts – Charitable trusts running Hospitals and Educational Institutions relief increased from Rs.1 crore to Rs.5 crore.
•       Employee contribution not paid by employer will not be allowed as a deduction.
•       Tax holiday for Start-Ups extended to 31st March, 2022. Capital Gains exemption on investment in start ups also extended to 31s March, 2022.

*MCA, Companies Act, LLP Act*
•       Easing Compliance requirements of Small Companies – Threshold increased to Share Capital upto Rs.2 crore and Turnover upto Rs.20 crore will be Small Companies
•       Allow One Person Companies (OPC) to grow without any restriction in Share Capital or Turnover. NRIs will be allowed to set-up OPCs. Presence in India of 120 days in a year enough to start an OPC.
•       Launching MCA Version 3.0 – E-Scrutiny, E-Adjudication and Compliance management to be simplified.
•       Decriminalisation of LLP Act, 2008