Treading on the side of fiscal prudence, the Union Budget, 2021 maintains ‘status quo’ as it steers clear of any big bang tax breaks. Instead, the Government has opted for a detox of sorts – where its key focus has been to clean up existing tax provisions.

The Budget has revamped the entire tax assessment procedure and has considerably slashed the limitation period for re-opening tax assessments. The Settlement Commission and Authority of Advance Rulings have been abolished. A new advance ruling board is proposed to be set up, this time with the right to appeal before the High Court. For small taxpayers, a new dispute settlement committee is proposed and the Government has also announced its intent to make income tax appellate tribunal’s proceedings faceless.

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