Important Aspects of the Federal Budget 2021-22

Lahore: Important aspects of the federal budget have come to the fore.

According to reports, today the important points of the federal budget are slowly coming to the notice of the people. Here are some details regarding the important points.

1- Re-launch of self-assessment scheme
2- Third party audit introduced
3- Automatic selection for audit
4- Income and expenditure based tax system will be introduced
5- Information technology which will be used for non-filers
6- Taxpayers should not be bothered by any official
7- There is no new tax on salary earners
8- GST net should be increased and all wholesalers and retailers will be brought under the scheme.
9- Rewards will be given to the owners of sales tax paying receipts
10- Simple tax refund form has to be introduced
11- Sales tax and FED changes were introduced
12. Small business tax increased to Rs. 10 million
13- 850 cc cars FED was abolished and sales tax was reduced to 12.5% ​​and VAT was abolished.
14- IT services, introduced from scratch
15- 1% reduction in sales tax on locally electronic cars, VAT rebate, Fed rebate
16. Special technology zones will be introduced and discounts will be given for related imports.
17- Telecom – FED exemption, sales tax from 17 to 165, merchant exemption abolished
18-Tier 1 Retailer – Price Scheme for POS Schemes Introduced
19. Income Tax – Inquiry system will be abolished
20. The period of show cause notices has been extended to 20 days
21. Third party audit has been introduced to reduce the powers of auditing officers
22. Automated system for refund will be introduced
23- ADR is to be revived
24-Year holding tax reduced by 40%
25. Direct and indirect taxes are a burden and difficult to comply with
26. The documentary department is reducing 38 clauses and 12 clauses have been removed from it
27. WHT is excluded from banking transactions, stock exchanges, travel, mobile phone mining, credit cards, etc.
28. Decrease in WHT in oil field, tourism, etc.
29. Abolition of securities. Capital gains tax has been reduced to 12.5%
30. Individual and AOP turnover tax increased to 100 million
31. The tax rate on business has been reduced to 1.25%
32. Tax credit will be given for installation of POS machine
33. Correct the tax scheme for SMEs
34. Special tax government for manufacturers
35- Introduce one page tax refund for SME
36. Services received from banking channel receipts, tax should be reduced
37. Tax credit on IT sectors under section 100C
38. Special Economic Zones are now exempt from tax on business
39. The futures market reduced taxes by 3%
40. Telecommunication sector as an industrial initiative
41- Many changes in the Customs Act for cars, motorcycles, electronic cars, etc., less than 850 cc
42. Relief in the textile sector
43 – More than 300 pharmaceutical materials – exempt from customs duty, including syringes.
44. The leather industry and the dairy industry will be relieved by changes in tariffs
45. Increase in regulatory duty on mobiles rejected by the Prime Minister
46. ​​My car policy was introduced
47. Minimum pay increase in RSS. 20000 / –
48. Government employee should be allowed 10% ad hoc allowance
49. Pensioners will get 10% more
50. Many concessions for stock exchange, housing, autos, agriculture, health, services, IT sector, students, individuals, government, government, etc.