Industrial Automation Magazine India

Limit of auditing in case of digitised transactions from 5 cr to 10 cr is impactful

Published on : Tuesday 02-02-2021

- Amit Gupta, Managing Director, SAG Infotech.

February 1, 2021 – I am neutral or slightly ok with Union Budget 2021 announcement. Relaxations like senior citizens of above 75 years not required to file an income tax return with pension income is appreciable. Also, now the government has increased the limit of auditing in the case digitised transactions from 5 crore to 10 crores is impactful for those who were in the bracket. The reduction of assessment time period from 6 years to 3 years will drastically lower the paper handling so it is far better now from the previous rule.

Nothing much has been introduced in the taxation industry but we have gathered strength from the previous budget so there is not much issue, however, some of the clients from healthcare & infrastructure have told us that they are happy as of now and we have equally responded to them. It is to be seen the impact of Budget in the coming days for a clear picture ahead."

SAG Infotech Private Limited is a tax software development company which provides the tax filing software solution for chartered accountant, company secretary, and other professionals. The SAG Infotech's software ranges from Income Tax filing, TDS Filing, MCA Filing, ROC Filing, XBRL Preparation, CMA & Balance Sheet. It also provides payroll solutions to Human Resources and Website Solution for CA, CS, and Lawyers.