Finance minister Nirmala Sitharaman Saturday extended the Rs 1.5 lakh benefit on interest paid on affordable housing loans by a year to March 2021.
"In order to promote affordable housing projects, I propose to extend the date of approval of affordable housing projects for availing tax holiday by one more year," the finance minister said.
FULL COVERAGE:Union Budget 2020
The benefit falls under section 80EEA which was introduced by the finance minister in her maiden budget presentation in July last year.
FM Sitharaman also proposed tax reduction on cooperative societies to 22 per cent plus surcharge and cess, from 30 per cent at present.
Sitharaman further said the Income Tax Act will be amended to allow faceless appeals against tax orders on lines of faceless assessment.
She also proposed a scheme -- 'Vivad se Vishwas' -- to bring down litigation in direct taxation scheme saying 4.83 lakh direct cases are pending in various appellate forums.
In order to ease allotment of PAN, a new process of instantly allotting the same through Aadhaar will be brought, Sitharaman added.