Budget 2021: Dinesh Kanabar welcomes timeline reduction for re-opening of tax returns to 3 yrs

In an interview to CNBC-TV18, Dinesh Kanabar, CEO of Dhruva Advisors reacted to Finance Minister Nirmala Sitharaman’s Union Budget 2021.

In an interview to CNBC-TV18, Dinesh Kanabar, CEO of Dhruva Advisors reacted to Finance Minister Nirmala Sitharaman’s Union Budget 2021.

On dispute resolution scheme Kanabar said, “On dispute resolution scheme they have put on to say if your income is below particular think there will be a mediation panel and you can resolve a dispute.”

“On real estate investment trusts (REITs) and infrastructure investment trusts (InvITs) - the very good part there is, there is no withholding taxes on dividend on REIT and InvIT. This was a big pain point because it resulted in a tax leakage,” he added.

He also welcomed steps like timeline for re-opening of tax returns reduced to 3 yrs from 6 yrs

“On the reopening of tax matters, you ask any foreign investors, you go back and say but I got a tax order, is it of any consequences because up to 6 years it can be reopened, now that has been curtailed to 3 years - very important.”