Union Budget 2021: Here s a quick look at the highlights
Finance Minister Nirmala Sitharaman.Premium
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Union Finance Minister Nirmala Sitharaman on Monday presented the Budget 2021-22 that aims to shore up an economy badly-hit by the novel coronavirus pandemic. During her third budget speech in Lok Sabha, Sitharaman said that the government is committed to the welfare of farmers and the Minimum Support Price (MSP) regime has undergone a change.
The economy is projected to contract 7.7% in the current fiscal year, although the government forecasts growth of 11% for the coming fiscal year, after a massive COVID-19 vaccination drive and a rebound in consumer demand and investments.
Key highlights of Union Budget 2021-22 ANI | Updated: Feb 01, 2021 15:19 IST
New Delhi [India], February 1 (ANI): Finance Minister Nirmala Sitharaman on Monday announced higher capital expenditure for the FY 2021-22 and focused on providing a major boost to healthcare and infrastructure building.
In her Budget speech, Sitharaman mentioned that this year s budget focused on six pillars- Health and Wellbeing, Physical and Financial Capital, and Infrastructure, Inclusive Development for Aspirational India, Reinvigorating Human Capital, Innovation and R&D and minimum government and maximum governance.
Presenting the first-ever digital Union Budget, the minister stated that India s fight against COVID-19 continues into 2021 and that this moment in history, when the political, economic, and strategic relations in the post-COVID world are changing, is the dawn of a new era - one in which India is well-poised to truly be the land of promise and hope
Taxation
Tax System. We slashed our Corporate Tax rate to make it lowest in the world.
- For senior citizens with the only pension as a source of income, government grants exemption from filing income tax returns.
- I propose to reduce the time limit for reopening of assessments (tax assessments) to 3 years from the present 6 years: FM
- Govt to set-up a faceless dispute resolution mechanism for small taxpayers.
- Govt proposes to increase the threshold for tax audit to Rs.10 crore vs Rs. 5crore (for those transacting 95 per cent digitally).
- Rs 1.5 Lakh additional deduction on
loan for affordable homes.
Income-Tax Slabs Remain Unchanged; IT Relief For Senior Citizens Above 75 Years : Budget 2021 Highlights livelaw.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from livelaw.in Daily Mail and Mail on Sunday newspapers.
Economic Survey 2020-21
The Economic Survey 2020-21, which was presented in Parliament on Friday by Union Finance Minister Nirmala Sitharaman has not only brought to the fore the harsh realities that the country has faced in the wake of the global Covid-19 pandemic
| 31 Jan 2021 5:46 AM GMT
The Economic Survey 2020-21, which was presented in Parliament on Friday by Union Finance Minister Nirmala Sitharaman has not only brought to the fore the harsh realities that the country has faced in the wake of the global Covid-19 pandemic, but has also raised hopes for a slow but steady recovery of the situation. Dedicated to the Covid Warriors, Sitharaman s Economic Survey has very rightfully put on record that India focused on saving lives and livelihoods by its willingness to take short-term pain for long-term gain, at the very onset of the pandemic. She has also pointed out that India s response strategy stemmed from the humane principle that human lives lost cannot be bro