What does Union Budget 2021 offer the common man?
While the expectations of the common man of tax relief are not met, the budget outlines measures to rationalise the tax structure and bring out changes in the tax processes
Divya Baweja | February 2, 2021 | Updated 16:51 IST
Finance Minister Nirmala Sitharaman with MoS Finance Anurag Thakur. FM Sitharaman presented the Union Budget-2021 in Parliament on Monday. (PTI Photo)
As in the past, the common man had expectations from the budget that it would provide tax relief in terms of reduction in tax rates or in widening of tax slabs. However, Finance Minister Nirmala Sitharaman has not tinkered with either of these while presenting the Budget proposals.
»Tax Proposals Falling Short of Rationalisation of Direct Tax Structure But Sufficient to Give Relief to Taxpayer
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Tax Proposals Falling Short of Rationalisation of Direct Tax Structure But Sufficient to Give Relief to Taxpayer
Representative image.
In the backdrop of an extremely challenging landscape, the Budget 2021 has successfully managed to meet the requirements from several quarters.
Last Updated:February 02, 2021, 12:15 IST
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Finance minister Nirmala Sitharaman has presented the Budget 2021 amidst a lot of expectations from industry and kickstarting the revival of the economy. This was a very special and historic Budget as it was aimed at pulling out the economy from the losses due to the Covid-19 pandemic.
Hon’ble Speaker,
I present the Budget for the year 2021-2022.
1. Honourable Speaker, the preparation of this Budget was undertaken in circumstances like never before. We knew of calamities that have affected a country or a region within a country, but what we have endured with COVID-19 through 2020 is sui generis.
2. When I presented the Budget 2020-21, we could not have imagined that the global economy, already in throes of a slowdown, would be pushed into an unprecedented contraction.
3. We could not have also imagined then that our people as those in other countries would have to endure the loss of near and dear ones and suffer hardships brought about due to a health crisis.
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Union Budget 2021: Here is Full Text of Nirmala Sitharaman s Address at the Parliament
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Introduction
Honourable Speaker, the preparation of this Budget was undertaken in circumstances like never before. We knew of calamities that have affected a country or a region within a country, but what we have endured with COVID-19 through 2020 is sui generis. RELATED NEWS
When I presented the Budget 2020-21, we could not have imagined that the global economy, already in throes of a slowdown, would be pushed into an unprecedented contraction.
We could not have also imagined then that our people as those in other countries would have to endure the loss of near and dear ones and suffer hardships brought about due to a health crisis.