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Synopsis Unlike in the old tax regime where the highest tax rate of 30% is levied on individuals having income starting from Rs 10,00,001, the highest tax rate in the new tax regime is levied on individuals having income starting from Rs 15,00,001. Getty Images From FY 2020-21, taxpayers can choose between two income tax regimes - the existing/old tax regime and the new, concessional one. By opting for the existing tax regime, the taxpayer can continue to avail existing deductions such as section 80C, section 80D etc. of the Income-tax Act, 1961 and tax exemptions like house rent allowance, LTC Cash Voucher Scheme etc. Although the new, concessional tax regime offers lower tax rates as compared to the old tax regime, by opting for the new regime the taxpayer will have to forgo most tax deductions and exemptions that are available under the existing regime. ....
Budget 2021 The Union Budget 2021 was presented by Finance Minister Nirmala Sitharaman on February 1. The budget for the next fiscal year starting April 1 had several growth-oriented measures including major focus on infrastructure development across all sectors. A chunk of this year’s budget outlay will be used for enhancing infrastructure across sectors. FM Sitharaman also proposed a higher budget allocation of Rs 2.23 lakh crore for healthcare in the wake of the coronavirus pandemic. Besides the higher allocation, a new healthcare plan was also announced. Some key sectors like defence and agriculture are also got a boost in Nirmala Sitharaman’s third budget announcement. While the government’s spending has gone up in the budget, much of it was aimed at boosting infrastructure to support jobs and development. However, no major tax changes were announced in view of the tight revenue position and higher spending. ....
Budget 2021 news updates: Nirmala Sitharaman delivers budget speech at parliament. New Delhi: Finance Minister Nirmala Sitharaman addressed parliament today with details of the Union Budget 2021, the first after a difficult year for the economy due to the COVID-19 pandemic. She announced foreign direct investment (FDI) hike in insurance to 74 per cent from 49 per cent with foreign control under safeguards. The Finance Minister has set a target of Rs 16.5 lakh crore as agricultural credit. Her budget speech comes after a difficult year for the economy due to the COVID-19 pandemic, which shut down businesses for months, leading to lost earnings, curtailed consumer spending and job cuts. The total impact of Atmanirbhar Bharat and measures by RBI was Rs 27.1 lakh crore, which amounts to 30 per cent of GDP, Ms Sitharaman said. 2021 is a year of many milestones, she said. ....
File photo of Union Finance Minister Nirmala Sitharaman at Parliament. | PTI Finance Minister Nirmala Sitharaman on Monday will present the Union Budget for 2021-’22. While speaking at a virtual event of the Confederation of Indian Industry last month, Sitharaman had asked for inputs to formulate a Budget “like never before”. This was significant as it came in the year of the coronavirus pandemic and an unprecedented lockdown, as well as when the economy plunged to brand-new lows. The pandemic added to existing woes as India’s economy was already slowing down before it struck. The year has left Sitharaman with the task of having to increase government spending in order to boost the economy, but with little scope for higher revenue collection or borrowing from the market. ....