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Union Budget 2021: What to expect from the finance minister on GDP, fiscal deficit, income tax rates

File photo of Union Finance Minister Nirmala Sitharaman at Parliament.
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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. ....

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LTCG tax: Budget 2021 could impose a coronavirus cess, hike LTCG tax on equity: EY

Due to the need to garner more revenue, the government could look at imposing a Covid cess probably graded by income groups as people are already impacted by inflation, says EY India s Sonu Iyer. "I don t foresee any change in the personal tax rates per se because the government has already introduced an alternative tax slab structure last year offering lower tax rates sans exemptions," she said. ....

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Budget 2021 | Centre In Talks To Impose COVID-19 Cess: Report

Budget 2021 | Centre in talks to impose COVID-19 cess: Report
The preliminary talks revolved around a small cess on taxpayers who fall under the high-income bracket and some indirect taxes.
January 11, 2021 / 09:16 AM IST
An person receives a COVID-19 vaccine at a medical center in Jerusalem, on December 21, 2020. (Image: AP Photo/Mahmoud Illean)
To make up for the additional expenses incurred due to the coronavirus pandemic, the government is planning to impose a COVID-19 cess. The discussion regarding the same is underway and a final decision on whether the tax will be in the form of a cess or surcharge will be taken closer to the Budget announcement. ....

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