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2021 India Budget Highlights

Key Points from Budget 2021-22

The Union Budget of India is also know as Annual Financial Statement. This is working under Article 112 on the constitution of India. The government present this budget on the first day of February on every year. The Union Budget of India is a Financial preparation for upcoming year, In that day government will announce varies of schemes and divide there money into different section.

Union Finance Minister Nirmala Sitharaman has presented his third and first digital budget of this decade 2021-22.

Important Highlights for India Budget 2021 and Key Points

  • Vision of self-reliant India
  • Budget based on 6 parameters
  • 2,217 crore for clean air
  • New Voluntary Vehicle Scrapping Policy
  • 35 thousand crore of Covid 19 vaccine
  • Health budget 2,23,846 crore
  • PLI schemes for 13 regions
  • 7 textile parks to be built in next 3 years
  • 7400 schemes included in AIP
  • National monetization pipeline will be launched
  • 25 thousand crore to 675 km road construction in West Bengal
  • National Rail scheme has ready for year 2030
  • Bistadom LHV coach facility in Rail
  • Budget of 1 lakh 10 thousand crores to Railways
  • MetroLite and Metro will start
  • Competition in the power sector, consumer choice
  • National Hydrogen Energy Mission Plan
  • 1.5 lakh jobs in collapse, shipping, waterways sector
  • Connecting 100 districts with city gas distribution in next 3 years
  • Gas pipeline scheme in Jammu and Kashmir
  • FDI boost in insurance sector
  • FDI increased from 49% to 74%
  • LIC IPO to be launched
  • Bad Loan means Unsecured Loan, Asset Reconstruction Company Limited and Asset Management Company to be set up
  • Basic changes in the MSP system in agriculture
  • 1.5 times the income of the farmer
  • Property Owner Card Scheme implemented in all states
  • 16.5 lakh crore for lawn to farmer
  • Rural Infrastructure Fund 30,000 to 40,000 crore
  • Portal will be made for non-organized migrant laborers
  • Minimum wage scheme implemented
  • 100 new military schools to be opened
  • Constitution of Higher Education Commission of India
  • 750 Eklavya Model Residential School Establishment
  • National language translation mission started
  • 1500 crores to promote digital lane
  • Gaganyaan Mission will lunched in this year
  • Before December 2021 India is ready to send 1st man to Moon
  • 4 thousand crores to deep sea mission
  • This will be the first time digital census
  • Income tax exemption for pensioners above 75 years of age

Some important points for Direct and Indirect tax in Budget 2021

  • Senior Citizens 75 year and above no to file ITR if only Pension income and interest income.
  • Proposal to constitute ‘Dispute Resolution Committee’. (Taxable income 50 lakhs and disputed income 10
  • lakh).
  • Relaxations to NRI Propose of this to be removing hardship of double taxation.
  • Tax Audit limit increased form 5 Crore to 10 Crore
  • Budget Propose to provide relief on advance tax liability on dividend income
  • Now Late deposit of employee’s contribution of employer will not be allowed as deduction.
  • Custom duty increased in Agriculture Products like cottons, silks, alcohol etc.

Salary Tax Slab form Budget 2020

Income Tax SlabTax Rates As Per New Regime
₹0 – ₹2,50,000No income Tax (Nil)
₹2,50,001 – ₹ 5,00,0005%
₹5,00,001 – ₹ 7,50,000₹12500 + 10% of total income exceeding RS5,00,000
₹7,50,001 – ₹ 10,00,000₹37500 + 15% of total income exceeding RS 7,50,000
₹10,00,001 – ₹12,50,000₹75000 + 20% of total income exceeding RS 10,00,000
₹12,50,001 – ₹15,00,000₹125000 + 25% of total income exceeding RS 12,50,000
Above ₹ 15,00,000₹187500 + 30% of total income exceeding RS 15,00,000

 

Some important announcement from Budget 2020

  • For simplification in our tax system around 70 and more than 100 of income tax deduction are been removed
  • Dividend Distribution Tax (DDT) – the company has paid the dividend to every shear holder or a investor this
  • know as DDT, as you know long term investment like long term equity more than 1 year is taxable. means the
  • dividend will taxable
  • Tax concession of 15% for all New start-up ( in under of Make in India)
  • Those who is Eligible start-up with turnover of up to 25 crore is applicable for 100% deduction.
  • In Agriculture government has aim to double farmers income by 2020
  • Help to 15 Lakh farmers with grid connected pump sets
  • government pained to Raise fishery business t 1lakh crore by 2024 to 2025
  • approx. 150 high education institution will provide apprenticeship embedded courses
  • Special courses to improvement their skills for employment on abroad
  • will allocate 99,300 crore education sector by 2020 to 2022
  • Deposit Insurance Coverage has been increased by 1Lakh to 5 Lakh
  • Government has planning to empanelled hospital under Arogya yojana.

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