Union Budget 2021 Highlights
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Watch Live Updates Union Budget 2021
Budget LIVE: As in income tax, no slab changed ન no exemption; 1.5 lakh extra rebate on interest for home increased by 1 year, 75+ pensioners exempted from filing IT returns
- With the help of NGOs, the state government and the private sector, 100 new military schools will be started
- 20,000 crore will be invested in government banks. A reconstruction company and an asset management company will be set up to help banks get rid of NPAs.
Finance Minister Nirmala Sitharaman is presenting the budget. The ads so far have focused more on health and infrastructure. The finance minister has announced to spend Rs 2.27 lakh crore on road infrastructure in the four states to be elected this year, Tamil Nadu, Keran, Bengal and Assam. It focuses more on Tamil Nadu than on Bengal.
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Big budget talk
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- On the 75th anniversary of our independence, we want to provide relief to senior citizens aged 75 and above. He no longer needs to file an IT return.
- At present, a case can be opened even after 6 years of tax reassessment and 10 years in a serious case. It is now being reduced to 3 years. In a serious case, if the issue is to hide more than Rs 50 lakh in a year, the case can be opened for 10 years. Only the commissioner will approve it.
- Tax disputes of Rs 85,000 crore have come to an end recently. A Dispute Resolution Committee will be formed, people with income up to Rs 50 lakh and disputed income up to Rs 10 lakh will be able to approach the committee. There will be a National Faceless Appellate Tribunal.
- At present, if the turnover exceeds Rs 1 crore, a tax audit will have to be done. The exemption for 95% digital transactions was increased to 50 million last time. It is now being increased to Rs 10 crore.
TDS will no longer be levied on dividend payments
- Home is a priority for everyone. A provision of Rs 1.5 lakh was made in interest on home loan. Now an extra rebate of Rs 1.5 lakh in interest for affordable housing has been kept till March 31, 2022.
For farmers
- The agriculture credit target for 2021-22 is Rs 16.5 lakh crore. Operation Green Scheme will cover 20 crops that are deteriorating rapidly.
- APMC will also have access to the Agriculture Infrastructure Fund. 5 big fishing harbors will be built in cities like Kochi, Chennai, Visakhapatnam, Paradip and Petuaghat. A multipurpose sea-weed park will be set up in Tamil Nadu.
For the poor
- One Nation, One Ration Card will be approved in 32 states. 86% of people are covered in it.
- The benefits of the Ujjawala scheme will be extended to 1 crore more women.
For education
- With the help of NGOs, the state government and the private sector, 100 new military schools will be started.
- Central University will be set up in Leh for higher education in Ladakh.
- Facilities will be improved at 750 Eklavya Model School in the tribal area.
- 35219 crore will be spent in 6 years for 4 crore children of Scheduled Castes.
- Post-matric scholarships will also be offered for tribal children.
For the insurance and banking sectors
- Insurance X 1938 will be amended. FDI in the insurance sector will be increased from 49% to 74%.
- IDBI will be investing in two banks and one public sector company as well. The law will be amended for that. An IPO for LIC will also be brought.
- 20,000 crore will be invested in government banks. A reconstruction company and an asset management company will be set up to help banks get rid of NPAs.
For health
- Emphasis will be placed on nutrition. Mission Nutrition 2.0 will be launched. Water supply will be increased
- Water-life missions will be launched in urban areas. 1.48 lakh crore will be spent on Urban Clean India Mission in 5 years
- The pneumococcal vaccine will be launched across the country. It will save the lives of 50,000 children every year.
- With a budget of Rs 64,180 crore, the Prime Minister’s Self-Reliant Healthy India Scheme will be launched, in the same budget new diseases will be treated.
- Critical Care Hospital will be started in 602 districts. The National Center for Disease Control will be strengthened.
- An Integrated Health Information Portal will be launched to connect public health labs. 15 Health Emergency Operation Centers will be started.
For infrastructure
- There is a need for a Development Financial Institute for the infrastructure sector. A bill will be brought for him. Rs 20,000 crore will be spent on it to build a lending portfolio of Rs 5 lakh crore in 3 years.
- The focus will be on monetizing public infrastructure. The National Monetization Pipeline will be launched. It will have a dashboard to keep an eye on these matters.
- The National Highways Authority will also attract international investment. Railways will also monetize the freight corridor. Monetization will also be the focus of any future airport.
For railways
- Railways has formulated the National Rail Plan 2030. So that the Futur Regi railway system can be built and the logistical cost can be reduced. By June 2022 the Erston and Verston Dedicated Fred Corridor could be ready. Somnagar-Gomo Saxon will be built in PPP mode.
- The Gomo-Damakuni section will also be made this way. Future Ready Corridor will be constructed at Kharagpur-Vijayawada, Bhusawal-Kharagpur, Itarsi-Vijayawada. By December 2023, 100 percent broad gauge electrification will be done.
- Vista Dom coaches will be launched to give passengers a better experience. Train protection system will be introduced on high density network, high utilized network. This system will be developed in the country.
- 1.10 lakh crore is being given to railways. 1.07 lakh crore is for capital expenditure only.
For the metro
- A bus transport system will be introduced in the urban area. 20 thousand buses will be ready. This will help the auto sector and increase employment.
- 702 km metro is currently running. Work is underway on a total of 1016 km metro in 27 cities. Metro lights and metro neo will be started in low-cost tier-2 cities.
- Kochi Metro will have an 11 km stake at a cost of Rs 1,900 crore. Chennai will have a 180 km long metro route at a cost of Rs 63,000 crore.
- Bengaluru will also have a 58 km long metro line at a cost of Rs 14,788 crore. Nagpur will get Rs 5,976 crore and Nashik Rs 2,092 crore.
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