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Highlights of Budget 2021-22

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Google Oneindia News

New Delhi, Feb 01: Following are the highlights of the 2021-22 Budget presented by Finance Minister Nirmala Sitharaman in Parliament on Monday:

    Union Budget 2021: Direct taxes unchanged but healthcare and infrastructure get a push|Oneindia News

    Highlights of Budget 2021-22

    Fiscal position and health outlay:

    * Spending on healthcare hiked by 137 pc to over Rs 2.23 lakh crore

    * Rs 35,000 cr outlay for COVID vaccine in fiscal beginning April 1

    * Today India has 2 vaccines available, 2 more vaccines are expected soon

    * Sharp increase in capital expenditure for next fiscal to Rs 5.54 lakh cr, up from Rs 4.39 lakh cr of last fiscal

    * Fiscal deficit for current fiscal at 9.5 pc, against 3.5 pc budgeted

    * Fiscal deficit for next fiscal pegged at 6.8 pc, government to borrow Rs 12 lakh crore

    * Committed to bring down fiscal deficit below 4.5 pc of GDP by 2025-26

    From Rs 35,000-cr shot for vaccine to no changes in tax slabs: Get all details here!

    TAX PROPOSALS:

    * ITR filing not mandatory for senior citizens above 75 years, banks to deduct TDS

    * Time bar for reopening I-T assessment cases halved to 3 years, for serious frauds it is 10 years

    * Income tax return filers increased to 6.48 cr in 2020 from 3.31 cr in 2014.

    Sensex zooms over 1,700 pts after Budget 2021; Nifty reclaims 14KSensex zooms over 1,700 pts after Budget 2021; Nifty reclaims 14K

    * Agri infra cess of 2.5 pc on gold, silver and dore bars; 35 pc on apples

    * Agri infra cess of 30 pc on Kabuli chana, 10 pc on peas, 50 pc on Bengal gram/chickpeas, 20 pc on lentil (mosur); 5 pc on cotton

    * Rs 2.5 per litre agri infra cess on petrol, Rs 4 on diesel

    * New Agri Infra Development Cess to be applicable from February 2

    * Tax deptt to notify rules to remove hardships of double taxation faced by NRIs

    * Tax holiday for startups, capital gains exemption extended by 1 yr

    * Tax exemption for aircraft leasing cos; tax exemption for notified affordable housing for migrant workers.

    * Rs 1.5 lakh tax deduction on payment of interest for affordable housing extended by 1 yr

    * Exemption from tax audit limit doubled to Rs 10 cr turnover for companies doing most of their business through digital modes

    * Proposes review of over 400 customs duty exemptions; to begin extensive consultation from October 2021

    * Customs duty on certain auto parts, solar equipment raised

    Allocation and reforms:

    * FDI in insurance increased to 74 pc from 49 pc

    * Disinvestment target pegged at Rs 1.75 lakh crore

    * BPCL, IDBI Bank, two more PSU banks, one insurance company to be privatised among others

    * PSU Bank recapitalisation pegged at Rs 20,000 crore next fiscal

    * Aatmanirbhar health programme with an outlay of Rs 64,180 cr to be introduced

    * Budget proposals rest on 6 pillars-- health and well-being, physical and financial capital and infra, inclusive development for aspirational India, human capital, innovation and R&D, Minimum Governance and Maximum Governance

    * Govt to introduce a bill to set up development financial institution with an outlay of Rs 20,000 cr

    * Voluntary vehicle scrapping policy to phase out old vehicles; fitness tests after 20 yrs for personal vehicles

    * National monetisation pipeline for potential brownfield infrastructure assets

    * Rs 3,726 cr for forthcoming Census which will be the first digital census.

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