Highlights of Budget 2021: Agri cess of Rs 2.5 on petrol and Rs 4 on diesel proposed, FDI up to 74% in insurance sector.
Finance Minister Nirmala Sitharaman presented the general budget on Monday. The government has proposed to increase agri cess on petrol by Rs 2.5 and diesel by Rs 4. At the same time, the FDI limit in the insurance sector has been increased from 49 per cent to 74 per cent. The middle class got nothing in the budget. The government has not made any changes in the income tax slab and has not given any exemption. However, the period of extra rebate of up to Rs 1.5 lakh in interest on affordable housing has been extended by one year till March 2022, while pensioners above the age of 75 are exempted from filing income tax returns.
Extra discount of Rs 1.5 lakh in interest for home increased for 1 year.As in income tax, no slab has been changed - no exemption has been granted.With the help of NGO, state government and private sector, 100 new soldier schools will be started20,000 crore will be invested in government banks. Reconstruction company and asset management company to be set up to get banks rid of NPA
On the 75th anniversary of independence, we want to provide relief to senior citizens aged 75 and above. He no longer needs to file an IT return.
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At present, a case can be opened even after 6 years of tax reassessment and 10 years in a serious case. It has now been 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 worth Rs 85,000 crore have come to an end recently. A Dispute Resolution Committee will be formed, with people with income up to Rs 50 lakh and disputed income up to Rs 10 lakh going to 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 has now been increased to 10 crores.
Water-life missions will be launched in urban areas. 1.48 lakh crore will be spent on Urban Clean India Mission in 5 yearsThe 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.
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There is a need for a Development Financial Institute for the infrastructure sector. A bill will be brought for that. 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 cases.The National Highways Authority will also attract international investment. Railways will also monetize the freight corridor. Monetization will also be considered in any future airport.
Railways have formulated the National Rail Plan 2030 to build a futuristic railway system and reduce logistical costs. Eastern and Western Dedicated Freight Corridor can be prepared by June 2022. The Somnagar-Gomo section 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.
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Vista Dom coaches will be launched, so that passengers have a good 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.
