According to Financial Budget 2021 presented on 1st Feburary 2021 by Finance Minister Nirmala Sitaraman.
No Change in Income Tax Slab
Tax audit limit incresed from 5 crore to 10 crore.
Time line for reopening tax return reduced to 3 year from 6 years.
Central Government gives Rs. 2 lakhs crore to statesand autonomous bodies
Setup 15 emergency health centre
Passanger vehiclesolder than 20 years will under go fitness test
Atmanirbhar health yojana
Total covid support measures amount to 13% of GDP
Major Allocation of Budget 2021 ( Rs. In Crore)
|1.||Ministry of Defence||4,78,196|
|2.||Ministry of Consumer affair, food and public Distribution||2,56,948|
|3.||Ministry of Home Affair||1,66,547|
|4.||Ministry of Rural Development||1,38,690|
|5.||Ministry of Agriculture and Farmer Welfare||1,31,531|
|6.||Ministry of Road Transport and Highways||1,18,101|
|7.||Ministry of Railways||1,10,055|
|8.||Ministry of Education||93,224|
|9.||Ministry of Health and Family Welfare||73,932|
|10.||Ministry of House and Urban Affairs||54,581|
The Government in this budget focused on minimum government and maximum governance.
The Finance Budget 2021 position India towards its traget of a $5 trillion economy.
Half of agriculture budget to be spent on PM- KISHAN schme.
Budget allocation to agriculture and farmers welfare ministry increase 5.63 percent and half of budget allocation amount spent on the PM-KISHAN scheme.
India currently spend 1% of GDP on health among the lowest for any major economy in the world.
Tax exemption of senior citizens
Senior citizens above 75 years of age are exempted form filing income tax return if following income
1. Pension Income
2. Income from Interest
Finance Minister said that ofences of concealment of income over Rs.50 Lakhs can be reopened even after 10 years.
6.48 Crore Total Income Tax Return has been filed
While in 2014 3.48 Crore total Income Tax Return has been filed
Corporate Tax 13%
Income Tax 14%
Goods and Service Tax 15%
Excise Duties 8%
Borrowing and others liabilities 36%
Interest Payment 20%
State share of Taxes 16%
Finance Commission and other 10%
Central Sector Schemes14%