Budget 2021

Budget 2021

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

 Government revenue

Corporate Tax 13%

Income Tax  14%

Goods and Service Tax 15%

Customs 3%

Excise Duties 8%

Borrowing and others  liabilities 36%

Other 11%

Government Expenditure

Interest Payment 20%

Subsidies 8%

Defence 8%

State share of Taxes 16%

Finance Commission and other 10%

Pension  5%

Central Sector Schemes14%

Others 19%

 

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