Union Budget 2021

Union Budget 2021 :

Finance Minister Nirmala Sitharaman has presented the Union Budget 2021-22 in Parliament. Sitharaman announced significant changes in the taxation process, including the abolition of income tax for senior citizens under certain conditions and the reduction of the period of tax assessment in new rules and other measures to eliminate double taxation for NRIs.

Startups get an extension of tax holiday for an additional year. Sitharaman also announced that the advance tax liability on dividend income will arise after the declaration of dividend payment. At the end of his speech, the Sensex was up 1165.85 points at 47451.62.

Raman announced that India's fiscal deficit will rise to 9.5 per cent of GDP in 2020-21, according to revised estimates. This is more than 3.5 per cent of the projected GDP. The decline in government revenue amid the Govt-19 epidemic led to a sharp rise in the deficit and market debt. Of the health expenditure, Sitharaman announced that the total cost would be around Rs 2 lakh crore with Rs 35,000 crore for the development of the Covid-19 vaccine and innocence.

The budget speech was eagerly watched by various interest groups, including domestic and foreign investors, farmers, interested middle class and corporate entities, MPs.

When the Govt-19 epidemic hit India last year, the government reduced rising spending and revenues, even as economic activity stalled due to the outbreak of the epidemic. However, the economy is now in recovery mode. On Friday, the government filed the Economic Survey 2020, which projected India's real GDP growth to 11 per cent for the financial year.