Latest Updates on Union Budget 2021
We At KIP, keep you updated on Union Budget 2021 that is going to announce today by Honorable Finance Minister of Govt. of India.
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10:20 A.M Keep Ready Yourself for receiving latest updates.
11:05 A.M Finance Minister has started the Budget 2021
11:40 A.M We are glad to Key budget update :
1. Health and well being focused . With 64000 crore budget PM Atamnirbhar sawsath Yojana . In addition to national health mission already in existence .
2. Target for clean water supply with budget 287000 crore for 500 cities .
3. Budget of 35000 crore for Covid vaccine made in India .
4. Production linked incentive of 1.94 lakh crore for 13 sectors in next 5 years .
5. A Big announcement for Mega Textile park to developed in next 3 years.
6. A Budget of 22000 crore for development of financial institutions in order to augment the growth of institutional Educational and bring financial prudence.
7. Budget outlay infrastructure capital expenditure of 5.34 lakh crore for NHAI and other infrastructure development authorities .
8. Bharat Malla Yojna regarding new roads development of 8500
Kilometers highways and completion of existing 11000 kilometer highway and corridor which is in progress.
9. Budget outlays provisions of 111000 crore for Higways and road transportation.
10. Public private partnership to encourage in railway capital expenditure . New lines to broad gaze is of 4600 kilometer .
11. 100 percent of Electrification of broad gaze line is targeted and for passenger safety National security Gaurd coach is proposed to be added.
12. For urban transportation 2000 new buses to start and budget outlay of 18000 crore has been kept for this purpose .
12:05 P.M Further updates:
1. Two New metro lines to start with name Light and NEO with latest techno logy under metro development phase-2.
2. Power sector budget outlay of 305908 crore over 5 years. In order to make power cheaper , new entrants in power sector to make it more competitive .
3. For global shipping business , 106024 crore special subsidy will be provided during next 5 years.
4. Uajyala scheme will add more 100 districts and benefit to 1 crore people .
5. A new act “ Security Market Code “
Will be made which will substitute existing provisions of securities regulations act and other similar acts.
6. Foreign Direct Investment in insurance is increased to 74 percent from existing
49 percent .
7. Decriminalization of LLP provisions is proposed .
8. The definition of Small company is revised and paid up capital existing limit is increased from 50 lakh to 2 crore and similarly borrowing limits are also increased to 20 crore .
9. OPC restrictions are removed to major extent . A foreign person can make One person company registered in india to start business in India .
10. Limit of independent directors is increased to 50 percent in big corporates .
12:30 P.M Further updates:
1. Target to collect 175000 crore from disinvestment of two banks and one insurance company. A special purpose vehicle company will be made to close 6 public sector undertaking which are idle in working .
2. A Fishing Hub is proposed in Kochi to promote fishing industry
3. One nation and one wage to all migrants to be implemented by all 32 states .
4. To promote Multi state Cooperative projects new schemes will be launched by department of agriculture cooperation.
5. New Schemes and incentives for Animal husbandry deptt and cotton industries under NABARD.
6. A Central University to be opened in LEH to promote education in Jammu and Kashmir.
7. 15000 Existing schools infrastructure will be developed and 100 new sanik schools will be opened
8. 3000 crore has been provided for national apprenticeship training program
9. A tie up with Japan for certified work force in technology .
10. 50000 crore Budget for National priority thrust area through research and development and innovation.
11. Projected fiscal deficit for 20-21 is 9.5 percent of GDP
12. Estimated Fiscal deficit for financial year 21-22 is 6 percent of GDP
12:45 P.M Further update : part -4
1. Contingency fund increased from 5000 crore to 30000 crore
2. Govt to borrow : 80000 crore in next 2 months .
3. No income tax return to file by senior citizen in case TDS is deducted completely and accurately.
4. Re opening of assessment cases time limit of 6 years has been reduced 3 years .
5. Time limit of reopening of assessment in case of serious tax issues will be 10 years only in case income escaped is above 50 lakh
6. Tax Audit limit has been increased to 10 crore from 5 crore in case 95 percent transactions are digital transactions.
7. Faceless hearing through video conferencing in Income tax appellate tribunial cases.
8. Advance tax on dividend will have to pay only after payment of dividend.
9. Additional Housing deduction will continue till 31.3.2022. Tax holiday for housing projects also extended to 31.3.2022
10. Start up undertaking deductions are also extended for 1 year up to 31.3.2022.
11. EPF/ ESI : Employee contribution will not be allowed as deductions in case not paid before due date of filing income tax return.