Tag: live update

Finance Minister Nirmala Sitharaman today presented her third Union Budget in the Parliament this year. The Budget 2021 is based on the six pillars as physical, financial capital and infrastructure, health and well-being, inclusive development for aspirational India, reinvigorating human capital, innovation, and R&D, and minimum government and maximum governance.

Calling the current Budget an active and not a reactive budget, the FM stated that India is moving from Covid-related reforms to Atmanirbhar resolve. All eyes were set on the Union Budget 2021 and besides the parliamentarians, it was seen by both domestic and foreign investors, middle class, and corporates, along with various interest groups like farmers.

The 2.5 % duty hike is also applicable on parts of manufacture of PCBA (Printed Circular Board Assembly)of cellular mobile phones, camera modules, and manufacture of connectors and raw materials.
In a bid to improve the manufacturing sector in India, the government has increased the customs duty for up to 10% on mobile chargers, sub-parts of phones. This step could lead to a rise in the cost of mobile phones by 3-4% from February 2, 2021.

With FM Nirmala Sitharam unveiling the annual budget on February, 1, the government focuses on the healthcare sector in the wake of the pandemic. The focus of the entire world has been majorly centered on the healthcare industry. Keeping with the trend, the post-COVID budget provides a major boost to healthcare and infrastructure.

In healthcare spending, Sitharaman announced a total spend of around Rs 2.23 Lakh crore on healthcare, which is a 137% increase from last year under the Atmanirbhar Swasth Bharat Yojana. The government also proposes a budget of Rs 35,000 crore on COVID 19 vaccine development and inoculation. This will ensure uninterrupted healthcare services for more people.

Along with the National Health Mission, the investment of Rs 64,180 crores over the next 6 years are expected to improve primary, secondary, and tertiary healthcare. The government has also proposed the establishment of critical care units and hospital blocks that will act as a catalyst in the country`s domestic market growth and place India as a key player in the global markets.

Finance Minister Nirmala Sitharaman has concluded Union Budget 2021 speech. She has proposed various benefits for the investors, depositors, and taxpayers. While keeping the Income Tax slab rates unchanged, FM Sitharaman has provided relief for senior citizens above 75 and NRIs by proposing few changes.

Senior citizens who are earning pension and income from deposits are exempted from filing Income Tax Return. Annual premium up to Rs 2.5 lakh on the maturity of ULIP will also be exempted from Tax. However, EPF interest income above Rs 2.5 lakh will be taxable.
The Government will also take all the necessary steps to provide GST relief by reducing inverted GST structures.

As the FM earlier had promised that the post-COVID Budget 2021 will be like no other, the common man was expecting that the government would expand some tax advantages through the budget. Several experts and professional bodies like ICAI had also recommended the government to increase the deduction limit under Section 80C of the Income Tax Act.