As a reflection of the contemporary time where everything inthe world is going digital and online on the Internet, our FinanceMinster, Nirmala Sitharaman creates history by making this year's budgetdigital as the hardcopy details were replaced by softcopy on a tablet.
Your old vehicles will require Vehicle Fitness Testafter 20 years, while a vehicle being used for commercial purpose will requirethe same after 15 years.
For improving the health of its people, health schemes willbe pumped with about Rs 64,000 crore and to handle a more pressing problem, thepandemic COVID-19, Rs 35,000 have been allotted.
Textile sector and industry has received special attentionin the budget with 7 mega textile investment parks to be launched over the nextthree years.
Transportation is the lifeline of any economy, andconsideration has been given to the same with the Ministry of Roads and theRailways both receiving Rs one lakh crore each.
Insurance sector, which has seen a new interest andawareness among the Indian people during the pandemic Corona Virus lockdown,will be rejuvenated with foreign money. The budget proposes to increase ForeignDirect Investment (FDI).
For small-business owners, a more pertinent update is thatthe legal definition of 'Small Companies' as having capital less than Rs twocrore and turnover less than Rs 20 crore.
Exciting news for stock market traders and investors?Initial Public Offering (IPO) of Life Insurance Corporation (LIC), and the samewill be completed in Financial Year 2021-22.
Tax - a necessary evil, right? - receives many updateswhich will make the lives of people easier. To begin with, those of us who areamong 75 years of age do not have to file any income tax return if theincome is only from pension and interest income. For opening of cases in Income Tax, reopening can now bedone in only 3 years instead of 6 years. Further, double taxation avoidance forNRIs will be made smoother. Same goes for advance tax liability in case ofdividend income.
In a bid to encourage employers to deposit their employees’contribution on time, the latter will not be able to claim deduction if they donot so the contribution on time.
Gold and silver, the evergreen precious metals, saw a reductionin import duty – from 12.5% to 7.5%. Also, customs duty on agriculturalproducts is increased.