Union Budget 2021 highlights

Understand what the Union Budget 2021 means for you? How will the decisions from the top affect you

National Politics India

As a reflection of the contemporary time where everything in the world is going digital and online on the Internet, our Finance Minster, Nirmala Sitharaman creates history by making this year's budget digital as the hardcopy details were replaced by softcopy on a tablet.

Your old vehicles  will require Vehicle Fitness Test after 20 years, while a vehicle being used for commercial purpose will require the same after 15 years.

For improving the health of its people, health schemes will be pumped with about Rs 64,000 crore and to handle a more pressing problem, the pandemic COVID-19, Rs 35,000 have been allotted.

Textile sector and industry has received special attention in the budget with 7 mega textile investment parks to be launched over the next three years.

Transportation is the lifeline of any economy, and consideration has been given to the same with the Ministry of Roads and the Railways both receiving Rs one lakh crore each.

Insurance sector, which has seen a new interest and awareness among the Indian people during the pandemic Corona Virus lockdown, will be rejuvenated with foreign money. The budget proposes to increase Foreign Direct Investment (FDI). 

Also read: Kangana Ranaut says 'Achcha sila diya tune mere payaar ka' after Hansal Mehta calls making 'Simran' a mistake

For small-business owners, a more pertinent update is that the legal definition of 'Small Companies' as having capital less than Rs two crore 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 same will be completed in Financial Year 2021-22.

Tax - a necessary evil, right? - receives many updates which will make the lives of people easier. To begin with, those of us who are among 75 years of age do not have to file any income tax return if the income is only from pension and interest income. For opening of cases in Income Tax, reopening can now be done in only 3 years instead of 6 years. Further, double taxation avoidance for NRIs will be made smoother. Same goes for advance tax liability in case of dividend 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 do not so the contribution on time.

Gold and silver, the evergreen precious metals, saw a reduction in import duty – from 12.5% to 7.5%. Also, customs duty on agricultural products is increased.


Trending