This budget will be the first of the new decade & will also be a digital budget.
The contraction in our economy is due to a global pandemic, just like in several other countries. Our govt is fully prepared to support & facilitate the economy’s reset.
2020-21 के बजट में 6 स्तंभों का प्रस्ताव:
1. स्वास्थ्य और कल्याण
2. भौतिक और वित्तीय पूंजी एवं अवसंरचना
3. आकांक्षी भारत के लिए समावेशी विकास
4. मानव पूंजी में नवजीवन का संचार करना
5. नवप्रवर्तन और अनुसंधान एवं विकास
6. न्यूनतम सरकार और अधिकतम शासन
The investment on health infrastructure in this budget has increased substantially. Progressively, as institutions absorb more, we shall commit more.We focus on strengthening three areas – preventive, curative and well-being.
#AatmanirbharBharatKaBudget
The Urban Swachh Bharat Mission 2.0 will be implemented with a total financial allocation of Rs 1,41,678 crore over a period of 5 years from 2021.
In Part A, a vision for Aatmanirbhar Bharat will be laid. Ancient India was largely self-reliant and a business epicentre of the world.
ANB is an expression of 130 crore Indians who have full confidence in their capability and skills.
General
1. First digital Budget in the history of India
2. Vehicle Scrapping Policy. Vehicle Fitness Test after 20 years in case of Personal vehicle and 15 years in case of commercial vehicles
3. 64,180 crores allocated for New Health Schemes
4. 35,000 crores allocated for Covid Vaccine
5. 7 Mega Textile Investment parks will be launched in 3 years
6. 5.54 lakh crore provided for Capital Expenditure
7. 1.18 lakh crore for Ministry of Roads
8. 1.10 lakh crore allocated to Railways
9. Proposal to amend Insurance Act. Proposal to increase FDI from 49% to 74 %.
10. Deposit Insurance cover (DICGC Act 1961 to be amended). Easy and time bound access of deposits to help depositors of stress banks.
11. Proposal to revive definition of ‘Small Companies’ under Companies Act 2013. Capital less than 2 Cr. and Turnover Less than 20 Cr.
12. Disinvestment: IPO of LIC, Announced Disinvestment of Companies will be completed in FY 2021-22
Direct and Indirect tax
1. Senior Citizens: Reduced Compliance burden. 75 years and above. Proposal not to file ITR if only pension income and interest income.
2. Reduction in time for IT Proceedings: Reopening of Assessments period reduced from 6 years to 3 years except in cases of serious tax evasion cases
3. Proposal to constitute ‘Dispute Resolution Committee’. (Taxable income 50 lakhs and disputed income 10 lakh).
4. National Faceless Income Tax Appellate Tribunal Centre
5. Relaxations to NRI: Propose to notify rules for removing hardship for double taxation.
6. Tax Audit Limit: Proposal of tax audit increased from 5 Cr. to 10 cr. (Only for 95% digitized payments business)
7. Propose to provide relief on advance tax liability on dividend income.
8. Propose to include tax holidays for Aircraft leasing companies
9. Prefiling of returns (Salary, Tax payments, TDS etc.) Details of Capital gains from listed Securities, dividend income, etc. will be prefilled
10. Small Charitable Trusts. Increased from 1 crore to 5 crores (Compliance limit)
11. Late deposit of employee’s contribution by employer will not be allowed as deduction
12. Incentive to startup: Tax holiday exemption for one more year
13. Duties reduced on various textile, chemicals and other products
14. Gold and Silver (BCD reduced)
15. Agriculture Products: Custom duty increased on cottons, silks, alcohol etc.
