1. Union Budget 2021-22 allocates Rs 2,23,846 crore for the Health and Wellbeing sector for fiscal year 2021-22 to strengthen three key areas: Preventive, Curative, and Wellbeing. Apart from this, the Budget allocation includes Rs 35,000 crore for COVID-19 vaccines.
2. The Budget 2021-22 estimates show Rs 1, 75,000 crore revenue target from disinvestment in 2020-21. As a part of Strategic disinvestment, the IPO of the Life Insurance Corporation (LIC) will be launched in 2021-22.
3. The Budget 2021 allocates a financial outlay of Rs. 5.54 lakh crore for capital expenditure in BE 2021-22, a sharp increase in Capital Budget of 34.5% over Rs. 4.12 lakh crore allocated in Budget 2020-21.
4. The fiscal deficit is estimated to be 6.8% of GDP in BE 2021-22. The Budget 2021 predicts fiscal deficit at 9.5% in RE 2020-21.
5. The Budget 2021 allocates Rs. 1, 10,055 crore for the Indian Railways. Of this allocated amount, Rs 1, 07,100 crore is for the capital expenditure. The Budget lays down the National Rail Plan for India for the creation of future ready Railways by 2030.
6. The permissible limit of the Foreign Direct Investment (FDI) has been raised from 49% to 74% in the Insurance sector. The Budget 2021 paves the way for foreign ownership and control in the insurance sector with safeguards.
7. The Budget enhances the Agricultural Credit Target to Rs 16.5 lakh crore for 2021-22 with the main focus on animal husbandry, dairy and fisheries sectors.
8. The Finance Minister in the Budget 2021 has exempted the senior citizens of 75 years or above from receiving the pension income, from filing the income tax return. The Union Minister also informed that the paying bank will have to deduct the necessary tax from their income.
9. The government has doubled the tax audit limit from 5 crores to 10 crores for those who use digital transaction mode. Earlier in the budget of February 2020, the Finance Minister had increased the limit for taxation audit to 5 crores. However, to further promote digital transactions, the limits have been increased to 10 crores.
10. As per the latest announcement, the time limit has been reduced for reopening the assessment cases from 6 years to 3 years. Currently, tax assessment can be reopened for up to 6 years and in serious tax fraud cases up to 10 years. However, in the serious tax fraud cases too, only if there is evidence of concealment of Rs. 50 lakh income or more, the assessment can be reopened for up to 10 years.
11. The government decided to increase the customs duty on solar inverters from 5% to 20% with the purpose of increasing domestic manufacturing of solar power. The duty on solar lanterns has also been increased from 5% to 15%.
12. In order to benefit the farmers of India, the central government has decided to raise the customs duty on cotton from 0% to 10%. This will facilitate the income of the farmers and will hugely benefit the farmers involved in the production of cotton.
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