Indian budget 2021-2022

highlights of budget 2021-2022

Union Budget 2021 FM Nirmala Sitharaman Speech Highlights: The Finance minister in her Budget 2021 speech announced a slew of taxation reforms along with an increased spending on healthcare with Rs 35,000 crore on Covid-19 vaccine development. Read our live blog for highlights on what Sitharaman announced today.

Advantages-

1)117% growth in health and medical expenditure 

2)government is going to spend  a lot on infracture buildingup

summary

 Finance Minister Nirmala Sitharaman has presented the Union Budget 2021-22 in Parliament. In significant changes to the taxation process, Sitharaman announced the scrapping of income tax for senior citizens under certain conditions, new rules for removal of double taxation for NRIs, and a reduction in the time period of tax assessments among other measures. Startups will get an extension in their tax holiday for an additional year.

Sitharaman also announced that the advance tax liability on dividend income shall arise after declaration of payment of dividend. At the conclusion of her speech, Sensex was at 47451.62, up 1165.85 points. In her speech, Sitharaman announced that India’s fiscal deficit is set to jump to 9.5 per cent of Gross Domestic Product in 2020-21 as per Revised Estimates. This is sharply higher than 3.5 per cent of GDP that was projected in the Budget Estimates. A slump in government revenues amid the Covid-19 pandemic has led to a sharp rise in deficit and market borrowing. In health care spending, Sitharaman announced a total spend of around Rs 2 lakh crore on healthcare with Rs 35,000 crore on Covid-19 vaccine development and innoculation.