budget 2021

Union Budget 2021

The government has also launched the Budget App for Android and IOS mobile phones which can have all the knowledge about the Budget. Firstpost also will cover live updates on its special Budget coverage page, alongside in-depth sector-wise analysis.

Finance Minister (FM) Nirmala Sitharaman has presented the Union Budget 2021 of India on the first of February, 2021.

budget 2021

Here are the Key Highlights from Budget 2021

• Our Hon’ble Union minister of finance Sitharaman has started presenting the Budget2021.

• Our FM starts the budget2021 announcement by mentioning the challenges during the pandemic and therefore the vision of the Pradhan Mantri Garib Kalyan Yojana.

• FM says that India has two #COVID19 vaccines made available and two more are going to be made accessible soon.

• FM reiterated that the Govt is fully prepared to support the economy’s reset.

• FM says the Budget2021 is predicated on 6 pillars.

Starting with healthcare & wellbeing:

1. Spending’s been increased

2. New scheme with an outlay of Rs.64K crore to be cover 6 years

3. The above is additionally to the National Health Mission

4. Support to rural & urban health center’s

• FM announces the Jal Jeevan Mission with an outlay of two .87 lakh crores getting to provide full-fledged water system to all or any urban local bodies with household tap connections.

• The FM proposed Rs1.41 lakh crores over a period of 5 Years for the Urban Swacch Bharath 2.0.

• An amount of Rs.1.47 lakh crores, over a 5-year-period, from 2021 has been assigned for initiatives like wastewater treatment, reduction in plastic waster, reduction in pollution and therefore the like.

• The Scrapping Policy has been announced within the Budget2021. The voluntary vehicle scrapping policy aims to get rid of inefficient vehicles so on reduce vehicular pollution and oil import bills.

• FM proposes an amount of Rs.35000 crore to manufacture and make accessible the COVID19 vaccine.

• 2nd Pillar of Budget 2021:

1. specialize in physical, financial capital and infrastructure

2. FM proposes an amount of Rs. 1.97 lakh crores, over 5 years, starting this FY to nurture global manufacturing champions and increase jobs for the youth

• FM has proposed a mega-investment textile park to be launched alongside 7more textile parks to be established over subsequent 3 years.

• The FM proposes to line up a Development financial organization with an amount of Rs.5 lakh crores

• FM states that the Budget2021 will specialize in the NHAI operational toll roads, airports in tier-2 and three cities, and sports stadiums

• The cost for the year 2021-22 are going to be 5.54 lakh crore with a 34.5% Y-o-Y rate of growth .

• Our FM announced that quite Rs.2 lakh crores are going to be allocated for cost within the states and other autonomous bodies.

• FM announced that till date, a measure of three,800 km highway-stretch has already been constructed and a further km is going to be constructed under Bharat Mala project.

• The FM proposed the subsequent National Highway allow the below states:

1. Tamil Nadu: 3500km @Rs. 1.03 lakh crores

2. Kerala: 1100km @Rs.65,000 crores

3. West Bengal: 675km @Rs.25,000 crores

• Also, National highway project of around 19,000 crores is ongoing in Assam. Overall, the FM proposes a complete of Rs.1,18,101 lakh crore for Ministry of Road Transport and Highways.

• An Infra-National Rail decide to prepare a future rail system in India by 2030 has been proposed to bring down logistics cost.

• The next few phases of metro projects are going to be haunted in Metro cities. Also in line are the ‘Metro Lite’ & ‘Metro New’ concepts for tier 1& 2 cities.

• The FM proposed to increase Ujjwala Scheme up to 1 crore beneficiaries from the prevailing 8 crore beneficiaries.

• The FM proposes to specialize in the varied allied laws of the stock exchange to be merged to the stock exchange Code.

• FM announced that the #SEBI are going to be notified to manage the fixing and arrangement of the commodity market system.

• FM grants Rs.1,000 crores to the solar power Corporation of India for the expansion of the solar power Sector.

• FM proposed to amend the Insurance Act to introduce additional FDI to insurance companies from the prevailing 49% to 74%.

• FM announces that a replacement Asset Reconstruction Company is to be found out to supply resolution to stressed assets in PSUs.

• The FM proposed to amend the DICGC Act, 1961 to streamline its provision where the depositors of the bank can get quick access to deposits through insurance within the case of a stressed bank.

• The FM announced that de-criminalization under the businesses Act, 2013 is complete and now the decriminalization of LLP Act, 2008 are going to be effective .

• Our FM modified the definition of small companies: companies with a paid-up capital not exceeding 2cr & a turnover not exceeding 20cr are to be considered small companies. Over 2 lakh+ companies enjoy this provision.

• For Startups and Innovators, the FM announced that the OPC are often incorporated without a limit for turnover or paid-up capital. This also allows NRIs to include OPC in India.

• Our FM proposes a special framework for MSME.

• The FM announced that MCA 21 V3.0 to be introduced with additional modules for e-scrutiny and e-adjudication.

• FM stated that the IPO of the LIC are going to be administered in FY 2021-22. Also, for the disinvestment strategy, two PSUs and 1 insurance firm are going to be considered.

• The FM informed that the 15th Finance Commission’s recommendation is to rationalize and reduce centrally sponsored schemes.

• Pillar 3 of the Budget2021:Inclusive development for aspirational India

• In the Agriculture sector, the MSP regime has undergone a change to supply 1.5 times the merchandise cost across all commodities.

• The total amount paid to wheat farmers was doubled in 2019-20 in comparison to 203-14.

• The FM announced that agricultural credit are going to be increased to 16.5 lac crore.

• The FM proposed to reinforce the scope of the ‘Operation Green Scheme’ to incorporate 22 perishable crops, and 1.68 crore farmers have registered. Also, 1,000 mundis to be integrated under the said scheme.

• The FM stated that the Govt will take up the event of fishing harbors and fish landing centers along the banks of rivers and waterways.

• The FM announced that the ‘1 nation-1 ration card’ plan has been implemented by 32 States and UTs. Migrant workers enjoy this scheme as they will claim ration from anywhere within the country.

• The total fiscal deficit is pegged at 9.5 you look after GDP and it’s funded through govt borrowing. a further 80,000 crore is required to make sure our economy is given the needed push.

• The borrowings from the marketplace for next year are going to be at 12 lakh crores.

• FM announced that the senior citizens who get only pension and interest on income aren’t required to file ITR.

 Key announcements: Direct taxes

• > Exemption from filing tax returns for senior citizens over 75 years aged and having an only pension and interest income; tax to be deducted by paying bank

• > deadline for re-opening cases reduced to 3 years from six years

Reopening of assessment

1. In normal cases: the deadline has been reduced to three years from 6 years.

2. In serious evasion cases: are often reopened till 10 years, only concealment of income is quite 50 lakh.

• FM announced that the ‘Faceless dispute resolution committee and mechanism’ is about up to scale back litigations for little taxpayers. Any taxpayer with taxable income up to 50 lakh and disputed income up to 10 lakh can approach the committee.

• FM proposed a faceless tax Appellate Tribunal (ITAT) for providing online resolution.

• The ‘tax audit limit’ under Section 44AB has been increased from Rs.10 crores to Rs.5 crores where 95% of business transactions are wiped out digital mode.

• The FM announced that the ‘advance tax liability’ on dividend income shall rise only after the declaration or payment of dividend.

• The FM announced that the deduction under section 80EEA is to be extended to loans haunted to 31st March 2022.

• FM announced that the affordable housing projects can avail tax holiday until 31 March 2022.

• FM announces tax incentives for the IFSC and tax holiday for aircraft leasing and rental companies.

• FM announces the pre-filled #ITR in Budget2021: Salary, Tax Payments, TDS are already pre-filled. Capital Gains, dividend incomes, and interest income will now be pre-filled.

• FM states that just in case the PF amount was deducted but not deposited by the employer, it’ll not be allowed as a deduction for the employer.

• FM announces that the deduction under section 80IAC are going to be extended upto 31st March 2021.

• Under Indirect Taxation, the FM proposes to review 400 old exemptions this year through extensive consultations. After which a revised customs structure are going to be introduced.

• The FM has rationalized customs on copper, textile, gold and silver.

• The FM raised customs on solar inverters from 5% to twenty and solar lanterns from 5% to fifteen .

• The FM proposed to withdraw exemption on import of leather as they’re domestically produced.

• The FM proposes ‘Turant Customs’ initiative for faceless, paperless, and contactless customs measures.

• The FM concluded the Budget2021 and therefore the house has been adjourned after getting the consent for the Finance Bill, 2021.

Stocks to shop for Before Budget 2021 India

Stocks to shop for Before Budget 2021: Experts believe that minister of finance Nirmala Sitharaman’s offering this year will have key announcements on boosting the healthcare, defence, automobile, cement and petroleum products sectors, among others

Here are five important sectors and stock picks to observe out:

Auto

Stocks to shop for Before Budget: Hero Moto Corp, Bajaj Auto, Escorts, Maruti Suzuki, Ashok Leyland, SSWL, Endurance Tech and Minda Industries.

Healthcare

Stocks to shop for Before Budget: Sun Pharma, Healthcare Global Enterprises, Sun Pharmaceuticals, Polycab India

Cement

Stocks to shop for Before Budget: Ultratech Cement, JK Cement, Ambuja Cements, Ramco Cements.

Banks and Financial Firms

Stocks to shop for Before Budget: Max Financial Services, HDFC Life, SBI Life, ICICI Prudential Life and every one other PSU banks, private banks, insurance and housing finance companies

IT Sector

Stocks to shop for Before Budget: TCS, Infosys, HCL Technologies and Tech Mahindra.

Apart from these, the Indian Railways Catering and Tourism Corporation (IRCTC) is predicted to draw huge favours during this year’s Union Budget. Moreover, within the FMCG and retail sector, Dabur, HUL, Britannia, Asian Paints, Emami, ITC, Nestle, Marico and Godrej Consumer Products, Godfrey Phillip and VST Industries are among the highest stocks to seem out for today.

Disclaimer: The story is predicated on reports available online regarding stocks to shop for, as available on Zee Business, Moneycontrol.com, Financial Express and Business Standard and other news websites.

Also Read Why do we need budget?

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts

Begin typing your search term above and press enter to search. Press ESC to cancel.

Back To Top