At the start of the joint session of Parliament on Friday, PM Narendra Modi said the Finance Minister had already announced 3-4 mini budgets and that the 2021-22 Budget should be seen as an extension of the same effort. After an estimated 7.7 percent contraction in 2020-21, the Finance Ministry’s Economic Survey projects that India’s real GDP would record a growth of 11 percent in 2021-22. The nominal GDP growth has been estimated at 15.4 percent, implying an assumption of 4.4 percent inflation during the year.
Sitharaman has raised hopes by stating that Budget 2021-22 will “be a Budget like never before.” Expectations are high that the government will boost economic revival by focusing on infrastructure, healthcare, agriculture, rural economy, MSMEs sectors impacted by the Covid-19 pandemic, and lockdown restrictions.
The exemption may increase in the new tax system
Last year, a new system of income tax was introduced, in which there is no exemption other than NPS i.e. National Pension System. That is why very few people chose this option. The government has not released any figures. The finance minister can give a figure on this today.
Taxes on PF, LTC, and donations can be waived to make the new system attractive. Corona's effect can also be seen in some ads. For example, the standard deduction limit for job seekers can be increased by Rs 50,000 due to the costs associated with work from home. The tax benefit on health insurance premiums under section 80D can also be increased. The investment limit under 80C is Rs 1.5 lakh. The government has also received suggestions to increase it.
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Important Link |
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Indian Budget 2021 Updates In Hindi |
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Indian Budget 2021 Updates In Gujarati |
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