India Aam Budget 2021 | Finance Minister Nirmala Sitharaman presents her third Union Budget 2021

• Aam Budget 2021: People above 75 years will not have to pay tax

New Delhi: This is the first budget after the corona time. Aam Budget 2021 was presented by Finance Minister Nirmala Sitharaman on 01 / Feb / 2021. Instead of this budget briefcase and bookkeeping, she was presented with a tablet.

In this budget, the government announced prominently about health and corona vaccine. The Finance Minister said that this time the budget is digital. While GDP has been reduced to minus twice in a row, the global economy itself is sluggish. The year 2021 is a historic year, on which the country is eyeing. Even in these difficult times, the Modi government is working to double the fire of farmers and help the common people.

People above 75 years will not have to pay tax 

Finance Minister Nirmala Sitharaman on Monday reduced the time limit for reopening of income tax assessment cases from six years to three years. Also, in such serious cases related to tax fraud where the hidden income is 50 lakh rupees or more, this period will be 10 years. Sitharaman also announced in his budget speech for FY 2021-22 that only senior citizens above 75 years of age with pension and interest income would not be required to file income tax returns. Banks paying interest will deduct tax on their behalf.

She said that the time frame for reducing the uncertainty in the minds of taxpayers regarding the reopening of assessment-related cases would be three years from the earlier six years. The Finance Minister said that the tax department will notify the rules to remove the double taxation difficulties of NRIs.

She said that the pre-filled income tax returns along with details of capital gains, dividend income from listed securities, and interest income from banks and post offices will be available soon. According to the budget proposal, a dispute resolution committee will be set up for small taxpayers with taxable income up to Rs 50 lakh. He said that 1.10 lakh taxpayers have availed the trust scheme from direct tax disputes to resolve tax disputes. It has also been proposed to start a 'Faceless Income Tax Appellate Tribunal' in the budget.

Special features of the budget

• The Finance Minister also said that many schemes, including the Self-Reliant India Package, were brought in the Corona period so that the pace of the economy can be increased. A total of 27.1 lakh crore rupees was released in the self-sufficient India package. All this was similar to the five mini budgets.

• Allocation above 2.23 thousand crores for health

• 2000 crore package to deal with air pollution

• 35 thousand crore allocation this year for Kovid vaccine

• A proposal of Rs 5.54 lakh crore in capital expenditure and health budget increased from Rs 94,000 crore to Rs 2.38 lakh crore.

• The Finance Minister announced the Self-Sufficient Healthy India Scheme. With this, the Swachh Bharat Mission will also move forward, under this, the Amrit Yojana will be extended in cities. 2,87,000 crores were released for this.

• The 1,100 km highway will be built in Kerala. The 675 km highway will be built in West Bengal. Rs 19,000 crore highway plan released in Assam

• The National Highway Project in Tamil Nadu will be built at a cost of 1.03 lakh crore.

• The finance minister allocated Rs 65,000 crore for road, highway projects in Kerala and Rs 3,400 crore for Assam.

• The finance minister announced road projects worth Rs 25,000 crore for the state assembly elections in West Bengal.

• The National Rail Scheme 2030 is ready. A total budget of Rs 1.10 lakh crore was given to the Railways.

• For the power sector, the scheme costing more than Rs 3 lakh crore from the government, which will work to strengthen the power-related infrastructure in the country.

• Rules will be made to give electricity consumers a choice of distribution companies

• The Finance Minister announced seven port projects worth more than Rs 2,000 crore under Public-Private Partnership (PPP).

• The government proposes to start a Hydrogen Energy Mission in the next financial year to produce hydrogen from green energy sources.

• A framework will be prepared to give electricity consumers the option of choosing any of the more than one distribution company.

• In the last six years, several improvements were made in the power sector, during this time 1,38,000 MW installed capacity was added to the total capacity.

• The Finance Minister announced a plan of Rs 18,000 crore to improve the public transport system in urban areas.

• Railways received a record Rs 1,10,055 crore in 2021-22, of which Rs 1,07,100 crore is for capital expenditure.

• The Finance Minister said that 100 percent electrification of the broad gauge railway line will be completed by December 2023.

• The government will provide two lakh crore rupees to the states and autonomous bodies to meet the capital expenditure.

• Agricultural Infrastructure Fund has been increased to Rs 40,000 crore, Micro Irrigation Project Fund has been doubled to Rs 10,000 crore.

• Contractual employees will also be included in the ambit of social security.

• A central university will be established in Leh.

• One country, one ration card scheme under implementation in 32 states.

• The government proposed a reconciliation system for the speedy resolution of contractual disputes.

• The government proposed a portal to collect information about contract workers, building, and construction workers.

• Under the National Education Policy, 100 new Sainik Schools will be established with the participation of non-governmental organizations (NGOs), 15,000 schools will be strengthened.

• The government will amend the Apprentices Act to increase opportunities for the youth.