UNION BUDGET 2021
From a common man perspective there was an expectation that there would be some sort of covid access or wealth tax or some provision that will transfer wealth from the individual's pocket to the government .
In a major relief to all unlike previous budgets there was no major changes in tax this year.
instead what we got was a budget built around health hope and growth .
Health care and wellness
Allocating 3.2 lakh 83 thousand crores this was an increase of 137 percent over last year and the money will be used to setup 30,000 rural and urban . health and wellness centres.
In the 2,83,000 crores
35,000 crores has been allocated for vaccine (corona).
by the way finance minister gave a commitment of providing additional funds if required.
Growth and investment :
MANUFACTURING:
Laid out proposals for creation of mega textiles parks over three years.
INVESTMENT PERSPECTIVE:
One of the increase of FDI from the current 49% to 74% in insurance companies with some guards is promising as it will help grow the sector.
plus it will also showcase to global investors and scheme on inviting foreign participation in most sectors.
TAXES:
No major changes in direct taxes.
No income tax returns policy.
For senior citizens who have only pension and interest income the budget waive off their income tax returns filling requirement.
Some relaxations have also been provided to NRI's in terms of removing double taxation hardships foreign investors too will benefit from a lower treaty rate.
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