BUSINESS
Personal Tax: Mostly procedural relief proposed for FY22
The proposals presented to the Parliament by Finance Minister Nirmala Sitharaman exempted senior citizens of 75 years and above, who are dependent on pension and interest income from filing income tax returns. However, the paying bank will deduct the necessary tax on their income.
Thrifty Budget: Massive spending spree proposed to unleash growth
In her third budget presentation in the Parliament on Monday, Finance Minister Nirmala Sitharaman proposed to unleash massive fiscal expansion in 2021-22 on the back of high borrowings, fire sales and an agricultural cess. However, no adverse impact is set to come on prices as the Centre made prior duty adjustments before imposing the cess.
Union Budget 2021: Mamata Banerjee calls it 'anti-people'
Mamata said the budget will increase prices of the essential commodities. The West Bengal Chief Minister dubbed the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) as a vindictive government.
Union Budget 2021: Nitish Kumar terms it 'balanced'
The Bihar Chief Minister further said that a budget of Rs 34.8 lakh crore has been presented for 2021-22, which is more than the estimated budgetary expenditure of Rs 30.42 lakh crore for the year 2020-21. He said that 41 per cent amount will be given to the state governments in the light of the recommendation of the 15th Finance Commission.
Union Budget 2021: What becomes cheaper and what gets costlier| Here's the list
It is one of the most important budgets in recent years as the country is facing an unprecedented situation due to the coronavirus pandemic. The finance minister presented optimistic figures, as she said that the country will grow at 11 per cent for the next fiscal year. However, it is projected to contract at 7.7 per cent for the current fiscal year.
Union Budget 2021: Key highlights
The budget speech of the finance minister focussed on a wide range of topis- funds for tackling Covid-19, government spendings on education, healthcare and infrastructure as well as welfare of migrants and senior citizens.
Union Budget 2021: Favourable for selected companies, says Arvind Kejriwal
In a pre-budget meeting with Finance Minister Nirmala Sitharaman held earlier this month, Delhi Finance Minister Manish Sisodia had demanded that the national capital should be treated at par with the Union Territory of Jammu and Kashmir regarding its share of central taxes and central assistance.
Union Budget 2021: A progressive and comprehensive document, says CAIT
According to CAIT, no new tax has been imposed in the Budget, which makes it even more effective. Although there was speculation about fresh taxation since the last fortnight across the country, which has stopped now.
Union Budget 2021 explained via infographics
The government has decided to confine itself to only four strategic sectors- atomic energy, space and defence; power, petroleum, coal and other minerals; transport and telecommunications; and banking, insurance and financial services. Other than the reforms in CPSEs, the Finance Minister announced many projects in different states.
Budget Boost: Sensex jumps 2,000 points
Around 1.50 p.m., Sensex was trading at 48,346.88, higher by 2,061.11 points or 4.45 per cent from its previous close of 46,285.77 points. The Nifty50 on the National Stock Exchange was trading at 13,826.45, higher by 191.85 points or 1.41 per cent from its previous close.
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