Union Budget 2021: Citizens Above 75 Years Exempted From I-T Returns Filing

New Delhi: For those above75 years of age with pension as their only source of income, the government has granted exemption from filing income tax returns.

“We shall reduce the compliance burden on our senior citizens who are 75 years of age and above. For senior citizens who only have pension and interest income, I propose exemption from filing their Income Tax return,” the Finance Minister announced in her Budget presentation.

Sitharaman also said that serious tax offences of concealment of income of over Rs 50 lakh can be reopened after 10 years.

Review of exemptions in customs

Sitharaman has proposed to review more than 400-odd exemptions in customs this year. This comes ahead of the placing of a new customs duty structure by October 1, 2021.

Affordable housing

Rs 1.5 lakh for loans to purchase affordable house is now extended by one more year, the FM has announced.

Incentives for start-ups

The FM has proposed extension of tax holiday for start-ups by one more year.

Govt borrowings

The Finance Minister said the government will borrow Rs 80,000 crore in the remaining two months to meet FY21 expenditure. “Government to borrow about Rs 12 lakh crore in FY22; expenditure pegged at Rs 34.83 lakh crore, including Rs 5.54 lakh crore of capital spending,” the FM said.

First digital census

The forthcoming Census will be India’s first digital census, Finance Minister Nirmala Sitharaman announced during her Budget presentation, adding that Rs 3,768 crore has been allocated for FY21.

Social security benefit to be extended to platform and gig workers

“Social security benefits will be extended to gig and platform workers. Minimum wages will apply to all categories of workers. Women will be allowed to work in all categories and also in night shifts with adequate protection,” the FM said.

Rs 1,000 crore for tea workers in Assam and Bengal

Ahead of the forthcoming Assembly polls this year, Sitharaman announced Rs 1,000 crore for tea workers in Assam and Bengal. The Finance Minister also announced a special scheme for welfare of women and children in Assam and West Bengal.

Govt to revise definition of small companies

The government has said the definition of small companies will be revised by raising capital base to Rs 2 crore from the current limit of Rs 50 lakh. In the Union Budget, the Finance Minister proposed setting up of investor charter across financial products.

Rs 1,500 crore to for promotion of digital payments

Rs 1,500 crore will be set aside to promote digital mode of payment, the Finance Minister has announced.

Deep ocean mission with an outlay of Rs 4,000 crore

India launches a deep ocean mission with an outlay of Rs 4,000 crore over four years to investigate seabed and biodiversity, the Finance Minister said.

Central university to be set up in Leh

Sitharaman announced that a Higher Education Commission will be set up in 2021, which was announced last year. A central university will also be set up in Leh.

Sloganeering on ‘commitment to farmers’ statement

Moving to agriculture sector during her Budget speech, Finance Minister Nirmala Sitharaman said the government is committed to the welfare of farmers. This led to sloganeering against the government by the Opposition in the Lok Sabha.

Amid the sloganeering against three farm laws, Sitharaman said agriculture procurement has increased steadily, benefiting farmers.

“Our government is committed to the welfare of farmers. The MSP regime has undergone a change to assure price that is at least 1.5 times the cost of production across all commodities,” the minister added.

Sensex soars

Markets give thumbs up to budget presentation of Nirmala Sitharaman with Sensex jumping over 900 points.

Focus on insurance sector

FDI in insurance to be hiked to 74 per cent from 49 per cent, Nirmala Sitharaman announced as she presented Budget 2021 on Monday. “In 2021-22, we would also bring the IPO of LIC for which I am bringing the requisite amendments in this session itself,” she said.

National Rail Plan by 2030

Indian Railways has prepared a future-ready railway system by 2030, Sitharaman announced, and added that eastern and western dedicated freight corridors will be commissioned by June 2022.

“Indian Railways has prepared a National Rail Plan for India 2030. The plan is to create a future-ready railways system by 2030 — bringing down logistic cost for industry is at the core of a strategy to enable Make in India,” she said.

Rs 20K crore worth recapitalisation proposed

An asset reconstruction management to be set up to consolidate and take over the existing stressed debts and manage it, FM has announced.

Rs 35,000 crore for Covid-19 vaccination

Finance Minister Nirmala Sitharaman on Monday provided Rs 35,000 crore towards Covid-19 vaccination in 2021-22.

“I have provided Rs 35,000 crore for Covid-19 vaccine in this year 2021-22. I’m committed to provide further funds if required. The Budget outlay for health and well being is Rs 2.23 lakh crore in 2021-22,” the FM said as she presented 2021-22 budget.