- Relief is available to senior citizens aged 75 years and above. They will no longer need to file an IT return.
- Currently, a case can be opened even after 6 years of tax reassessment and 10 years in a serious case. It has now been reduced to 3 years. In a serious case, if the issue is to hide more than Rs 50 lakh in a year, the case can be opened for 10 years. Only the commissioner will approve it.
- 85,000 crore tax disputes have been ended recently.
- A Dispute Resolution Committee will be constituted at a cost of Rs. People with income up to Rs 50 lakh and disputed income up to Rs 10 lakh can contact the committee. There will be a national faceless appeals tribunal.
- Currently, if the turnover is more than Rs 1 crore, the tax will have to be audited. The exemption for 95% digital transactions was last increased to Rs 5 crore. It has now been increased to 10 crores.
3. For Education
- 35219 crore will be spent in 4 years for 4 crore children of Scheduled Castes.
- With the help of NGOs, state government, and the private sector, 100 new military schools will be started.
- A Central University will be set up in Leh for higher education in Ladakh.
- The facility of 750 Eklavya Model School in the tribal area will be improved.
- Post-matric scholarships will also be given to tribal children.
4. For The Insurance And Banking Sector
- Import duty on some auto parts has been increased from 7.5% to 15 %. It will make cars more expensive.
- Solar inverters will be expensive, as import duty on them has been increased from 5% to 15%.
- Some parts of mobile phones and chargers were so far out of the scope of import duty. It will now be subject to 2.5% duty.
5. For Health
- Corona has led to a 137% increase in the health budget.
- The health budget will now be Rs 2.23 lakh crore. While last year it was Rs 94,000 crore.
- Emphasis will be placed on nutrition.
- Mission Nutrition 2.0 will be launched.
- Water supply will be increased.
- Water life missions will be introduced in urban areas.
- The Urban Clean India mission will cost Rs 1.48 lakh crore in 5 years.
- The pneumococcal vaccine will be launched nationwide. It will save the lives of 50,000 children every year.
- The Pradhan Mantri Swanirbhar Swasthyaprad Bharat Yojana will be launched with a budget of Rs 64,180 crore.
- New diseases will be treated in the same budget.
- Critical care hospitals will be started in 602 districts.
- The National Center for Disease Control will be strengthened.
- An integrated health information portal will be launched. So that public health laboratories will be connected.
- 15 health emergency operation centers will be started.
6. For Infrastructure
- There is a need for a development financial institute for the infrastructure sector.
- A bill will be brought for that. It will cost Rs 20,000 crore to build a portfolio of Rs 5 lakh crore in 3,000 years.
- The focus will be on monetizing public infrastructure.
- The national monetization pipeline will be launched. It will be a dashboard to keep an eye on these cases.
- The National Highway Authority will also attract international investments.
- Railways will also monetize the freight corridor.
- Monetization will also be considered at any future airport.
7. For Railways
- 1.10 lakh crore is being given to railways. 1.07 lakh crore is for capital expenditure only.
- Railways have formulated the National Railway Plan 2030 to build a future railway system and reduce logistics costs.
- The Eastern and Western Dedicated Freight Corridor could be ready by June 2022.
- The Somnagar-Gomo section will be built in PPP mode. The Gomo-Damaku section will also be built this way. Future Ready Corridor will be constructed at Kharagpur-Vijayawada, Bhusawal-Kharagpur, Itarsi-Vijayawada.
- By December 2023, 100 percent broad-gauge electrification will be done.
- Vista Dom coaches will be launched so that passengers have a better experience.
- The train protection system will be introduced on a high-density networks, high utility networks.
8. For The Metro
- A bus transport system will be introduced in the urban area. 20 thousand buses will be ready. This will help the auto sector and increase employment.
- 702 km metro is currently running. Work is underway on a total of 1016 km metro in 27 cities. Metro lights and Metro Neo will be launched in low-cost Tier-2 cities.
- Kochi Metro will have an 11 km stake at a cost of Rs 1,900 crore. Chennai will have a 180 km long metro route at a cost of Rs 63,000 crore.
- Bengaluru will also have a 58 km long metro line at a cost of Rs 14,788 crore. Nagpur will get Rs 5,976 crore and Nashik Rs 2,092 crore.
9. For 3 Elected States
- A provision of Rs 3.3 lakh crore has been made for the Bharatmala Project.
- For the 3500 km National Highway project in Tamil Nadu, Rs. 1.03 lakh crore, which will start construction next year.
- The 1100 km National Highway will be constructed in Kerala including the Mumbai-Kanyakumari corridor.
- In Kerala, Rs 65,000 crore will be spent on this.
- Highways will be built in Bengal at a cost of Rs 25,000 crore. The Kolkata-Siliguri route will be upgraded.
- The Assam National Highway will cost Rs 34,000 crore.
10. For Vehicle Scraping
- A voluntary vehicle scrapping policy will be introduced to remove old vehicles. This will help reduce pollution.
- The health of the vehicles will be tested. The personal vehicle will be scrapped after 20 years and the commercial vehicle after 15 years.
In conclusion, We have discussed the Top 10 Budget Highlights In India – 2021.