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FM Calls on President Kovind | Finance Minister Nirmala Sitharaman and Mos Finance Anurag Thakur called on President Ram Nath Kovind at the Rashtrapati Bhavan ahead of the Budget speech today.
Finance Minister @nsitharaman, MoS Finance & Corporate Affairs @ianuragthakur, and senior officials of the Ministry of Finance, called on President Kovind at Rashtrapati Bhavan before presenting the Union Budget 2021-22. pic.twitter.com/FUNptDXnHB
— President of India (@rashtrapatibhvn) February 1, 2021
Digital Budget Documents Can be Downloaded on App: Om Birla | Lok Sabha Speaker Om Birla in a tweet says, "Finance Minister Nirmala Sitharaman will present the Budget at 11 am today. The Budget will be presented in a digital format for the first time today. All documents relating to the Budget can be downloaded from the indiabudget.gov.in portal or the Union Budget mobile app."
वित्त मंत्री श्रीमती निर्मला सीतारमण जी आज सुबह 11 बजे बजट प्रस्तुत करेंगी। यह पहली बार है जब बजट digital format में होगा। बजट संबंधी दस्तावेज https://t.co/2iMkukkyuB पोर्टल अथवा Union Budget मोबाइल एप से डाउनलोड किए जा सकेंगे।@nsitharaman#BudgetSession
— Om Birla (@ombirlakota) February 1, 2021
Inflation Making Expenses Difficult to Manage for 66% People: Survey | Several reports have suggested that consumer price inflation (CPI), or retail inflation, is expected to remain elevated in the current calendar year. According to the latest survey by IANS-CVoter, a majority of Indians are finding it difficult to manage their expenses. Around 65.8 per cent respondents in the survey said that current expenses have become difficult to manage, while 30 per cent people said that although expenses have gone up, they are in manageable limits. Read more
Budgeting for the New Normal: Nirmala Sitharaman Carries a Tab for First-Ever Paperless Budget
It was already conveyed that the Union Budget 2021 was going to have many firsts given the pandemic.
Sensex up by 400 Points | Sensex shoots up to 46,687.54 by 401.77 points ahead of the budget speech today. The NSE Nifty 50 index rose 0.78% to 13,741 by 0346 GMT, while the benchmark S&P BSE Sensex was up 0.84% at 46,673.82. The blue-chip stock indexes rocketed to record highs earlier in 2021 as India started a huge vaccination drive and as corporates reported encouraging earnings, but in the days leading up to the budget they have fallen for six straight sessions up to Friday.
Where to Watch Nirmala Sitharaman's Budget 2021 Speech Today | The Budget 2021 speech of Union Finance Minister Nirmala Sitharaman can be watched live on TV at News18.com's live TV link. Click here.
Not only will News18 provide minute-by-minute updates on the 2021 Union Budget, they will also provide information on what got expensive, what got cheaper for the common man.
Reduced GST on Masks, Benefits for Hospital Staff: A Doctor's Wishlist for Budget 2021 | It has been a hard year for those of us in healthcare. The coronavirus pandemic tested the healthcare system in India to its maximum capacity. 2020 has taught us a lot and in terms of those of us in the healthcare sector, it has brought forth a number of priority points for the healthcare sector. Initially, the prevention of diseases and the immunization sector was our main goal. But since the pandemic - and we may expect many more such pandemics in the future - we need to understand that the healthcare sector is quite well equipped to tackle any healthcare crisis. Read the full story here.
Union Finance Minister Nirmala Sitharaman holds a tab in Hand as she is clicked along side MoS Finance and Corporate Affairs Anurag Thakur and her team of bureaucrats outside the Ministry of Finance.
For the first time ever, the Budget will be paperless this year due to COVID-19. It will be available for all as a soft copy online.
Tab Repaces Bahi Khaata This Budget 2021 | Finance Minister Nirmala Sitharaman displayed an tab as a replacement to Bahi Khaata, on her way to the Rashtrapati Bhavan. Sitharaman will present the budget 2021 at 11am today in the Parliament. Reports suggest it is made in India tablet, promoting the government's Atmanirbhar Bharat initiative.
For the first time in India's independent history, the Union Budget 2021 won't be printed in view of the ongoing COVID-19 pandemic.
What Budget 2021 Means for a Young Entrepreneur in India | Liberalisation and reforms have bred successful entrepreneurs in India and the First Generation Companies have made quite an impact in the Indian Economy. The First Generation Companies have made an impression in almost all the sectors of the economy i.e. IT, Infrastructure, Automobile, Real Estate, Power Transmission, Agribusiness, Ed-Tech, Retail, fashion etc. Read the full story here.
Meet Nirmala Sitharaman's Team Behind Budget 2021 | For the full year 2020-21, GDP is likely to witness the first contraction in four decades. Meet Finance Minister Nirmala Sitharaman's team that will navigate often competing, multiple demands from various sectors, citizens, and stakeholders to provide a probable balm in these Covid times. Read the full story here.
Budget 2021 Expectations: Health Insurance Benefits To Income Tax Deductions, What Middle Class Wants | The challenges before Finance Minister Nirmala Sitharaman as she prepares her most important Union Budget are all too well known. The nation is just about emerging from a year of economic contraction, business shutdowns, and job and income losses, all brought on by the Covid-19 pandemic. Measures are needed to accelerate growth, create more jobs, increase household incomes, boost investment and consumption and nurse the economy back to health.
MoS Finance and Corporate Affairs Anurag Thakur arrives at the Ministry of Finance. Earlier this morning, he said, "Budget will be in accordance with people's expectations. The government, which functions on mantra of 'Sabka Saath, Sabka Vikas, Sabka Vishwas', gave new direction to India by announcing Aatmanirbhar package, protecting it from pandemic & bringing economy back on track swiftly."
Finance Minister Nirmala Sitharaman arrives at the Ministry of Finance.
Finance Minister Nirmala Sitharaman Reaches North Block | Meanwhile, Union Finance Minister Nirmala Sitharaman reaches North Block in Delhi. She is set to deliver her budget 2021 speech at 11am today.
Union Minister of State for Finance and Corporate Affairs Anurag Thakur offers prayers at his residence ahead of the presentation of the Budget 2021-22 in the Parliament today.
Will Markets Respond Well to Budget 2021 After Losing Almost Rs 10,000 cr Last Week? | Ahead of Union Budget 201, the market witnessed continuous selling throughout the truncated week ended January 29 amid volatility due to monthly expiry, FII selling, and weak global markets. Meanwhile, market participants also booked profit ahead of the Budget to be presented later in the day. Last week, BSE Sensex slipped 2,592.77 points or 5.3 percent to end at 46,285.77 and while the Nifty50 fell 737.3 points or 5 percent to finish at 13,634.60 levels. Read the full story here.
What are Corporate Taxes?
When Will Budget 2021 be Presented?
Nirmala Sitharaman will present the much-awaited budget 2021 at 11 am on February 1 (Monday). The Economic Survey was tabled in Parliament on January 29 after President Ram Nath Kovind addressed a joint sitting of Parliament.
The Economic Survey 2020-21 was authored by a team led by Chief Economic Adviser (CEA) Krishnamurthy Subramanian. The document details the state of different sectors of the economy and reforms that should be undertaken to accelerate growth.
Meanwhile, the immediate direction of the stock exchanges would be decided by the outcome of Finance Minister's Budget 2021.
Income Tax Updates: 5 Income Tax Changes that Could be Expected in Budget 2021 |
- Tax experts expect the government to fix some anomalies in the NPS or National Pension Scheme with regard to income tax benefits.
- Key expectations include allow indexation while calculating LTCG on equity shares/equity MFs and/or allow setoff of STT against the tax liability thereon, reduce LTCG period to 1 year for debt MF, exempt dividend income in the hand of recipient.
- A change on long term capital gains on debt mutual fund units held for more than 36 months are taxed at 20% after adjusting for indexation. Short-term capital gains on units held for 36 months or less are added to the income of the individual and taxed as per the applicable slab rate.
- As a relief to salaried middle-class taxpayers amid the pandemic and to boost consumption, the central government may hike the standard deduction limit in Budget 2021, experts say.
A Budget 'Like Never Before' | Nirmala Sitharaman, who had in her first budget in 2019 replaced leather briefcase that had been for decades used for carrying budget documents with a traditional red cloth 'bahi-khata', had earlier this month stated that the budget for the fiscal year beginning April will be "like never before". The budget, economists and experts say, will be the starting point for picking up the pieces after the economic destruction caused by the COVID-19 pandemic. And it must go beyond being just a 'bahi khata' or a ledger of accounts, as well as canning old schemes in a new bottle.
What Women Want from Budget 2021 | While there are prominent economists who believe that gender budgeting mars the work of feminist economists who want to redesign economic policy and allocations on the grounds of equality, there are many who think that the gendered perspective has indeed helped give impetus to women-targeted schemes and policies. Read the full story here.
What is 'Budget Estimate'?
Follow Budget 2021 On Your Android Phone and iPhone With This App | Union Budget 2021 will go fully paperless for the first time with a dedicated Union Budget app for Android and iOS smartphones. The dedicated apps are available to download for free via Google Play Store and Apple App Store, and the latest documents will be available to access after Finance Minister Nirmala Sitharaman's Budget presentation on February 1. Check how to download here.
Income Tax in Budget 2021 | The ninth budget of the Narendra Modi government, including an interim one, is also expected to focus on boosting spending on job creation, putting more money in the hands of the average taxpayer and easing rules to attract foreign investments. Some tax experts, however, believe that since a new income tax regime was introduced in the financial year 2020-21, this year's Budget may not see many new changes. Follow the live updates on Income Tax for Budget 2021.
What the Common Man Expects from Budget 2021 | Some of the expectations of the common man from the Budget 2021 are as follows:
1. Deduction For Remote Working Set-up
2. Increase in limit Under Section 80C and 80D of Income Tax Act
3. Increase in Spending Power of the Consumer
4. Long-term Capital Gains On Equity Shares And Equity Mutual Funds
5. Introduction to Debt Linked Savings Scheme
6. Pension Scheme For the Elderly
Halwa Ceremony | The customary Halwa ceremony, marking the final stage of the Budget-making process, was held in North Block on January 23 in the presence of Union Finance and Corporate Affairs Minister Nirmala Sitharaman. The event also marked the launch of the Union Budget Mobile App, a platform that provides easy and quick access to budget-related information to all stakeholders.
With India slowly recovering from the pandemic, the public is hopeful of buoyancy in the economy and the introduction of a taxpayer-friendly budget. While various economic packages and reforms announced by the government in 2020 had kept the economy afloat, Budget 2021 is also being looked upon as a watershed event that is expected to lift and give an impetus to the Indian economy.
A Unique Paperless Budget | This year's Budget will be unique as it will be paperless, in a significant break from tradition, due to the Covid 19 pandemic. This is the first time in the history of independent India that budget papers will not be printed, so as to minimize the possibility of social interaction and maintain social distancing norms.
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