Union Budget 2021-22 | Summary | Date | Highlights

Union Budget 2021-22  | Summary | Date | Highlights – Union Budget 2021-22 | Full Coverage & Analysis ,Budget 2021 India: Date, Timings, Speech, Schedule, Income Tax . Union Budget 2021 India Date and Time, Timings, Income Tax Slab Rate Expectations: The Budget 2021 will be presented by Finance Minister Nirmala Sitaraman .The government will present the Union Budget 2021 on February 1, a day after the Budget session of Parliament commences on January 31.

What Is Union Budget ?

• The Union Budget of India, also referred to as the Annual Financial Statement in the Article 112 of the Constitution of India, is the annual budget of the Republic of India.
• The Government presents it on the first day of February so that it could be materialized before the beginning of new financial year in April.
• Until 2016 it was presented on the last working day of February by the Finance Minister of India in Parliament.
• The budget, which is presented by means of the Finance bill and the Appropriation bill has to be passed by Lok Sabha before it can come into effect on April 1, the start of India’s financial year

What does the Budget presentation speech comprise? | Union Budget

• The Budget presentation speech comprises the following parts:
• Annual Financial Statement (AFS)
• Demand for Grants (DG)
• Appropriation Bill
• Finance Bill
• Macro-economic framework for the relevant financial year
• Medium-Term fiscal policy and a strategy statement
• Expenditure Profile
• Expenditure Budget
• Receipts Budget

Union Budget Of India 2021 Date |

• Union Budget 2020-21 Will be presented By Finance Minister Nirmala Sitarman On 1 February 2021.

What is interim Budget ? | Union Budget 

• The government of India  is expected to present an interim Budget, or vote on account, on February 1 as it nears the end of its term. Here, the government of India seeks the approval of Parliament to meet its expenditure for the first four months of the fiscal year (April to March) — paying salaries, ongoing programmes in various sectors etc — with no changes in the taxation structure, until a new government takes over and presents a full Budget that is revised for the full fiscal.

How Interim Budget is Differ From General Budget ?

  It differs from a General Budget, which is a comprehensive account of the finances. It lays down consolidated report of revenue from all sources, and outlays for schemes and projects.

• The budget also carries Budgeted Estimates which are the estimates of the Central government’s accounts for the upcoming fiscal.

Union Budget 2021 Highlights | Budget 2021 Highlights

Union Budget 2021 Will be presented By Union Finance Minister Nirmala Sitaraman On 1 February 2021. Economic Survey Will be presented On 31st January 2021. Today Finance Minister Nirmala Sitarman Presented Union Budget 2021 For India . Full Details And Highlights Are Available Below .

Fiscal Deficit 2020-21 Was – 9.5 % of GDP , Fiscal Deficit For 2021-22 Will be Approx 6.8 %. No Change In Personal Income Tax Slab.

Health and Well Being  Scheme And Fund Allocation In 2021 Budget

• Ms. Sitharaman quotes Rabindranath Tagore: “Faith is the bird that feels the light when the dawn is still dark.”
• Rs. 35, 000 crore has been allocated for COVID-19 vaccines and intend to provide further funds if required.
• Rs. 2,217 crore for 32 urban centre For To tackle the burgeoning air pollution problem In India .
• New Urban Jal Jeevan mission Will be Launched With A Total Fund Of Rs Rs 2.87 lakh crore. It Will Take Total 5 Years Time .
• Mission Poshan 2.0 to improve nutritional outcomes across 112 Aspirational districts Would Be Launched In India .
• The government envisages establishing critical health care hospital blocks in 602 districts.
• PM Atma Nirbhar Swasthya Bharat Yojana at the outlay of Rs. 64,180 crore over six years to develop primary, secondary and tertiary healthcare systems.This will be in addition to the National Health mission and will support 17,000 rural and 11,000 urban health care centres.
• Pnuemococcal vaccine to be rolled across the country
• ₹35000 crore for Covid-19 Vaccine in 2021-22
• Introduction of National Commission for Allied Healthcare Professionals Bill

PM Atma Nirbhar Swasth Bharat Yojana

utlay ₹64180 crore over 6 years

• Support for Health and Wellness centres
• Setting up of Integrated Public Health Labs
• Establishing critical care hospital blocks
• Strengthening NCDC
• Expanding integrated health information portal

Health & Sanitation Budget 2021	A new scheme, titled PM Atma Nirbhar Swasthya Bharat Yojana, to be launched to develop primary, secondary and tertiary healthcare. Mission POSHAN 2.0 to improve nutritional outcomes across 112 Aspirational districts Operationalization of 17 new public health units at points of entry Modernising of existing health units at 32 airports, 15 seaports and land ports Jal Jeevan Mission Urban aimed at better water supply nationwide Strengthening of Urban Swachh Bharat Mission
Education Union Budget 2021	100 new Sainik Schools to be set up 750 Eklavya schools to be set up in tribal areas A Central University to come up in Ladakh
Infrastructure Union Budget 2021	Vehicle scrapping policy to phase out old and unfit vehicles – all vehicles to undergo fitness test in automated fitness centres every 20 years (personal vehicles), every 15 years (commercial vehicles) Highway and road works announced in Kerala, Tamil Nadu, West Bengal and Assam National Asset Monetising Pipeline launched to monitor asset monetisation process National Rail Plan created to bring a future ready Railway system by 2030 100% electrification of Railways to be completed by 2023 Metro services announced in 27 cities, plus additional allocations for Kochi Metro, Chennai Metro Phase 2, Bengaluru Metro Phase 2A and B, Nashik and Nagpur Metros National Hydrogen Mission to be launched to generate hydrogen from green power sources Recycling capacity of ports to be doubled by 2024 Gas pipeline project to be set up in Jammu and Kashmir Pradhan Mantri Ujjwala Yojana (LPG scheme) to be extended to cover 1 crore more beneficiaries
New Taxes Imposed In Budget 2021	No IT filing for people above 75 years who get pension and earn interest from deposits Reopening window for IT assessment cases reduced from 6 to 3 years. However, in case of serious tax evasion cases (Rs. 50 lakh or more), it can go up to 10 years Affordable housing projects to get a tax holiday for one year Compliance burden of small trusts whose annual receipts does not exceed Rs. 5 crore to be eased Duty of copper scrap reduced to 2.5% Custom duty on gold and silver to be rationalised Duty on naphtha reduced to 2.5%. Duty on solar inverters raised from 5% to 20%, and on solar lanterns from 5% to 15% All nylon products charged with 5% customs duty Tunnel boring machines to attract customs duty of 7% Customs duty on cotton raised from 0 to 10%
Economy and Finance In Budget 2021	Fiscal deficit stands at 9.5% of the GDP; estimated to be 6.8% in 2021-22 Proposal to allow States to raise borrowings up to 4% of GSDP this year A Unified Securities Market Code to be created, consolidating provisions of the Sebi Act, Depositories Act, and two other laws Proposal to increase FDI limit from 49% to 74% An asset reconstruction company will be set up to take over stressed loans Deposit insurance increased from Rs 1 lakh to Rs 5 lakh for bank depositors Proposal to decriminalise Limited Liability Partnership Act of 2008 Two PSU bank and one general insurance firm to be Disinvested this year An IPO of LIC to debut this fiscal Strategic sale of BPCL, IDBI Bank, Air India to be completed
Agriculture Budget 2021 Key Schemes	Agriculture infrastructure fund to be made available for APMCs for augmenting their infrastructure 1,000 more Mandis to be integrated into the E-NAM market place Five major fishing hubs, including Chennai, Kochi and Paradip, to be developed A multipurpose seaweed park to be established in Tamil Nadu
Employment Schemes In Budget 2021	A portal to be launched to maintain information on gig workers and construction workers Social security to be extended to gig and platform workers Margin capital required for loans via Stand-up India scheme reduced from 25% to 15% for SCs, STs and women

Union Budget 2021 : Full List Of Items What Got Cheaper & What Got Costlier After Budget 2021

Costlier Items After Budget 2021 

• Mobile phones
• Chargers
• Power banks
• Imported raw silk
• Solar inverters – Budget 2021 raises duty to 20%.
• Solar Lanterns : Budget 2021 raises duty to 15%.
• Leather items
• Gemstones
• Tunnel boring machines
• Kabuli chana, Pulses , Apples < Peas Will be Costlier After Budget 2021 .
• Urea
• Auto parts
• Cotton: Customs duty increased to 10%
• Gold & Silver Will be Costlier After Budget 2021 .
• Palm Oil, Soybean Oil & Sun Flower Oil Will be Costlier

Cheaper Items After Budget 2021 

• Iron
• Steel
• Nylon clothes
• Copper items
• Insurance
• Shoes
• Agricultural equipment

Budget 2021 Income Tax Slabs and Rates Table For Senior Citizen, NRIs

New Income Tax Slabs 2021-22
Under Rs 5 lakh	0% for income upto 5 lakh. 5% for income greater than 2.5 lakh if total income greater than Rs 5 lakh.
Rs 5 lakh to Rs 7.5 lakh	10%
Rs 7.5 to 10 lakh	15%
Rs 10 lakh to Rs 12.5 lakh	20%
Rs 12.5 lakh to Rs 15 lakh	25%
Above Rs 15 lakh	30%

Important Abbreviations Union Budget 2021 | Indian Union Budget Abbreviations

IMF– International Monetary Fund FDI- Foreign Direct Investment CPI– Consumer Price Index GDP– Gross Domestic Product FCNR– Foreign Currency (Non-Resident) Account GST– Goods and Service Tax TEC India- Transform, Energise and Clean India PACS– Primary Agriculture Credit Societies KVKs– Krishi Vigyan Kendras NAM– National Agricultural Market APMC– Agricultural Produce Marketing Committee MGNREGA– Mahatma Gandhi National Rural Employment Gurantee Act PMGSY– Pradhan Mantri Gram Sadak Yojana PMEGP– Prime Minister’s Employment Generation Programme NRDWP– National Rural Drinking Water Programme PMKK– Pradhan Mantri Kaushal Kendras SANKALP– Skill Acquisition and Knowledge Awareness for Livelihood Promotion programme STRIVE– Skill Strengthening for Industrial Value Enhancement NTA– National Testing Agency ICDS– Integrated Child Development Services IRCTC– Indian Railway Catering and Tourism Corporation TIES– Trade Infrastructure for Export Scheme FIPB– Foreign Investment Promotion Board CERT-Fin- Computer Emergency Response Team for our Financial Sector IRFC– Indian Railway Finance Corporation Limited FFO– Further Fund Offering PMMY– Pradhan Mantri Mudra Yojana BHIM– Bharat Interface for Money UPI– Unified Payment Interface USSD– Unstructured Supplementary Service Data IMPS– Immediate Payment Service SIDBI– Small Industries Development Bank of India DBT- Direct Benefit Transfer FRBM– Fiscal Responsibility and Budget Management Act MAT– Minimum Alternate Tax MSE– Medium and Small Enterprises NPA– Non-Performing Asset MSME– Micro, Small and Medium Enterprises SIT– Special Investigation Team FPI– Foreign Portfolio Investor TDS– Tax Deducted at Source QIBs– Qualified Institutional Buyers SEBI- Securities and Exchange Board of India RBI– Reserve Bank of India CBDT– Central Board of Direct Taxation IPO– Initial Public Offering HUF– Hindu Undivided Family OECD– Organisation for Economic Co-operation and Development EBITDA– Earnings Before Interest, Taxes, Depreciation and Amortisation TCS– Tax Collection at Source FTC– Foreign Tax Credit MPEDA– Marine Products Export Development Authority APDEA– Anchorage Police Department Employees Association AAR– Authority for Advance Ruling FMV– Full Motion Video FEMA– Foreign Exchange Management Act LED– Light-Emitting Diode RCS– Regional Connectivity Scheme PCBs– Printed Circuit Boards VPEG– Vinyl Polyethylene Glycol MTA– Medium Quality Terephthalic Acid QTA– Qualified Terephthalic Acid NSSF– National Small Savings Fund

Union Budget Key Terminologies And Most Important Keywords

What Is Union Budget
Union Budget is the most comprehensive report of the Government’s Advances in which revenues from all sources and outlays for all activities are consolidated. The Budget also contains estimates of the Government’s accounts for the next Fiscal year called Budgeted Estimates.
Direct and Indirect Taxes – Direct taxes are the one that fall directly on individuals and corporations. For example, income tax, corporate tax etc. Indirect taxes are imposed on goods and services. They are paid by consumers when they buy goods and services. These include excise duty, customs duty etc.
Fiscal Deficit -When the government’s non-borrowed receipts fall short of its entire expenditure, it has to borrow money form the public to meet the shortfall. The excess of total expenditure over total non-borrowed receipts is called the Fiscal Deficit .
Revenue Deficit -The difference between revenue expenditure and revenue receipt is known as revenue Deficit. It shows the shortfall of government’s current receipts over current expenditure.
Primary Deficit -The primary deficit is the fiscal deficit minus interest payments. It tells how much of the Government’s borrowings are going towards meeting expenses other than interest payments.
Fiscal policy – It is the government actions with respect to aggregate levels of revenue and spending. Fiscal policy is implemented though the budget and is the primary means by which the government can influence the economy.
Capital Budget – The Capital Budget consists of capital receipts and payments. It includes investments in shares, loans and advances granted by the central Government to State Governments, Government companies, corporations and other parties
Revenue Budget – The revenue budget consists of revenue receipts of the Government and it expenditure. Revenue receipts are divided into tax and non-tax revenue. Tax revenues constitute taxes like income tax, corporate tax, excise, customs, service and other duties that the Government levies. The non-tax revenue sources include interest on loans, dividend on investments.
Budget Estimates – Amount of money allocated in the Budget to any ministry or scheme for the coming Financial year
Guillotine – Parliament, unfortunately, has very limited time for Scrutinizing the expenditure demands of all the Ministries. So, once the prescribed period for the discussion on Demands for Grants is over, the Speaker of Lok Sabha puts all the outstanding Demands for Grants, Whether discussed or not, to the vote of the House. This process is popularly known as ‘Guillotine’.