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Budget 2021 NRIs will soon be able to float one person companies
Seeking to further improve the ease of doing business, Finance Minister Nirmala Sitharaman on Monday said NRIs will be allowed to set up one person companies, definition of small companies will be revised and various provisions of the Limited Liability Partnership (LLP) Act will be decriminalised. The proposed relaxations to rules governing One Person Companies (OPCs) are expected to benefit startups and innovators.
Dedicating a separate portion of her 2021-22 Budget speech to company matters, Sitharaman said in the next fiscal year, MCA 21 portal will be driven by data analytics, artificial intelligence and machine learning features as well as have additional modules such as for e-adjudication and compliance management.
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Union Budget 2021: Here is Full Text of Nirmala Sitharaman s Address at the Parliament
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Introduction
Honourable Speaker, the preparation of this Budget was undertaken in circumstances like never before. We knew of calamities that have affected a country or a region within a country, but what we have endured with COVID-19 through 2020 is sui generis. RELATED NEWS
When I presented the Budget 2020-21, we could not have imagined that the global economy, already in throes of a slowdown, would be pushed into an unprecedented contraction.
We could not have also imagined then that our people as those in other countries would have to endure the loss of near and dear ones and suffer hardships brought about due to a health crisis.
Expectations from Union Budget 2021 were high. Given the hardships that people have endured over the past year, it was expected that there would be relief in some form or the other for the middle-class. At the same time, given the fact that the government has suffered loss of revenue due to the pandemic, it was also feared that the FM could ill-afford to loosen the purse strings. Read on to know how your money life has changed.
No change in tax slabs: The Finance Minister had introduced a new tax regime in Union Budget 2020 wherein there is an option for individuals and HUFs (Hindu Undivided Families) to pay taxes at lower rates, but without claiming deductions under various sections. The new regime has not found too many takers, so there were expectations that this tax regime would be tweaked. However, this has not happened.
Budget 2021 Highlights: What s in it for startups
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Last Updated: Feb 01, 2021, 09:00 PM IST
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Synopsis
Nirmala Sitharaman presented the much-anticipated Union Budget 2021-22 on Monday, aimed at boosting the pandemic-hit Indian economy. Here s a quick look at the key tech and startup highlights of her budget speech.
ETtech
Finance Minister Nirmala Sitharaman presented the much-anticipated Union Budget 2021-22 on Monday, aimed at boosting the pandemic-hit Indian economy.
The first budget of the decade was also India’s first paperless budget, with the finance minister replacing the Swadeshi bahi khata with a Made in India tablet. “The preparation of this Budget was undertaken in circumstances like never before,” Sitharaman said at the start of her nearly two-hour budget speech.