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The government must focus on implementing the disinvestment and privatisation programme to generate revenues.
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Union Finance Minister Nirmala Sitharaman speaks during the post-budget press conference, at National Media Centre in New Delhi. (Photo | Parveen Negi, EPS)
The Union Budget presented in the wake of the pandemic led economic contraction lays out many proposals to strengthen the current V shaped recovery and sets India on the path to high growth.
We believe that the Budget has met the twin challenges of boosting growth while laying down a path to fiscal consolidation. It prioritises growth in the immediate term while taking a medium-term view of fiscal consolidation. It has also announced some path-breaking reforms.
What does Union Budget 2021 offer the common man?
While the expectations of the common man of tax relief are not met, the budget outlines measures to rationalise the tax structure and bring out changes in the tax processes
Divya Baweja | February 2, 2021 | Updated 16:51 IST
Finance Minister Nirmala Sitharaman with MoS Finance Anurag Thakur. FM Sitharaman presented the Union Budget-2021 in Parliament on Monday. (PTI Photo)
As in the past, the common man had expectations from the budget that it would provide tax relief in terms of reduction in tax rates or in widening of tax slabs. However, Finance Minister Nirmala Sitharaman has not tinkered with either of these while presenting the Budget proposals.
»Tax Proposals Falling Short of Rationalisation of Direct Tax Structure But Sufficient to Give Relief to Taxpayer
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Tax Proposals Falling Short of Rationalisation of Direct Tax Structure But Sufficient to Give Relief to Taxpayer
Representative image.
In the backdrop of an extremely challenging landscape, the Budget 2021 has successfully managed to meet the requirements from several quarters.
Last Updated:February 02, 2021, 12:15 IST
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Finance minister Nirmala Sitharaman has presented the Budget 2021 amidst a lot of expectations from industry and kickstarting the revival of the economy. This was a very special and historic Budget as it was aimed at pulling out the economy from the losses due to the Covid-19 pandemic.
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Budget 2021 was definitely one like never before. It did not boast of several deductions under Section 80C or a multitude of schemes with tongue-twister-like names. Instead, the focus was on digitisation.
In terms of increasing tax audit limits for digitised businesses or taking assessment procedures faceless, Budget 2021 seemed to be subtly pushing for a digital revolution, without burdening taxpayers. It was also India’s first digital budget.
Direct taxes
In a significant push to digitise businesses, the government has increased the tax audit limit under Section 44AB from Rs 5 crore to Rs 10 crore, where 95 percent of business transactions are done in digital mode.