Walnut Money Manager
Walnut Money Manager
Daily Expense Tracker, Automated Money Management, Instant Personal Loans & More
  • Home
  • FAQs
  • Blog
  • Terms of Use
  • Privacy Policy
back  

Indian Budget 2021 Key Highlights [Infographic]

February 2, 2021Budget

Still amidst a global pandemic and faced with a shrinking GDP growth rate, India’s Finance Minister Nirmala Sitharaman presented the Union Budget for the year 2021-2022. This year’s budget is guided by 6 main pillars:

a)  Health and well-being, b) Physical and financial capital and infrastructure, c) Inclusive development of aspirational India, d) Reinvigorating human capital, e) Innovation and R&D, f) Minimum Government, Maximum Governance.

Here we summarize the key points included in this budget:

indian union budget highlights infographic 2021-2022

Budget 2021 Key Takeaways

  1. No change in personal income tax slabs
  2. Health budget increased by 137%
  3. ₹35K Crores allocated for Covid-19 Vaccination
  4. Custom duty on imports of Gold and Silver to be reduced
  5. Custom duty on mobile phone parts increased – duty on some parts increased from 0% to 2.5%
  6. Capital gains from listed securities, bank interest and dividend income will now be pre-populated at the time of filing taxes
  7. Voluntary vehicle scrapping policy announced –  vehicles will have to undergo fitness tests at automated testing facilities every 15 years (for commercial vehicles) and every 20 years (for personal vehicles)
  8. ₹1.5L tax benefit for affordable home loans extended till March 2022
  9. ₹1500 Crore scheme announced to promote digital payments
  10. Two public sector banks, one general insurance company, Bharat Petroleum and some other PSUs to be privatised in the upcoming financial year
  11. 100 new Sainik schools to be setup, 750 Eklavya schools slated to open in tribal areas
  12. For businesses doing more than 95% of transactions through digital payments, the need for getting an audit done is waived off – provided the overall turnover does not exceed ₹10 crore in a financial year
  13. To reduce uncertainty, the time limit for reopening of income tax proceedings against tax evaders has been reduced from 6 years to 3 years
  14. Tax holiday for startups has been extended up to 31st March 2022
  15. Residents over 75 years of age, earning interest income or receiving pensions will be exempted from the need to file income tax returns
  16. FDI in Insurance sector increased from 49% to 74%

The entire text of the Budget 2021 speech is available here.

Still undecided on what should be your monthly budget? Install Walnut to track your expenses automatically and know how much you spend. Get started now.

Walnut App Track Spends
Related posts
Budget 2019 Highlights
Budget 2019 Highlights – petrol and diesel costlier, digital payments cheaper
July 5, 2019
Making A Monthly Budget
How to make a budget – and stick to it
June 27, 2019
Travel on a shoestring budget
How to travel the world on a shoestring budget
May 6, 2019
Interim Budget 2019
Interim Budget 2019 Highlights – all you need to know
February 1, 2019
Financial Checklist Newly Married Couples
A financial checklist for newly married couples
November 14, 2018
Long Term Capital Gains Tax
Long Term Capital Gains Tax and the Budget 2018 impact
February 8, 2018
Search
Recent Posts
  • Indian Budget 2021 Key Highlights [Infographic]
  • 4 Traps To Avoid While Taking Personal Loans Online
  • 5 Reasons To Choose The Walnut App
  • 5 Financial Lessons To Learn From The Coronavirus Pandemic
  • Common mistakes while filing income tax return
  • Filing your income tax return: A step-by-step guide
  • 10 Online Shopping Tips to Save Money
  • Budget 2019 Highlights – petrol and diesel costlier, digital payments cheaper
  • How to make a budget – and stick to it
  • Advance Tax: How and when to pay it
Categories
  • Aadhaar
  • Blog
  • Budget
  • Credit Card
  • Credit Report
  • Demonetisation
  • Economy
  • EPF
  • Insurance
  • Investing
  • Loans
  • Mutual Funds
  • NPS
  • Online
  • Personal Finance
  • Press
  • Salary
  • Tax
  • Travel
  • Walnut App
Get it on Google Play Download On The App Store
About Us | Join Us | FAQs | Terms Of Use | Privacy Policy | Blog

Copyright © 2021 Thumbworks Technologies Pvt. Ltd.