Budget highlights:
-No change in Income tax rates or slab.
-Agri cess of Rs 2.50/litre on Petrol and Rs 4 per litre on Diesel. But special excise duty reduced , so that there is no negative impact to consumers.
-Tax assessment compliance and returns simplified for senior citizens.
-No tax audit for companies with turnover up to Rs 10 Cr if transactions are digital.
-No reopening of IT cases beyond 3 years , unless tax evasion exceeds Rs 50 lacs and above.
-FII’S can utilize lower dividend tax in double taxation treaty.
-Single person entity can be set up for start ups and NRI’S allowed. Indian domiciliary period reduced to 120 days.
-Infrastructure development fund for FII – To issue zero coupon bond.
-New Domestic financial institution for infrastructure projects. To finance Rs 5 lac Cr within 3 years.
-Privatization of 2 PSU banks and 1 insurance company.
-Asset monetization of PSU and rly asset holdings to release/garner funds for projects.
-Asset reconstruction bank for taking and managing bad loans/ assets of PSU banks.
-Increased Capital outlay for PSU banks.
-LIC IPO
-7 Textile parks of Global scale.
– Rs 2.87 lac Cr for Jal jeevan Mission.
-Voluntary Vehicle scrapping policy for private vehicle owners.
-FDI in insurance increased to 74%.
-Health sector spending doubled.
-Capital expenditure increased to 5.54 lac cr from Rs 4.39 lac cr.
-Capital gains tax exemption for investment into start-ups extended by another year.
-Exemption available for the purchase of affordable houses and to provide tax exemption for affordable rental housing projects extended.
-Agri Credit expanded to Rs 16.5 lac Cr.
-Single Security market code to replace various regulations.
-Government sets Divestment target for FY22 at Rs 1.75 lakh crore.
-FY21 fiscal deficit pegged at 9.5% of GDP
FY22 fiscal deficit has been pegged at 6.8% of GDP
-Gross market borrowing target is at Rs 12 lakh crore for FY22, to approach the market for additional Rs 80,000 crore to fund FY21 fiscal deficit
-Govt aims for a fiscal deficit below 5% of the GDP by 2025-26.
Indian Equity indices have rallied 4%. USDINR is at 73.
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