Union Budget 2021: Senior citizens above 75 with pension and interest income exempted from filing I-T returns

Indias first Budget post the onset of COVID19 pandemic will be presented to Parliament on Monday Finance Minister Nirmala Sitharaman on Monday moved for the House to present her third and most significant Finance BillThe Budget comes at a time when India has been battling with the coronavirus pandemic and the economy is reeling under the after effects of the lockdownLIVE UPDATESThe fiscal deficit in 202122 is estimated to be 6837 of the GDP Finance Minister Nirmala SitharamanGovt proposes to make income tax appellate tribunals faceless to set up national income tax appellate tribunal centre FMSerious tax offences of concealment of income of over Rs 50 lakh can be reopened after 10 years says SitharamanPropose to reduce the time limit for reopening of tax assessments to 3 years from the present 6 years FMExemption from income tax return for those above 75 years of age with only pension and interest income Nirmala Sitharaman118 lakh crore revenue deficit grant to 17 states Nirmala SitharamanAgriculture infrastructure fund would be made available to APMCs to augment infrastructure facilities Finance MinisterOne nation one ration card plan under implementation in 32 states 1 UT FMGovt proposes portal to collect info on gigworkers building and construction workers among others says SitharamanFinance Minister Nirmala Sitharaman earmarks Rs 1500 crore for promoting digital mode of paymentAgri procurement has increased steadily benefiting farmers says FM amid opposition slogan shouting against three farm lawsGovt committed to welfare of farmers says FM Sitharaman Around 165 lakh crore agricultural credit targetLIC IPO will be brought in FY22 FMUjjwala scheme will be extended to cover 1 crore more beneficiaries gas pipeline project for Jammu and KashmirInsurance Act to be amended to increase FDI limit to 74 per cent from 49 per cent says Finance Minister Nirmala SitharamanThe pneumococcal vaccine limited to only 5 states at present to be rolled out across the country says FMThe pneumococcal vaccine limited to only 5 states at present to be rolled out across the country This will avert more than 50000 child deaths annually Finance Minister Nirmala Sitharaman UnionBudget pictwittercomS4Eohm8fQamdash ANI ANI February 1 2021Government to provide Rs 2 lakh crore to states and autonomous bodies to meet capital expenditure Sitharaman8500 kms of road highway projects to be awarded by March 2022 to further augment road infrastructure FM SitharamanRecord Rs 110055 crore provided for railways of which Rs 107100 cr for capital expenditure in 202122 FMFM proposes sharp increase in capital expenditure for next fiscal at Rs 554 lakh cr up from Rs 439 lakh cr of last yearFinance Minister Nirmala Sitharaman said the Centre has provided Rs 35000 Crore For COVID19 vaccination Only three times has the Budget followed a contraction in the economy This time unlike before the situation is due to a global pandemic Budget 2021 provides every opportunity for economy to capture pace and grow sustainably she saidA new centrally funded scheme PMSwasthyaYojana with an outlay of Rs 64180 cr will be launched in addition to the existing schemes to develop primary secondary and tertiary healthcare says Finance MinisterThis Budget 2021 will also be a digital budget Finance Minister Nirmala SithramanThe government stretched its resources for the benefit of the poorest of the poor The PM Garib Kalyan Yojana three Aatma Nirbhar Bharat packages and subsequent announcements were made like five minibudgets in themselves says the Finance MinisterToday India has 2 vaccines available and has begun safeguarding not only its own citizens against COVID19 but also those of 100 or more countries It has added comfort to know that 2 more vaccines are also expected soon says SitharamanSitharaman said India could have never imagined the health crisis that was about to unfold when she presented budget for 2020 The total impact of Atmanirbhar Bharat and measures by RBI was Rs 271 lakh crore which amounts to 30 per cent of GDP Sitharaman saidFinance Minister Nirmala Sitharaman says the global economy was already in throes of a slowdown in 2020 and could have never imagined the health crisis that was about to unfold when we presented the budget for 2020Budget session begins in ParliamentBudget2021 LIVE NOW from ParliamentPresentation of UnionBudget 202122 by Finance Minister nsitharamanAatmanirbharBharatKaBudget YouTube httpstcor06BA3Sz80Facebook httpstcop9g0J6q6qvhttpstcoafbpXH0YaImdash PIB India PIB_India February 1 2021Union Cabinet approves Budget 202122The Budget is in a series of threefour mini Budgets presented during last year considering the pandemic Breaking the tradition this years Budget will be unique as it will be paperlessAt the beginning of the joint session of Parliament on Friday Modi had also said that the Finance Minister had already announced 34 mini budgets and that the 202122 Budget would be a historicSitharaman had then asserted that this years Budget will be a Budget like never beforeUsually the duration of the presentation ranges from 90 to 120 minutes This year the Union Budget will be delivered in paperless form for the first timeFinance Minister had launched the Union Budget Mobile App for hasslefree access of Budget documents by Members of Parliament MPs and the general public using the simplest form of digital convenience according to the Finance MinistryThe App facilitates complete access to 14 Union Budget documents including the Annual Financial Statement commonly known as Budget Demand for Grants DG and Finance Bill as prescribed by the ConstitutionAhead of the Budget Sitharaman had tabled the Economic Survey in Parliament on Friday The Indian economy can contract by 77 per cent in the current financial year ending on March 31 and the growth could be 11 per cent in the next financial year according to the surveyThe contraction in FY21 is mainly due to the coronavirus pandemic and the visible damage caused by the subsequent countrywide lockdown to contain itThe survey unveiled two days before the Union Budget is broadly in line with forecasts by the Reserve Bank of India RBI which has said it expected the countrys GDP to contract by 75 per cent in the year ending March 31In the quarter ending June 2020 the GDP contracted by 239 per cent followed by a milder contraction of 75 per cent in the quarter ended September 2020The first part of the Budget Session of Parliament will end on February 13 instead of February 15 as the Rajya Sabha has decided to change its sitting sources said The second part of the session will be held from March 8 to April 8Rajya Sabha will function from 9 am to 2 pm and Lok Sabha from 4 pm to 9 pm with Zero Hour and Question Hour Parliamentary Affairs Minister Pralhad Joshi said on Saturday that the budget session will take up 38 legislative itemsWith inputs from agency