Union Budget 2021-22 | Highlights

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#UNION BUDGET 2021-22
#Highlights
6 Pillers of Atmanirbhar Bharat Scheme
Health & Wellbeing
Physical and Financial Capital and Infrastructure
Inclusive Development for Aspirational India
Reinvigorating Human Capital
Innovation and R&D
Minimum Government, Maximum Governance
Atmanirbhar Bharat Heath Scheme – outlay Rs.64,180/- Crore over 6 years.
For production of Covid 19 Vaccines – outlay Rs.35000/ crore (already have two vaccine and expecting two more soon.
Jal Jeevan Mission – Outlay Rs.2.87 lakh crore.
Mission Poshan 2.0 besides swachh bharat mission 2.0 for Rs.1.42 lakh crore.
Voluntary Vehicle Scrapping – Passenger vehicle 20 years Commercial 15 years undergo fitness
To Introduce professionally Managed Development Financial Institution (DFI), Capitalized with RS.20,000/- Crore
1.97 lakh crore allotted for Production Linked Incentive Scheme (PLI) over the period of 5 years, Scheme Cover 13 sectors.
For textile industry a scheme of Mega Investment Textile Park (MITRA) will launch in addition to PLI scheme
A National Monetization Pipeline of potential brownfield Infra Assets will be launched to provide visibility to investors
National Highway Project allotment ;-
Tamil Nadu – 1.03 lakh Crore
Kerala – 65000/- crore
West Bengal – 25000/- crore and additional 34000/- crore to Assam.
To create 3 lakh crore fund over five years to assist power distribution Companies Reform.
Raised limit of Foreign Direct Investment (FDI) for Insurance sector from 49% to 74%.

Assets Reconstruction & Management Co’s to be set up for stressed assets of the banks. Bank will allowed to sale of distressed assets to Alternate Investment Funds.

In FY 2022 PSU Banks Recapitalization Plan is of Rs.20000/- Crore.
FY 2022 Divestment Target at 1.75 Lakh crore.
Proposed to divest two PSU banks and one General insurance Company. Further divestment of BPCL, CONCOR, PAWAN HANS, AIR INDIA are in FY 2021-22.
Independent Gas Transport System will be setup & 100 more district will be added under the city gas expansion scheme.
The Centre will launch a portal for Correct data on Migrant workers under one Nation one Ration card scheme.
Employer will not get deduction if employee PF Contribution late paid.
Minimum wages will apply to all categories of employee’s also its extended to platform & gig workers.
Women worker allowed to work in all categories and also in night shift.
No ITR for Senior Citizen over 75 years of age having only Pension and Interest Income.
Time limit for re-opening Income Tax assessment reduced to 3 years from 6 years.
if there is evidence of concealment of income above 50 lakhs, then it can be re-open till 10 years only with approval of Pr. CCIT.
Additional deduction of Rs.1.5 lakh for home loan extended till 31-3-2022.
Proposed to make IT Appellate tribunal Faceless.
Tax Audit threshold limit raised to 10 crore for those having less than 5% cash transactions.
Dividend payment by REITs & INVITs not subject to TDS.
Advance Tax liability raised only after payment of dividend
Proposed tax exemption for Aircraft Leasing Companies.
IT Return form now be pre-filled with capital gain & Bank interest details.
Tax holiday for startups extended by 1 year.
Rules to be made to remove Double taxation of NRI.
Charitable Trust running Hospital or Education institutions, relief increased from 1 crore to 5 crore.