Union Budget 2021 highlights of tax and of all sectors of economy

Highlights of the General Budget 2020

1. Paid homage to Late Arun Jaitley.
2. We are 5th largest economy in the world.
3. Farmer’s income to be doubled.
4. ‘Sagar mitra‘ to be launched for fishing.
5. Kisaan rail for farmers to ferry the agri produces.
6. 112 more districts to be added in PM Arogue yojana.
7. 2.83 Lakh crore fod farmers and irrigation will be sanctioned.
8. 3.6 lakh crore for piped water to homes.
9. Solar pump will be provided under PM Kusum yojana.
10. 15 lakh crore for Kisaan credit card.
11. T.B. will be eradicated before 2025.
12. New Education Policy will be launched soon, will be funded more.
13. ‘National Forensic University’ will be made.
14. Saraswati-Sindhu University to be started.
15. Proposal of ‘medical university’ under ‘district’s hospitals’.
16. Online degree courses will be launched.
17. 8000 crore for Quantum India project at par with developed countries.
18. 3000 crore for Skill India project.
19. 5 new smart cities under PPP scheme.
20. Nirvik – New insurance scheme for exporters. Digital refunds for exporters from this year.
21. 27300 crore for industry and commerce.
22. Delhi-Mumbai expressway by 2023.
23. Chennai- Bengaluru expressway by 2023.
24. Mumbai- Ahmadabad bullet train to be started.
25. More Tejas type trains for tourism.
26. Wi-fi will be available at 550 train stations.
27. 100 more airports to come by 2024.
28. Earth-Ganga Project to be launched for the development alongside the rivers of India.
29. Smart meter policy for home electricity.
30. Prepaid electricity meter to all within 3 years.
31. 1 lakh villages are to be connected through optical fibre through ‘Bharat Net’ project.
32. ‘Data centre parks’ policy to come all over India.
33. Tribal museum at Ranchi, Indian museum at kolkata, Port museum at Lothal, total 5 ASI sites with museum will be opened.
34. Indian institute of Heritage will come.
35. 53700 crore for development of ST.
36. 9500 crore for Sr. citizens and PWDs.
37. 4400 crore for ‘Clean Air’ policy.
38. 3153 crore for ministry of Culture.
39. National Police University to come.
40. ‘National Recruitment Agency’ and National test for non-gazetted posts will be set up.
41. India to host G-20 meeting in 2022, 100 crore for preparing it.
42. 30757 crore for J&K development, 5958 crore to Ladakh.
43. 350,000 crore infused into banks.
44. Deposit insurance cover increased from 1 lakh to 5 lakh, increasing after 27 years.
45. IDBI bank will be privatised.
46. Bank’s recruitment will be done by a new Agency.
47. LIC to be privatised via IPO.
48. FPI limit for corporate bonds raised from 9% to 15%.
49. GDP nominal growth estimated at 10%.
50. Estimated Revenue : 22.46 Lakh crore.
51. Fiscal deficit target at 3.5% for 2020-21,Fiscal deficit at 3.8% for 2019-20.
52. Divestment target for 20-21 : 2.1 lakh crore.
53. For income upto 5 Lakh after deduction – No income tax.
54. But, if your income is more than 5 Lakh after deductions. then this is the slab:
    • Up to 2.5 Lakh – No Income tax.
    • 2.5 to 5 lakh slab for personal tax – 5%
    • 5 to 7.5 lakh slab for personal tax – 10% from 20%
    • 7.5 to 10 lakh slab for personal tax – 15% from 20%
    • 10 to 12.5 lakh slab for personal tax – 20% from 30%
    • 12.5 to 15 lakh slab for personal tax – 25% from 30%
    • For more than 15 lakh – 30%
55. But, New tax regime is optional without deductions and exemptions, depends on person to choose between old tax and new tax regime.
56. DDT, Dividend Distribution Tax is now removed, and it will be now in receiver’s tax addition as per its slab.
57. Deductions for Housing loans before 31st March.
58. Rs 2,826.92 crore as sports budget, 50 crore more than last year, SAI which manages national games has been given 500 crore from 615 crore last year. Khelo India 291.42 crore.
59. Defence budget hiked by 6% to 3.3 Lakh crore.

Kindly consult official document of General Budget for any clarifications.