Budget of India

 Today Finance Minister Nirmala Sitharaman presents the Union Budget 2021-2022 in Parliament. It was the third budget under the National Democratic Alliance government led by Prime Minister Narendra Modi. It is not a printed budget. It is available in a digital format.

It is an active budget that focus all round development of country. It also focuses on increasing the income of farmers. Farmers may get loans easily from financial institutions. There are many policy, rules, regulations, provisions make to strengthen APMC. There is much fund allocated to Agriculture Infrastructure Fund that will utilise for the development of farmers.

It is based on the approach of widening new opportunities for growth of young people of India. There are many changes in the taxation process. The scrapping of income tax for senior citizens under certain condition, new rules for removal of double taxation for NRIs and a reduction in the time period of tax assessments among other measures.

According to budget India will hava a policy on green hydrogen.  It reflects good step towards transitioning away from coal. There are many countries of the world like Germany, EU UAE and Australia follow this concept.

She also announces Scrappage policy that will not only increase vehicle demand but will also put older polluting vehicle off the road.

Taxation-

1.It proposed to restrict tax exemption for the interest income earned in the employees' contribution to various provident fund to the annual contribution of 2.51 lakh.

2. It also proposed not to provide tax exemption under section 10 (10D) of income tax act for maturity proceeds of the unti linked insurance policies with annual premium above 2.5 lakh.

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