Budget 2021-22, Union Budget 2021: In the last budget, Finance Minister Nirmala Sitharaman made many announcements for the common man.
Union Budget 2021 India: Finance Minister Nirmala Sitharaman presented the budget for the financial year 2020-21 on 1 February. In this budget, many changes were made in the tax slab to encourage people to spend. The Finance Minister had also launched a scheme ‘Dispute to trust’ on tax related matters, under which the target was to resolve the pending tax disputes.
The finance minister had made several announcements in the budget, but this time due to Corona epidemic, all the plans could not be fully implemented. Apart from this, the deadline of some schemes has also been increased. Apart from this, a recruitment agency has been formed, which will not only save time for the job seekers, but will also reduce the financial burden on them.
‘Conflict to trust’ scheme
In order to resolve the disputes related to direct tax, it was announced in the budget this year to bring a ‘Dispute to Confidence’ scheme. Its goal is to resolve pending tax disputes in the country. Under this scheme, taxpayers were allowed to pay only the disputed tax amount and were exempted from interest and fines. The scheme came into effect on 17 March 2020. Earlier, its deadline was 30 June 2020, which was increased to 31 December 2020. It has once again been increased to 31 March 2021. Disputes can be resolved by taking advantage of this scheme and get rid of fines, interest and litigation.
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Secured the deposits of common people
In the event of the bank sinking, a proposal was made in the budget to ensure that the depositors do not suffer much loss. Under this proposal, the Finance Minister had proposed to increase the depositor’s insurance amount from Rs 1 lakh to Rs 5 lakh. This means that deposits of up to 5 lakhs (including interest) would be returned to the depositors in the event of bank sinking. Due to this decision, bank deposits of common people have been secured.
For people looking for employment
In the budget this year, the Finance Minister said that a National Recruitment Agency (NRA) will be set up. According to the budget announcement, it was proposed to be constituted for the purpose of recruitment through a common recruitment test. It was formed on 19 August 2020 as promised in the budget. Its function is to conduct an examination for all Group B and Group C posts of central government jobs. RRB, IBPS and SSC will be merged in it. According to the qualification, different Common Entrance Test (CET) will be taken for the 10th, 12th and graduate pass people at different levels.
It will be held twice every year. This greatly benefited the people searching for employment because now the need to fill different forms has ended and the need to give many exams has also ended. This will not only save the time of the contestant but will also reduce their expenditure. Its scorecard will be valid for three years.
Income tax slab changes
Under the alternative plan in the budget, the tax rate on income from 5 to 7.5 lakhs was reduced from 20 percent to 10 percent. 7.5 lakh to 10 lakh income tax rate reduced from 20 percent to 15 percent, tax rate on income of 10-12.5 lakh reduced from 30 percent to 20 percent, tax rate on income from 12.5 lakh to 15 lakh reduced from 30 percent to 25 Percentage has been reduced. The tax rate has been kept constant at 30 percent on income of more than 30 lakhs. Earlier, a single slab up to 5-10 lakhs had to pay tax at the rate of 20 per cent and tax at the rate of 30 per cent on income of more than 10 lakhs.
Plans launched during the Corona epidemic
PM Street Vendors Self-Reliant Fund- Due to Corona epidemic, many people had to face economic crises and many people also had problems of eating and drinking. In the era of Corona epidemic, the government ran many schemes to help the common people. The central government launched the PM Street Vendors Self-Reliant Fund (PM Swanidhi) scheme in June 2020. The central government had started this scheme to help shopkeepers by selling goods on the street affected by the corona. Under this scheme, loans up to 10 thousand are available without any guarantee at affordable rates. Under this scheme, shopkeepers, barbershops, cobblers, paan shops, vegetables, fruits, etc. can benefit.
Withdrawal approval from EPF account- Many people lost employment due to the Corona epidemic. To help them, in March, the central government allowed 6 crore subscribers of EPFO to withdraw from their EPF account. Under this, EPF subscribers could withdraw three months’ basic pay and DA equivalent amount from their account or up to 75 per cent of the EPF account and there was no need to return it again. Under this provision, a provision was made to withdraw the amount which was less in both. The central government took this decision to meet the financial needs of the people during the lockdown imposed due to Corona epidemic. According to Union Labor Minister Santosh Gangwar, the EPFO has paid Rs 13,300 crore under the 52 lakh non-refundable advance claims related to Corona.
Pradhan Mantri Garib Kalyan Yojana Due to Corona epidemic, many people had to face food and drink problems. On this, the Central Government started the Pradhan Mantri Garib Kalyan Yojana on 26 March 2020. Under this, an announcement was made to provide food grains in the Muft to about 80 crore ration cardholders of the country. Under this scheme, a provision was made to give 5 kg of wheat or rice and 1 kg of gram dal per member of a family. This was to be given in addition to the existing quota of grains. However, this plan was brought only till 30 November.
