What are the pros and cons of Union Budget 2021?

Indian Budget 2021 Pros & Cons

• 135\% increase in health spending.
• Government has given half of the country’s agricultural budget to Prime Minister Kisan Yojana.
• Tax exemption for senior citizens.
• Increase of FDI in insurance.
• Increase in capital expenditure.
• Budget disappointment in tourism and hospitality sector.

What are the disadvantages of union budget?

Demerits of Union Budget 2020

• The revamp of the taxation mechanism. One of the key announcements made by finance minister Nirmala Sitharaman was about the new taxation regime.
• Healthcare budget not up to mark. The target of spending on healthcare is 2.5\% of GDP.
• The conspicuous lack of impetus to the agricultural sector.

What are the benefits of Budget 2020?

-It also announced introduction of more Tejas type trains which will connect iconic tourist destinations. In Budget 2020, Finance Minister Nirmala Sitharaman proposed a new set of income tax rates for those earning up to ₹15 lakh a year. She proposed a 10\% tax on income between ₹5 and ₹7.5 lakh from 20 per cent now.

What are the main features of the latest Indian Union budget?

6 pillars of the Union Budget 2021-22:

• Health and Wellbeing.
• Physical & Financial Capital, and Infrastructure.
• Inclusive Development for Aspirational India.
• Reinvigorating Human Capital.
• Innovation and R&D.
• Minimum Government and Maximum Governance.

What do you mean by Union budget?

Definition: According to Article 112 of the Indian Constitution, the Union Budget of a year, also referred to as the annual financial statement, is a statement of the estimated receipts and expenditure of the government for that particular year.

Will merging the General & Railway Budget save exchequer from unnecessary spending?

Union Budget: Merging the General & Railway Budget will save exchequer from unnecessary spending. Government of India has merged the presentation of General Budget and Railway Budget in Parliament from the financial year 2017-18.

What are the advantages and disadvantages of budget?

Budgets translate strategic plans into action. Budgets provide an excellent record of organizational activities. Budgets improve communicationwith employees. Budgets improve resources allocation, because all requests are clarified and justified.

What are the pros of budgeting?

Benefits of budgeting

• Prepare for emergencies.
• Attract investors.
• Set sales goals.
• Meet financial goals.
• Pay off debt.
• Easily prepare taxes.
• Make large financial decisions.
• Know industry standards.

What are the major changes in Budget 2020?

Under section 194J- fees for technical services, TDS has been reduced to 2\% from 10\%. Tax audit threshold has been increased from Rs 1 crore to Rs 5 crore provided turnover/ gross receipts in cash does not exceed 5\% during the previous year. Also, payment made in the P.Y in cash does not exceed 5\%.

What is India’s Budget 2020?

Total Expenditure: The government is estimated to spend Rs 30,42,230 crore during 2020-21. This is 12.7\% more than the revised estimate of 2019-20.

What are the benefits of budget 2021?

Direct Tax Proposals – Budget highlights 2021

• IT relaxation for senior citizens of 75 years age and above:
• Reduction in time for IT Proceedings:
• Constitution of ‘Dispute Resolution Committee’:
• National Faceless Income Tax Appellate Tribunal Centre:
• Tax incentives to startups:
• Relaxations to NRI: