New Delhi : The country’s general budget has to be presented today. The Union Cabinet will meet in Parliament on Monday at 10:15 am, in which the proposal to present the Union Budget for the year 2021-22 will be passed. After this, Finance Minister Nirmala Sitharaman will present the budget at 11 am. Several important announcements can be made in this budget to bring the deteriorated economy back on track due to the Corona epidemic. At the same time, people are expected to get relief from the government on issues like employment, tax concession, inflation.
Spending on health –
In the budget speech for the financial year 2020-21, Finance Minister Nirmala Sitharaman had allocated Rs 67,112 crore of the budget of the Ministry of Health and Family Welfare. 6020 and 600 crore rupees were included in the Pradhan Mantri Health Protection Scheme and Family Welfare Schemes respectively. The ministry’s budget is expected to increase this year due to the corona vaccination.
Good news came before the budget
Just before the budget is presented, good news has come for the economy. According to the Finance Ministry, GST collection of Rs 1,19,847 lakh crore has been done till 6 pm on Sunday in January 2021. This time last year, 8% more revenue was received than GST collection in the same month.
Will a home loan be cheap or expensive?
Experts about home loans say that the scope of tax exemption available on this can be increased. Under Section 80-C of income tax, the principal of home loan comes in the range of 1.5 lakh rupees. This limit can be increased. Similarly, the benefit of tax exemption is expected to be increased under Section 24-B.
Tax exemption limit
For many years, there has been a demand that the basic tax exemption limit should be increased from 2.5 lakh to 5 lakh. In the 2019-20 budget, the Modi government tried to exempt income up to Rs 5 lakh by giving a special rebate of 12,500 for people with income between 2.5 to 5 lakh rupees, but there is a demand to make income up to 5 lakh rupees permanently tax-free.
