New Delhi : Finance Minister Nirmala Sitharaman is presenting the Union Budget 2021-22 today, at a time when India is battling the Covid-19 crisis. After an estimated 7.7 per cent contraction in 2020-21, the Finance Ministry’s Economic Survey projects that India’s real GDP would record a growth of 11 per cent in 2021-22. The nominal GDP growth has been estimated at 15.4 per cent, implying an assumption of 4.4 per cent inflation during the year.
NRIs to be spared from double taxation: FM Sitharaman
NRIs to be spared from double taxation. New rules to be notified, says FM. Tax audit limit increased from Rs 5 crore to Rs 10 crore.
Fiscal deficit for 2021-22 at 6.8% of GDP
Finance Minister Nirmala Sitharaman announced that when the world is going through such a huge crisis, everyone’s eyes are on India. In such a situation, we should give all the facilities to our taxpayers.
Finance Minister Nirmala Sitharaman said in her budget speech that the fiscal deficit is expected to be 6.8 percent. For this, the government will need 80 thousand crores, which will be taken from the market in the next two months.
Finance Minister Nirmala Sitharaman made a special announcement for senior citizens too. Senior citizens above 75 years of age have now been given tax relief. Now those above 75 years of age do not have to fill ITR.
