Indian Budget 2021 The primary responsibility of human beings is to fulfil the needs of his or her family members. Most of the hard earned money received as salary or through business is spent on the family members. The details of monthly income and expenses have to be prepared in a systematic way for this. This helps to use the funds in the right direction and avoid wasteful expenditure. The systematic preparation of statement of fund related to income and expenditure is called budget.
Government of the people, by the people
India is the largest democratic country in the world where a government
is formed through elections. The democratic form of Government in India
is actually the Government of the people, by the people and
for the people. Therefore, the people of the entire country are
considered as family members of the Government formed.
Every year the government prepares the budget and presents
it in the Parliament to protect the interests of the public in mind
and to meet their needs. On this budget, the income and expenses
of the entire year are described. The budget was presented for
the first time on 26 November 1947 by RK Shanmukham
Chetty, the first Finance Minister of Independent India.
The word Budget originated from the Latin word Bulga which means
Leather Bag. After that the word Bougette was form in French
language and then Bogget in English language. Eventually,
this word budget was form in English language and the
same is still in use today.
After the independence of the country, the budget was presented
every year on 28 February at 5 pm which was in accordance with
the British tradition. For the first time in 2017, the budget was
presented on 11 February morning at 11 am and now the
budget is present by the government every year at this time.
From 1947 to 1949, the financial statement of the budget was publish in President’s House. However, in order to maintain the secrecy associat with the budget, it was publish in the Security Press locat on Minto Road in Delhi from 1950 to 1979. From 1980 onwards, the budget was publish on North Block in New Delhi. The publication of the budget starts after Halwa Ceremony. Some Prime Ministers viz., Pandit Jawaharlal Nehru, Indira Gandhi, Rajiv Gandhi also present the budget in the Parliament during their tenure.
The budget present by India’s Finance Minister Nirmala Sitharaman on 1 February 2021 is the first general budget of the Corona Period. Due to pandemic Covid-19, the budget was not publish and for the first time PAPERLESS BUDGET (Digital Budget) has been introduc in the Parliament. Prior to the budget, the highest tax collection of 1.20 Lakh Crores has been record in the month of January 2021 under GST. It is a good symptom for healthy economy of the nation.
Indian budget 2021
The brief details of Union Budget 2021 introduce in Parliament on 1st February 2021 are as follows: –
- Pensioners over 75 years of age will not be requir to file Income Tax Return provide the income earn is only from the pension amount and interest.
- Income Tax slab remained unchanged. Accordingly, Income tax will have to be paid in accordance with Income Tax Slab of previous year.
- In view of the Corona pandemic and considering the health of the public, the health budget has been increased by 135%.
- Financial assistance will be provide by the government to any state associated with Road Infrastructure (Economic Corridor) to speed up development.
- Shopping for cars, mobiles, electronic items etc. has become little more expensive than before.
- In the event of the bankruptcy of bank, the account holders will be insur up to Rupees Five Lakh. Earlier this amount was insur upto Rupees One Lakh.
- The edible Oil and Pulses used in kitchen have become costlier than before.
- Due to the introduction of agriculture and infra cess, many goods will become expensive in the days to come.
- Deposits of amount exceeding Rupees 5 Lakh on PF account and interest earn from it will fall under Tax Regime.
- Hundred new Military Schools will be open in the country.
- When a personal vehicle is twenty years old and a commercial vehicle is fifteen years old, it can be broken or destroyed.
- Insurance is likely to be cheaper through 74% Through IPO of LIC the government will get more money for expenses.
- Tax exemption for Startup companies has been extending for another one year.
- For the first time the public has got the privilege to choose Power company for availing the facility of electricity.
In Hindi Budget Union Indian budget 2021
Apart from this, employment opportunities will be promote towards becoming self-reliant India. The government will implement various projects nationwide for this.