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Monday, 1 February 2021

The first budget LIVE since Corona arrived

The first budget LIVE since Corona arrived:Lok Sabha proceedings begin, Finance Minister Nirmala Sitharaman starts reading budget from Made in India tab

Exemption on PF and LTC possible in new tax system

Tax exemptions on health insurance premiums may increase

Exemption for one more year in interest on home loan

The amount of the Farmer Honors Fund may exceed 2000

Finance Minister Nirmala Sitharaman has reached the Parliament House after handing over a soft copy of the budget to President Ramnath Kovind. A cabinet meeting will be held here, in which the budget will be approved. Then at 11 o'clock the finance minister will present the budget. This will be his third budget.

 Both the general public and the business world have high hopes for this budget. The reason for hope is his statement given on December 18 last year. He said this time the budget would not have come in the last 100 years. The Economic Survey, tabled in Parliament on February 29, has many indications for this. If the budget is in line with these indications, then such special things can be seen.

Finance Minister Nirmala Sitharaman has reached the Parliament House after meeting President Ramnath Kovind.

Krishnamurthy Subramaniam, chief economic adviser who prepared the economic survey, said the time has come for the government to increase its spending and reduce the tax burden on the people. However, private companies are not in a position to increase costs at present. That is why the government has to increase the expenditure, but the government is short of money for the expenditure. That is why there is little hope of tax relief. Conversely, there is talk of imposing a balance of corona, even if it seems to be on higher-earning companies.

Updates ..
Before the budget is presented, Minister of State for Finance Anurag Thakur said that the budget will be in line with the expectations of the people. The government is working on the mantra of 'Sauno Saath, Sauno Vikas and Sauno Vishwas'. The budget will give a new direction to the self-reliant India package. At the same time we will succeed in preventing the Koro epidemic and getting the economy back on track.

Before the budget was presented, Minister of State for Finance Anurag Thakur said that the budget would be in line with the expectations of the people.

Oxfam estimates that if 4% tax is levied on India's 954 richest households, it could generate revenue equal to 1% of GDP, or Rs 2 lakh crore. The money from such cess or surcharge remains with the central government, the states do not get a share of it.

Exemption may increase in new tax system
Last year, a new system of income tax was introduced, in which there is no exemption other than NPS i.e. National Pension System. That is why very few people chose this option. The government has not released any figures. The finance minister can give a figure on this today.

Taxes on PF, LTC and donations can be waived to make the new system attractive. Corona's effect can also be seen on some ads. For example, the standard deduction limit for job seekers can be increased by Rs 50,000 due to the costs associated with work from home. The tax benefit on health insurance premium under section 80D can also be increased. The investment limit under 80C is Rs 1.5 lakh. The government has also received suggestions to increase it.

Corona could double spending on healthcare
Healthcare costs are likely to rise the most. Corona vaccine is estimated to cost Rs 25,000-30,000 crore. The health budget was Rs 67,484 crore last time. This can be doubled. The National Health Policy 2017 aims to spend 2.5-3% of GDP on healthcare from the Center. But in 2019-20 this could only reach 1.5%. According to World Health Statistics, India ranks 179th out of 189 countries in terms of government spending on health.

If the government increases the budget on healthcare, people will save money. At
present, 65% of the total expenditure on health goes out of people's pockets. According to the survey, if the government increases spending, the expenditure from the pockets of the people will come down to 30%.

Live Update

The target for agricultural debt could be Rs 19 lakh crore
. The PM farmer scheme currently earns Rs 6,000 per year. Which can be increased by Rs. A target of Rs 19 lakh crore can be set for agricultural loans. Which was Rs 15 lakh crore last year.

Cheap housing can be encouraged to boost demand in the economy. And if nothing else, the government can extend the interest rebate of up to Rs 1.5 lakh for one more year like last year. In other words, in the income tax calculation, the exemption of Rs 2 lakh in interest on home loan was increased to a total of Rs 3.5 lakh.

have been emphasizing online learning for almost a year due to the free smartphone and tablet Corona. According to the survey, two years ago 36.5% of rural students had a smartphone, laptop or computer, now 61.8% have.

Unorganized area workers are more affected by the scheme Corona , which may come for migrant workers . The International Labor Organization released the Global Wage Report 2020-21 in December. Accordingly, wages in the organized sector have declined by 3.6%, but the earnings of unorganized sector employees have declined by 22.6%. On the other hand, layoffs and other cost cuts have boosted the profits of listed companies by 25%. There may be some announcements in the budget to bring migrant workers under social security.

Import duty may be increased for self-reliant India Import duty may be increased
on certain items under the self-sufficient India campaign. Last time, duty was also increased on many items, including mobile phones, electronics and electrical parts. Increasing import duty makes imported goods more expensive. This increases the sales of goods made in the country. The rules of GST can be simplified for small traders.

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Last year, on the budget day, the stock market fell by about 2.5%.
On the budget day, there are many fluctuations in the stock market. One of which was the interim budget. Last year on Budget Day (February 1) the market closed with a decline of 2.43%.

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