Download Union Budget 2021-22 Mobile App: For the first time in India history, the Union Government Budget App makes Government of India budget documents available to Members of the Parliament (MPs) and general public alike, at one place.
The App would facilitate viewing of total 14 Union Budget documents, including constitutionally prescribed Annual Financial Statement (AFS), Demands for Grants (DG), Financial Bill etc., in digital mode and eco-friendly manner. This initiative is aimed at providing Union Budget information to various stakeholders including general public at the click of a button.
The list of Budget documents (14) presented to the Parliament include:
- Finance Minister’s Budget Speech
- Annual Financial Statement (AFS)
- Demands for Grants (DG)
- Finance Bill
- a. Macro-Economic Framework Statement
- b. Medium-Term Fiscal Policy cum Fiscal Policy Strategy Statement
- Expenditure Budget
- Receipt Budget
- Expenditure Profile
- Budget at a Glance
- Memorandum Explaining the Provisions in the Finance Bill
- Output Outcome Monitoring Framework
- Key Features of Budget 2020-21
- Key to Budget Documents
Union Budget 2021-22
Union Budget 2021 Important Updates
Finance Minister (FM) Nirmala Sitharaman has presented the Union Budget 2021 of India on the 1st of February, 2021. Here are the key Highlights from Budget 2021:
- Our Hon’ble Union Finance Minister nsitharaman has started presenting the Budget 2021.
- Our FM starts the budget 2021 announcement by mentioning the challenges during the pandemic and the vision of the Pradhan Mantri Garib Kalyan Yojana.
- FM says that India has two COVID-19 vaccines made available and two more will be made accessible soon.
- FM reiterated that the government is fully prepared to support the economy’s reset.
- FM says the Budget 2021 is based on 6 pillars. Starting with healthcare & wellbeing:
- Spending’s been increased
- New scheme with an outlay of Rs.64K crore to be spread over 6 yrs
- The above is in addition to the National Health Mission
- Support to rural & urban health centres
- FM announces the Jal Jeevan Mission with an outlay of 2.87 lakh crores aiming to provide full-fledged water supply to all urban local bodies with household tap connections.
- The FM proposed Rs1.41 lakh crores over a period of 5 Years for the Urban Swacch Bharath 2.0.
- An amount of Rs.1.47 lakh crores, over a 5-year-period, from 2021 has been assigned for initiatives such as wastewater treatment, reduction in plastic waster, reduction in pollution and the like.
- The Scrapping Policy has been announced in the Budget2021. The voluntary vehicle scrapping policy aims to remove inefficient vehicles so as to reduce vehicular pollution and oil import bills.
- FM proposes an amount of Rs.35000 crore to manufacture and make accessible the COVID19 vaccine.
- 2nd Pillar of Budget2021: Focus on physical, financial capital and infrastructure
- FM proposes an amount of Rs. 1.97 lakh crores, over 5 years, starting this FY to nurture global manufacturing champions and increase jobs for the youth
- FM has proposed a mega-investment textile park to be launched along with 7more textile parks to be established over the next 3 years.
- The FM proposes to set up a Development Financial Institution with an amount of Rs.5 lakh crores
- FM states that the Budget2021 will focus on the NHAI operational toll roads, airports in tier-2 and 3 cities, and sports stadiums
- The capital expenditure for the year 2021-22 will be 5.54 lakh crore with a 34.5% Y-o-Y growth rate.
- Our FM announced that more than Rs.2 lakh crores will be allocated for capital expenditure in the states and other autonomous bodies.
- FM announced that till date, a measure of 3,800 km highway-stretch has already been constructed and an additional km will be constructed under Bharat Mala project.
- The FM proposed the following National Highway budget for the below states:
- Tamil Nadu: 3500km @Rs. 1.03 lakh crores
- Kerala: 1100km @Rs.65,000 crores
- West Bengal: 675km @Rs.25,000 crores
- Also, National highway project of around 19,000 crores is in progress in Assam. Overall, the FM proposes a total of Rs.1,18,101 lakh crore for Ministry of Road Transport and Highways.
- An Infra-National Rail plan to prepare a future rail system in India by 2030 has been proposed to bring down logistics cost.
- The next few phases of metro projects will be taken up in Metro cities. Also in line are the ‘Metro Lite’ & ‘Metro New’ concepts for tier 1& 2 cities.
- The FM proposed to extend Ujjwala Scheme up to 1 crore beneficiaries from the existing 8 crore beneficiaries.
- The FM proposes to focus on the various allied laws of the securities market to be merged to the Securities Market Code.
- FM announced that the #SEBI will be notified to regulate the setting up and arrangement of the commodity market system.
- FM grants Rs.1,000 crores to the Solar Energy Corporation of India for the growth of the Solar Energy Sector.
- FM proposed to amend the Insurance Act to introduce additional FDI to insurance companies from the existing 49% to 74%.
- FM announces that a new Asset Reconstruction Company is to be set up to provide resolution to stressed assets in PSUs.
- The FM proposed to amend the DICGC Act, 1961 to streamline its provision where the depositors of the bank can get easy access to deposits through insurance in the case of a stressed bank.
- The FM announced that de-criminalization under the Companies Act, 2013 is complete and now the decriminalization of LLP Act, 2008 will be in force.
- Our FM modified the definition of small companies: companies with a paid-up capital not exceeding 2cr & a turnover not exceeding 20cr are to be considered small companies. Over 2 lakh+ companies benefit from this provision.
- For Startups and Innovators, the FM announced that the OPC can be incorporated without a limit for turnover or paid-up capital. This also allows NRIs to incorporate OPC in India.
- Our FM proposes a special framework for MSME.
- The FM announced that MCA 21 V3.0 to be introduced with additional modules for e-scrutiny and e-adjudication.
- FM stated that the IPO of the LIC will be carried out in FY 2021-22. Also, for the disinvestment strategy, two PSUs and 1 insurance company will be considered.
- The FM informed that the 15th Finance Commission’s recommendation is to rationalize and reduce centrally sponsored schemes.
- Pillar 3 of the Budget2021: Inclusive development for aspirational India
- In the Agriculture sector, the MSP regime has undergone a change to provide 1.5 times the product cost across all commodities.
- The total amount paid to wheat farmers was doubled in 2019-20 when compared to 203-14.
- The FM announced that agricultural credit will be increased to 16.5 lac crore.
- The FM proposed to enhance the scope of the ‘Operation Green Scheme’ to include 22 perishable crops, and 1.68 crore farmers have registered. Also, 1,000 mundis to be integrated under the said scheme.
- The FM stated that the government will take up the development of fishing harbors and fish landing centers along the banks of rivers and waterways.
- The FM announced that the ‘1 nation-1 ration card’ plan has been implemented by 32 States and UTs. Migrant workers benefit from this scheme as they can claim ration from anywhere in the country.
- The total fiscal deficit is pegged at 9.5 % of GDP and it is funded through govt borrowing. An additional 80,000 crore is needed to ensure our economy is given the needed push.
- The borrowings from the market for next year will be at 12 lakh crores.
- FM announced that the senior citizens who get only pension and interest on income are not required to file ITR.
- Reopening of assessment:
- In normal cases: the time limit has been reduced to 3 years from 6 years.
- In serious tax evasion cases: can be reopened till 10 years, only when concealment of income is more than 50 lakh.
- FM announced that the ‘Faceless dispute resolution committee and mechanism’ is set up to reduce litigations for small taxpayers. Any taxpayer with taxable income up to 50 lakh and disputed income up to 10 lakh can approach the committee.
- FM proposed a faceless Income Tax Appellate Tribunal (ITAT) for providing online resolution.
- The ‘tax audit limit’ under Section 44AB has been increased from Rs.10 crores to Rs.5 crores where 95% of business transactions are done in digital mode.
- The FM announced that the ‘advance tax liability’ on dividend income shall rise only after the declaration or payment of dividend.
- The FM announced that the deduction under section 80EEA is to be extended to loans taken up to 31st March 2022.
- FM announced that the affordable housing projects can avail tax holiday until 31 March 2022.
- FM announces tax incentives for the IFSC and tax holiday for aircraft leasing and rental companies.
- FM announces the pre-filled ITR in Budget2021: Salary, Tax Payments, TDS are already pre-filled. Capital Gains, dividend incomes, and interest income will now be pre-filled.
- FM states that in case the PF amount was deducted but not deposited by the employer, it will not be allowed as a deduction for the employer.
- FM announces that the deduction under section 80IAC will be extended upto 31st March 2021.
- Under Indirect Taxation, the FM proposes to review 400 old exemptions this year through extensive consultations. After which a revised customs duty structure will be introduced.
- The FM has rationalized customs duty on copper, textile, gold and silver.
- The FM raised customs duty on solar inverters from 5% to 20% and solar lanterns from 5% to 15%.
- The FM proposed to withdraw exemption on import of leather as they are domestically produced.
- The FM proposes ‘Turant Customs’ initiative for faceless, paperless, and contactless customs measures.
- The FM concluded the Budget2021 and the house has been adjourned after getting the consent for the Finance Bill, 2021.
How to Download Union Budget App
Union Budget Mobile App
Following is the process to download Union budget mobile app from Google play store:
- First of all open the Google play store on your mobile;
- Now, search for Union Budget;
- You will see various options on screen bu go for official Union Budget (NIC eGov Mobile Apps)
- Finally, you will see button to Install.
To know, whether the app is from original source (Official), please check the developer (IndiaBudget.gov.in/) and their email ID (email@example.com) offered by NIC eGov Mobile Apps.
However, you may directly Click here to download Union Budget mobile application from Google Play Store.
What is the theme of the Union Budget 2021?
For the first time in Indian history, the Union Budget 2021-22 will be delivered in paperless form. The Union Budget 2021-22 is to be presented on 1st February, 2021.
Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman.
On the occasion, Finance Minister Smt. Nirmala Sitharaman also launched the “Union Budget Mobile App” for hassle-free access of Budget documents by Members of Parliament (MPs) and the general public using the simplest form of digital convenience. The mobile App facilitates complete access to 14 Union Budget documents, including the Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), Finance Bill etc. as prescribed by the Constitution.
he App has a user-friendly interface with embedded features of downloading, printing, search, zoom in and out, bidirectional scrolling, table of contents and external links, etc. It is bilingual (English & Hindi) and will be available on both Android and iOS platforms. The App can also be downloaded from the Union Budget Web Portal (www.indiabudget.gov.in). The App has been developed by the National Informatics Centre (NIC) under the guidance of the Department of Economic Affairs (DEA).
The Budget documents will be available on the Mobile App after the completion of the Budget Speech by the Finance Minister in Parliament on 1st February, 2021.
At the Halwa Ceremony, the Union Finance Minister was accompanied by Union Minister of State for Finance & Corporate Affairs Shri Anurag Singh Thakur; Dr A.B. Pandey, Finance Secretary & Secretary (Revenue); Shri T.V. Somanathan, Secretary, Expenditure; Shri Tarun Bajaj, Secretary, Economic Affairs; Shri Tuhin Kanta Pandey, Secretary, DIPAM; Shri Debashish Panda, Secretary, Financial Services; Dr K.V. Subramanian, Chief Economic Advisor; Shri Rajat Kumar Mishra, Additional Secretary (Budget) and other officials of the Ministry.
Shri P.C. Mody, Chairman, CBDT, Shri M. Ajit Kumar, Chairman, CBIC, besides others officers and staff of the Ministry of Finance, involved in the Budget preparation and compilation process, were also present on the occasion.
Later, the Finance Minister reviewed the status of the compilation of the Union Budget 2021-22 and extended her best wishes to the officials concerned.