India when is budget

Top 9 things you need to know Want a bigger cheque, mate? Try these hot tips Union Budget: Your retirement savings hit, again Blog: A Covid tax on the rich will hurt wealth creation Guidebook for startups: Income tax benefits, other incentives for eligible ones New, or old: Which tax regime makes the most sense for you? Union Budget: Want a bigger cheque, mate? Try these hot tips.

Finance minister picks up tab in e-Budget Trending Topics. Business News Stock Market Holidays. Rent Agreement Format. Gratuity Balance Check. NPS Tax Benefit. Savings Growth Calculator. Atal Pension Yojana.

Sukanya Samriddhi Yojana. Income tax. Tax Revenues raised but not realised Principal Taxes 6. Arrears of Non-Tax Revenue 7. Details of current rupee loans of the Central Government 2A. Special Securities issued to nationalised banks converted into marketable securities 2B.

Inflation Rate indexed Bonds 2C. Special Securities converted into marketable securities 2D. National Small Savings Fund 4. Liability on Annuity Projects 5. External Assistance 6. Market Loans due for discharge in Economic Survey Download Mobile Application. In , extra-budgetary resources were estimated at 0. Extra-budgetary resources for were revised downwards to 0. In , extra-budgetary resources are estimated to be 0. Revenue deficit is the excess of revenue expenditure over revenue receipts.

The estimated revenue deficit for is 5. In , revenue deficit was 7. Outstanding debt is the accumulation of borrowings over the years. A higher debt implies that the government has a higher loan repayment obligation over the years. Outstanding debt of the government decreased from However, the Medium Term Fiscal Policy Statement has not given the estimate of outstanding debt for , or revised estimate for High borrowings in the current year indicated by fiscal deficit and increase in outstanding debt leads to high interest cost.

Recommendations by the 15 th Finance Commission. For details on the recommendations of the 15 th Finance Commission see the Annexure. Outstanding liabilities. Annexure: Recommendations of the 15 th Finance Commission for The 15 th Finance Commission Chair: Mr. Singh has submitted two reports.

The first report, consisting of recommendations for the financial year , was tabled in Parliament in February The final report with recommendations for the period was tabled in Parliament on February 1, Key recommendations of the Commission include:. Table 10 : Criteria for devolution. Income Distance. Population Demographic Performance. Forest Cover. Forest and Ecology. The opinions expressed herein are entirely those of the author s.

PRS makes every effort to use reliable and comprehensive information, but PRS does not represent that the contents of the report are accurate or complete. PRS is an independent, not-for-profit group. This document has been prepared without regard to the objectives or opinions of those who may receive it.

Parliament States Primer. Parliament States. State Assembly. Budgets Parliament Union Budget Analysis. Budget Highlights Expenditure: The government proposes to spend Rs 34,83, crore in Deficits: Revenue deficit is targeted at 5. Fiscal deficit is targeted at 6. The government aims to steadily reduce fiscal deficit to 4. Main tax proposals in the Finance Bill No changes in income tax rates for individuals and corporations. Extensions on tax incentives by a year upto the end of fiscal This includes tax deduction upto Rs 1.

Agriculture and Infrastructure Development Cess: The cess will be levied on some imported items including gold, silver, alcoholic beverages, coal, and cotton, and basic customs duty will be reduced by an equal amount.

The cess will be levied on petrol and diesel at the rate of Rs 2. As the cess is not part of the divisible pool of revenue shared with states, their revenue receipts will be adversely affected.

Changes in customs duty: The duty has been increased on some items such as cotton, silk, some auto and mobile parts. Encashment of leave travel concession will be exempt from tax if the amount is used for purchasing certain goods. Reduction in time for income tax proceedings : Time limit for the re-opening of income tax assessment will be reduced from 6 years presently to 3 years.

The threshold will be increased to Rs 10 crore. These are listed below. Securities Contracts Regulations Act, amended to allow pooled investment fund which collects money from investors. They may borrow money or issue debt securities. The Companies Act, will be amended to revise the definition of small companies by increasing threshold for paid up capital from Rs 50 lakh to Rs 2 crore and annual turnover from Rs 2 crore to Rs 20 crore.

Certain offences under the Limited Liability Partnership Act, will be decriminalised. The Deposit Insurance and Credit Guarantee Corporation Act, will be amended to ensure that depositors get time-bound and easy access to their deposits to the extent of their insurance cover.

Legislative amendments will be introduced to privatise two public sector banks and a General Insurance company. The government has approved a strategic disinvestment policy under which CPSEs will be maintained only in four sectors, with the rest being privatised.

States will be incentivised to disinvest their public sector companies. A Special Purpose Vehicle will be used to monetise government owned land. Finance: An Asset Reconstruction Company Limited and Asset Management Company will be set up to consolidate and take over existing stressed debt, and manage and dispose assets.

An institutional framework will be created for the corporate bond market to instil confidence among participants and enhance liquidity of secondary markets. An investor charter will be introduced for financial investors across all products. A Conciliation Mechanism will be set up for quick resolution of contractual disputes.

Commerce and Industry: Seven textile parks will be established over three years to create infrastructure and increase exports. Incorporation of one-person companies will be encouraged by regulatory changes such as removal of restrictions on paid up capital and turnover, and NRIs will be allowed to establish such companies. Labour and Employment: A portal to collect information on gig workers, and construction workers, among others will be launched to help frame schemes on health, housing, insurance, and others for migrant unorganised workers.

The Apprenticeship Act will be amended to enhance apprenticeship opportunities. Health and Nutrition : PM Atma Nirbhar Swasth Bharat Yojana will be launched to develop capacity of health systems, strengthen national institutions, and create institutions to detect and cure new and emerging diseases.

Mission Poshan 2. Education: Legislation to set-up a Higher Education Commission of India will be introduced, having vehicles for standard-setting, accreditation, regulation, and funding.