Indian Budget 2021

Indian Budget 2021 Updates: On Monday, Finance Minister Nirmala Sitharaman announced that the Minimum Support Price (MSP) regime has undergone a renovation to guarantee the price to farmers that are at least 1.5 times the amount of production across all commodities.

While her speech in Lok Sabha, Sitharaman said: “Our government is committed to the welfare of farmers. The MSP regime has undergone a change to assure price that is at least 1.5 times the cost of production across all commodities. The procurement has also continued to increase at a steady pace, this has resulted in an increase in payment of farmers, substantially.”

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Farmers have been protesting on the several borders of the Delhi since November 26. They are against the three newly established farm laws.

Embellishing on the improvement in payment of farmers, the Nirmala Sitharaman apprised that in case of wheat, the cost paid to farmers in 2020-21 was Rs 75,875 cr, corresponded to Rs 62,802 cr in 2019-20.

In case of paddy, the cost paid to farmers was calculated to Rs 1,72,752 cr corresponded to Rs 1,41,930 cr in 2019-20, while in case of pulses, the price in 2020-21 was valued at Rs 10,530 cr, corresponded to Rs 8,285 cr in 2019-20.

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She further apprised that thousands of “mandis” is going to be integrated with National Agricultural Market (eNAM).

While her speech, she added, “Around 1.68 crore farmers are registered and Rs 1.14 crore trade value has been carried out through e-NAM, the national agricultural market. Keeping in view the transparency and competitiveness of that eNAM has brought into the agricultural market, thousands more mandi will be integrated with the eNAM”.

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Nirmala’s Announcement on Animal Husbandry | Indian Budget 2021

On animal husbandry, Nirmala Sitharaman announced: “To provide adequate credit to our farmers, I have enhanced the agricultural credit target to 16.5 lakh cr in this year. We will focus on ensuring credit flow to animal husbandry, dairies and to fisheries.”

She also introduced substantial investments in the growth of modern fishing harbours. Five major fishing harbours – Kochi, Paradip, Chennai, Visakhapatnam and Petuaghat is going to be extended as hubs for economic activities.

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Budget 2021 Income Tax Slabs and Rates Updates

Senior citizens, NRIs get tax exemptions

“In the 75th year of Independence of our country, we shall reduce compliance burden on senior citizens. For senior citizens who only have pension and interest income, I propose exemption of filing of income tax returns,” Sitharaman said.

So, from now senior citizens who only have an interest and pension income are released or exempted from filing the tax returns.

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The Finance Minister also declared that the NRIs are going to be spared from double taxation.

As per the last year tax rates, income under Rs 2.5 per year settled untaxable as it was earlier. Also, a tax of 5% was declared on income amid Rs 2.5 to Rs 5 lakh and 10% for receiving money between Rs 5 – Rs 7.5 lakh per year, which were 20 per cent earlier. The Nirmala Sitharaman had also introduced 15 per cent tax for individuals earning between Rs 7.5 lakh to Rs 10 lakh per year and had said that those making money between Rs 10 lakh to Rs 12.5 lakh per year will now pay 20 per cent tax. It was 30 per cent earlier. The new tax rate applicable to those making money amid Rs 12.5 lakh per year to Rs 15 lakh per year was estimated at 25 per cent and 30 per cent tax was declared for individuals getting wages above Rs 15 lakh per annum.

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