The government had announced an additional deduction of Rs 1.5 lakh above Rs 2 lakh in the 2019 budget.
New Delhi: The government has announced an additional tax deduction of Rs 1.5 lakh on the interest payment of housing loan for one year by March 31, 2022 for the purchase of cheap houses. This step can help increase demand in the sluggish real estate sector. The government had announced an additional deduction of Rs 1.5 lakh above Rs 2 lakh in the 2019 budget. This benefit was given for the first time and for those buying houses up to Rs 45 lakh.
Finance Minister Nirmala Sitharaman said in the 2021-22 budget speech on Monday that the government places ‘housing for all’ and affordable houses in priority areas.
He said, “In the budget of July 2019, I gave an additional deduction of one and a half lakh rupees on the interest of housing loan for purchasing affordable houses. I propose to extend this exemption for one more year till March 31, 2022. “The Finance Minister said that this additional deduction of one and a half lakh rupees is available on loans taken till March 31, 2022 for the purchase of affordable houses. Will be
Highlights of the budget:
Along with this, Finance Minister Nirmala Sitharaman made several important announcements in 2021-22 presented in Parliament on Monday:
Expenditure on fiscal and health items … Expenditure on health sector was increased by 137 percent to Rs 2.23 lakh crore.
Provision of expenditure of Rs 35,000 crore for Kovid vaccine in the next financial year starting April 1.
Two vaccines available in the country to protect against corona, two more vaccines will be released soon.
Capital expenditure was increased significantly to 5.54 lakh crore rupees in the next financial year from 4.39 lakh crore rupees in the current financial year.
The fiscal deficit for the current financial year is estimated to be 9.5 percent, which is more than the budget estimate of 3.5 percent.
fiscal deficit projected to be 6.8 percent for the next financial year. The government will take a loan of 12 lakh crore rupees.
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Government committed to bring down the fiscal deficit to 4.5 percent by 2025-26.
Tax Proposal
Filling of ITR (Income Tax Return) is not mandatory for senior citizens above 75 years, banks will deduct TDS (tax deduction at source).
The deadline for reopening of income tax cases was reduced to 3 years. This is 10 years in serious fraud cases.
The number of those filing income tax returns increased to 6.48 crores in 2020 from 3.31 crores in 2014.
Agricultural infrastructure cess of 2.5 percent on gold, silver door bar (alloy of gold and silver), 35 percent on apple.
In the budget, agricultural infrastructure cess at 30 percent on Kabuli gram, 10 percent on peas, 50 percent on Bengal gram, 20 percent on lentils, 5 percent on cotton. … a cess of Rs 2.5 per liter on petrol and Rs 4 per liter on diesel.
The new agricultural infrastructure development cess will be applicable from February 2.
the tax department will notify the rules to remove the problems caused by double taxation to overseas Indians (NRIs). … Tax holiday for startups, capital gains tax exemption extended for one year. … Tax exemption for notified cheap houses for aircraft leasing companies, migrant laborers.
Discount of Rs 1.5 lakh on interest payment for cheap house was increased for one year.
For companies doing most of their work in digital way, the tax audit exemption limit was doubled to Rs 10 crore.
The proposal to review the old four hundred exemptions in customs, from October 2021, will be considered intensively.
Customs were increased on some components of vehicles, solar equipment.
Allocation and Reforms
FDI in insurance sector increased from 49 percent to 74 percent.
Disinvestment target set at Rs 1.75 lakh crore.
The companies which will be disinvested include BPCL, IDBI Bank, two more public sector banks and one insurance company.
Rs 20,000 crore capital will be infused in public sector banks in the next financial year.
self-sustaining health program was started with an allocation of Rs 64,180 crore in the budget.
The proposals made in the budget are based on six main centers … Health and amenities, physical and financial capital and infrastructure, inclusive development for aspirational India, human capital, innovation and R&D, minimum governance effective Governance.
The government will set up a Development Finance Institute with a capital of Rs 20,000 crore.
Under the Voluntary Vehicle Junk Policy, old vehicles will be removed. Proposal for fitness check for personal use vehicles after 20 years.
National monetization program to market potential old infrastructure assets.
Provision of Rs 3,726 crore for the first census in a digital way.
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