NIrmala Sitharaman is all set to present the budget 2021- Get all the live news and Updates

Sensex rises over 400 points right before the Budget 2021 presentation starts. The COVID 19 Pendamic has hit hard to the common man across the world. All eyes are glued to the Finance Minister Nirmala Sitharaman as she head to the parliament after meeting the president Ramnath Kovind. This would be third time for Nirmala Sitharaman that she is going to present the Budget 2021 under the leadership of Mr. Narendra Modi. Get all the live updates and news of Budget 2021 with Ebizfiling.

Stay tuned for all the latest news and updates for the Union Budget 2021.

It is interesting to note here that the FM Nirmala Sitharaman will present the budget 2021 via total paperless medium. First time ever the Finance Minister will present the Budget through a Made-in-India tab.

Budget 2021- Live Updates and News

[At 01:00 pm]- No change is the Income Tax slabs – Direct taxes remains unchanged. The major announcement on the tax incentives are as follows:

[At 12:53 pm]- Finance Minister Nirmala Sitharaman concludes her Budget 2021 speech

[At 12:50 pm]- FM announces Custom duty rates as follows

[At 12:47 pm]- The government will borrow Rs 80,000 crore in the remaining two months to meet Financial year 2021 expenditure.- FM said

[At 12:45 pm]- The Government is proposing to notify rules to eliminate double taxation for NRIs on foreign retirement funds: says FM

[At 12:37 pm]- The aircraft leasing companies shall be exempted from tax- says FM

[At 12:34 pm]- The Government proposes tax audit limit for NRIs to be increased from Rs 5 crore to Rs 10 crore. Also, Advance tax liability on dividend income shall arrive only after declaration of payment of dividends- Says Fm

[At 12:32 pm]- There will be a faceless dispute resolution panel- announces FM

[At 12:31 pm]- In serious tax evasion cases, only where there is evidence of concealment of income of Rs 50 lakh or more in a year, can reassessment be opened for 10 years- in other cases the time limit for reopening assessments shall be reduced to 3 years from present 6 years: FM

[At 12:25 pm]- Budget 2021 brings relaxation for the senior citizens as the FM reduced the tax burden on senior citizens above 75 years. Pensioners over 75 years of age are also exempt from filing the returns.

[At 12:17 pm]- FM briefs on the Fiscal Deficit says- In Financial year 2021 fiscal deficit at 9.5% of GDP

[At 12:15 pm]- India will be launching Deep Ocean Mission, with the funds allocation of Rs 4,000 crore over 4 years.

[At 12:13 pm]- FM announces Rs 1,000 crore for tea workers in Assam and Bengal

[At 12:12 pm]- Minimum wages to now apply to all categories of workers. Women to be allowed to work in all categories with adequate protection.

[At 12:10 pm]- The ease of doing business will be now be multi-state co-operative.

[At 12:13 pm]- Margin money requirement shall be reduced from 25% to 15% for the startups- Government proposes. FM says that the Government is preparing to set aside Rs. 15,700 crore in Financial year 2022- MSMe allocation will be doubled- FM says

[At 12:10 pm]- Finance Minister says that 69 crore beneficiaries or 86% covered under one-nation, one-ration.

[At 12:08 pm]- FM gives updates on the Scheme for the farmers as follows:

• 1.54 crore farmers benefited from MSP in paddy and wheat in FY21 vs 1.24 crore year to year.
• Amount paid to farmers for wheat in FY21 was Rs 75,060 crore vs Rs 62,802 crore in FY20
• Amount paid to farmers for paddy in FY21 seen at Rs 1.72 crore Rs vs Rs 1.41 lakh crore in FY20
• Amount paid to farmers for pulses in FY21 seen at Rs 10,530 crore vs Rs 8,285 crore in FY20

[At 12:06 pm]- Farmers find a way in the bahi khata. FM announces enhanced agriculture credit target for Financial year.

[At 12:01 pm]- The Government is fully committed to achieve the welfare of farmers: FM opposition members protests.

[At 12:00 pm]- The one man show, Government to now allow one-person companies for the NRIs in India

[At 11:58 am]- There will be a separate administration structure to promote ease of doing business: FM

[At 11:56 am]- The companies will be under the purview of small companies according to the new definition. FM increased the threshold limit for capitalization from not exceeding Rs 50 lakh to not exceeding Rs 2 crore and turnover not exceeding Rs 2 crore to not exceeding Rs 20 crore.

[At 11:55 am]- The Finance Minister proposed to revise definition of the small companies under Companies Act, 2013 by increasing their threshold limit for capitalization.

[At 11:50 am]- Government allots Rs 20,000 crore for bank re-capitalization to achieve the need to clean up banks’ books

[At 11:48 am]- Government is all set to amend Insurance Act to allow higher Foreign Direct Investment in India.

[At 11:46 am]- Pipelines of GAIL (India) Ltd, Indian Oil Corp (IOC) and HPCL will be monetised- 100 more cities will be added in the coming 3 years to the gas distribution network.

[At 11:44 am]- More ships shall come to India from Japan and Europe, efforts are in pipe line- FM says

[At 11:42 am]- The government had pegged the fiscal deficit at 3.5% for FY 2021 in the last budget before the onset of the Covid-19 crisis.

[At 11:38 am]- FM announced that Rs 18,000 crore for public buses will be provided by the center.

[At 11:36 am]- Railways too has got a place in Budget 2021. There will be Rs 1.10 lakh crore outlay for railways, of which Rs 1.7 lakh crore is for capital expenditure: announced FM

[At 11:36 am]- at a cost of Rs 25,000 crore, 675 km of highway works to be done in West Bengal: FM announced.

[At 11:34 am]- FM announces that the four states will go for the polls in April-May in 2021 for buildup of highways projects in Tamil Nadu, Kerala, West Bengal and Assam.

[At 11:34 am]- 11,000km of national highway infrastructure to be completed this year: FM hopes.

[At 11:33 am]- FM announced that more economic corridors being planned to boost road infrastructure.

[At 11:30 am]- For 2022, a sharp increase in capital expenditure at 5.54 lakh crore, from Rs 4.39 lakh crore in 2021: Proposed FM

[At 11:30 am]- Seven textile parks to come up over three years: Announces FM

[At 11:23 am]- 217 projects worth over Rs 1 lakh crore completed under National Infrastructure Pipeline

[At 11:22 am]- Rs 1.41 lakh crore for Urban Clean India Mission

[At 11:21 am]- New scrappage policy announced – 20 years in case of personal vehicles and 15 years in case of commercial vehicles.

[At 11:19 am]- Rs 35,000 crore for Covid-19 vaccines- FM announced

[At 11:18 am]- Health outlay to be used to establish critical care units and hospital blocks. FM lays out a Rs 64,180 crore spending plan for healthcare over the next six years.

[At 11:15 am]- Nirmala Sitharaman recaps policies announced so far. “The government stretched its resources to provide for the most vulnerable,” FM exclaimed

[At 11:15 am]- The Budget will sustain the economic recovery.

[At 11:13 am]- Budget proposals for 2021-22 rest on six pillars: FM

[At 11:05 am]- India has two COVID vaccines. Fight against COVID 19 continues in 2021 as well: FM

[At 11:03 am]- The Atmanirbhar packages introduced by the government in itself were like 5 mini budgets themselves

[At 11:00 am]- Nirmala Sitharaman Starts Budget Presentation.

[At 10:55 am]- Expectations are high from all sectors, the Tax Payers, the Corporate, the Farmers to get big relief from the Budget, 2021 to be presented in 5 minutes.

[At 10:50 am]- 10 minutes to go for Budget 2021.

[At 10:45 am]- The cabinet meeting is concluded and the Budget is approved by the Union Cabinet. FM Nirmala Sitharaman is all set to present the budget.

[At 10:20 am]- Right before the Budget, The Union Cabinet meets to approve the Budget. The meeting is chaired by Prime Minister Narendra Modi.