From Thursday, April 1, 2021, the new financial year will begin and with it will come a slew of changes for income tax along with other rules which were announced by Finance Minister Nirmala Sitharaman in the Union Budget in February 2021.Changes in income tax filing rule, TDS/TCS deduction, LTC cash voucher scheme will come into effect from April 1, 2021.
The second years have taken a snippet from this situation and organised a group discussion on the Financial Year 2021-22. They discussed the budget highlights in terms of expenditure, receipts, GDP growth, deficits and ministry allocations. The main tax proposals in the finance bill like limit on tax free income from provident funds have been discussed. Non-tax proposals in the finance bill like LIC Act, SEBI Act were mentioned. Policy highlights in terms of education, infrastructure, transport, energy, health, science and technology, etc were also mentioned.
Budget estimates as compared to Financial year 2019-20, receipts highlights like gross tax revenue, devolution to states, non-tax revenue, capital receipts, indirect taxes, corporation tax, union excise duties, etc, expenditure highlights from various ministries like railways, health and family, Jal Shakti, petroleum subsidies, consumer affairs, COVID-19 vaccination, etc, deficits, debts and FRBM were also discussed.
The students Discussed the Union Budget 2021-22 and share their insights about the budget. It was an activity with exchange of thoughts and knowledge.
Click on above link to watch the video.
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