A ‘never before’ budget for ‘never before’ times
Live MintUnion budget 2021-22 will be a memorable one, being the first budget of the decade, the first digital budget and one coming after an economic contraction. The proposal to exempt those more than 75 years old, with only pension and interest income, from filing income tax returns would ease their lives. Pre-filling of capital gains, dividend and interest details in income tax return forms is a welcome move, which would make return filing easier and faster. The focus of the Union budget announcements on customs has been on two important front, promoting domestic manufacturing and helping India get into the global value chain and increase its exports. Customs duty rationalization for imports of raw materials would help boost value added exports.
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Budget 2025 expectations: ‘Custom duty must be levied on broader categories of goods to reduce tax rates’
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