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SC and ST Welfare: 750 Eklavya model residential schools will be established in tribal areas. Revamped Post Matric Scholarship Scheme for welfare of SCs. Rs. 35,219 crore enhanced Central Assistance for 6 years till 2025-2026 will be given. Skilling: Apprenticeship Act is proposed to be amend to enhance opportunities for youth. o Realignment of existing National Apprenticeship Training Scheme (NATS) towards post-education apprenticeship, graduates and diploma holders in Engineering training o Initiatives for partnership with other countries in skilling to be taken forward
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Rs. 1,500 crores proposed scheme to promote digital modes of payment. National Language Translation Mission (NTLM) to make governance-and-policy related knowledge formed. PSLV-CS51 to be launched by New Space India Limited (NSIL) carrying Brazil’s Amazonia Satellite and some Indian satellites Gaganyaan mission: o 4 Indian astronauts being trained on Generic Space Flight aspects in Russia. o First unmanned launch is scheduled in December 2021. Rs. 4,000 crores for Deep Ocean Mission survey exploration and conservation of deep sea biodiversity.
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Reform measures for tribunals to ensure speedy justice. National Nursing and Midwifery Commission Bill introduced Conciliation Mechanism is proposed Rs. 3,768 crores has been allocated for first digital census in the history of India. Fiscal Position
Tax Proposals 1. Direct Taxes: • • • • • •
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Fiscal deficit in Budget Estimate (BE) 20212022 is estimated to be 6.8% of GDP. The fiscal deficit in Revised Estimate (RE) 2020-21 is pegged at 9.5% of GDP. Amendment to FRBM Act proposed to achieve Fiscal Deficit target Contingency Fund of India is to be augmented from Rs. 500 crores to Rs. 30,000 crores through Finance Bill
Corporate tax rate slashed, making it lowest in the world Burden of taxation on small taxpayers eased by increasing rebates Return filers almost doubled to 6.48 crore in 2020 from 3.31 crore in 2014 Faceless Assessment and Faceless Appeal introduced. Senior Citizens: Exemption from filing tax returns for people over 75 years of age Reducing Disputes, Simplifying Settlement: Time limit for re-opening cases reduced to 3 years from 6 years. Dispute Resolution Committee to be set up for taxable income up to Rs. 50 lakh and disputed income of Rs. 10 lakhs. National Faceless Income Tax Appellate Tribunal Centre to be established Relaxation to NRIs rules introduced. Limit of turnover for tax audit increased to Rs. 10 crores from Rs. 5 crores for entities carrying out 95% transactions digitally. Dividend payment to REIT/ InvIT exempt from TDS. Infrastructure Debt Funds made eligible to raise funds by issuing Zero Coupon Bonds Additional deduction of interest, up to Rs. 1.5 lakh, for affordable house extended for loans taken till March 2022
