#Income tax

.New Delhi, Delhi, India
Finance Minister Nirmala Sitharaman presented the Union Bugdet in Lok Sabha on Monday. (PTI Photo)

  • Sitharaman did not announce any changes in the income tax slabs while presenting the budget
  • She said that the income tax return filers increased from 3.31 crore in 2014 to  6.48 crore in 2020
  • The Finance Minister did not mention the Real Estate sector in  her Budget speech

.New Delhi, Delhi, India
Finance Minister Nirmala Sitharaman holds a folder case containing the Union Budget 2021-22, during the Budget Session of the Parliament, at Parliament House in New Delhi. (Photo Credit: PTI)

  • The step is aimed at penalising companies that sit on employee contributions
  • Provident fund, a pension fund, is meant to provide employees with lump-sum payments at the time of exit
  • Nirmala Sitharaman also proposed a major push for the pandemic-hit health sector

.New Delhi, Delhi, India
Finance Minister Nirmala Sitharaman holds a folder case containing the Union Budget 2021-22 as she poses for a group photograph with MoS Finance Anurag Thakur and other members of finance ministry, at North Block in New Delhi. (Photo Credit: PTI)

  • Those earning up to Rs 2.5 lakh would be required to pay zero tax, according to this new regime
  • Those with an income of Rs 2.5 lakh to Rs 5 lakh would be taxed at 5%
  • There is a 20% tax for income between Rs 10 lakh and Rs 12.5 lakh

.New Delhi, Delhi, India

  • Income tax return filers increased to 6.48 crore in 2020 from 3.31 crore in 2014
  • Senior citizens above 75 years of age with only pension income exempted from filing tax returns
  • Sithataman had introduced a new tax regime in last year's Budget

.New Delhi, Delhi, India
Nirmala Sitharaman had first presented the budget in 2019. (Photo Credit: PTI)

  • A day after the presentation of the Budget, a general discussion takes place
  • Following the discussion, the House is adjourned for a fixed period
  • While the budget is discussed in both the Houses, only the members of Lok Sabha vote on demands for grants

.New Delhi, Delhi, India
The Finance Ministry started the preparations for the Union Budget in October. (Photo Credit: PTI)

  • Finance Minister Nirmala Sitharaman will present the Union Budget on February 1
  • The mega exercise is a long-drawn process and involves various levels of secrecy and security
  • The officials involved in the printing live within the North Block basement area

.New Delhi, Delhi, India
Rajya Sabha Chairman M Venkaiah Naidu conducts a mock session of the Rajya Sabha, at Parliament House in New Delhi, Wednesday, Sept. 9, 2020. (PTI File Photo)

  • The Budget Session of the Parliament will begin on January 29
  • There are several motions used by the parliamentarians during the sessions, one being the Privilege Motion
  • A privilege motion is moved when a breach of parliamentary privileges is found

.New Delhi, Delhi, India
India Finance Minister Nirmala Sitharaman (C) arrives at the Parliament to the 2020-21 union Budget, in New Delhi on February 1, 2020. (AFP File Photo)

  • The Union Budget is presented by Finance Minister
  • Nirmala Sitharaman will present the Union Budget on February 1 in Parliament
  • The decided budget will take effect in India from April 1

.New Delhi, Delhi, India
Finance Minister Nirmala Sitharaman along with MoS for Finance Anurag Singh Thakur during 'Halwa' ceremony to mark the commencement of final stage of Union Budget 2021-22 in New Delhi. (Photo Credit: PTI)

  • A Union Budget is a comprehensive report of the finances of the government
  • The Union Budget presented by the government is a form of 'Annual Financial Statement'
  • A Capital Budget consists of all receipts and payments of the government

.New Delhi, Delhi, India
Robert Vadra, husband of Congress leader Priyanka Gandhi Vadra, was grilled by I-T department officials for four hours on Tuesday. (Photo Credit: PTI)

  • Robert Vadra was questioned for two consecutive days in a case under the benami assets law
  • "Every question they asked was answered clearly," Vadra said on Wednesday
  • There is no tax evasion," he said