Finance Minister Nirmala Sitharaman has presented the Union Budget 2021-22 in Parliament today. She made many big announcemnt today. In a bid to boost agriculture infrastructure, the government on Monday announced a cess on certain items, including petrol, diesel, gold and some imported agricultural products.
FM proposed the Agriculture Infrastructure and Development Cess (AIDC). Fm said that care has been taken not to put additional burden on consumers on most items. She said, "This will ensure enhanced remuneration for our farmers. To earmark resources for this purpose, I propose an Agriculture Infrastructure and Development Cess (AIDC) on a small number of items. As per the Budget documents, AIDC of ₹2.5 per litre has been imposed on petrol and ₹4 per litre on diesel.
Consequently, unbranded petrol and diesel will attract basic excise duty of ₹1.4, and ₹1.8 per litre, respectively. The SAED on unbranded petrol and diesel shall be ₹11 and ₹8 per litre, respectively. Similar changes have also been made for branded petrol and diesel.
In significant changes to the taxation process, Sitharaman also announced the scrapping of income tax for senior citizens under certain conditions, new rules for removal of double taxation for NRIs, and a reduction in the time period of tax assessments among other measures. Startups will get an extension in their tax holiday for an additional year. Sitharaman also announced that the advance tax liability on dividend income shall arise after declaration of payment of dividend.
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