close

Newsroom

Looking for a round-up of India’s annual budget? MGI Worldwide CPAAI firms provide key insights into the India Union Budget 2021-2022

19th February 2021

MGI World India map with the colours of India flag and text overlaid

India's much-awaited annual budget was presented by Finance Minister Nirmala Sitharaman on 1 February 2021. As the country faces its deepest recession, the budget aims to spend big to push growth.

Key budget pillars

The budget proposals rested on six broad pillars:

  1. Health and Wellbeing
  2. Physical and Financial Capital, and Infrastructure
  3. Inclusive Development for Aspirational India
  4. Reinvigorating Human Capital
  5. Innovation and R&D
  6. Minimum Government and Maximum Governance.

In significant changes to the taxation process, Sitharaman 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.

Our members in India have prepared various publications to share the key takeaways from the economy, policy, and tax announcements made in the Budget speech.

Click on the links below to access:

Union Budget 2021-22
Bagaria & Company

Union Budget 2021-22
Gopal Chopra & Associates

Union Budget 2021-22
Kamdar Desai & Patel

Our thanks to our members

Bagaria & Company, Mumbai; Gopal Chopra & Associates, New Delhi; and Kamdar Desai & Patel, Mumbai.

For further information please contact Audrey Danasamy, Regional Director for the Asia Region audrey.danasamy@mgiworld.com.

MGI Asia is part of MGI Worldwide with CPAAI, a top 20 ranked global accounting network and association with almost 10,000 independent auditors, accountants and tax experts in some 460 locations in over 100 countries around the world.

Read more on Member white papers and Asia

MGI World Blue abstract line graphic with Global IFRS Specialist Group text

Global IFRS Group reports on the Treatment of financial assets that are debt instruments under IFRS 9 ‘Financial Instruments'

16th April 2021

In this, the latest white paper from our Global IFRS Group, Jane Lowden from F.W. Smith, Riches...

MGI World HK Budget 518X362

Do you have clients with interests in Hong Kong? Read a quick summary of what the recent Hong Kong 2021/22 Budget means for your client's business

8th March 2021

Mr. Paul Chan, Financial Secretary for the Hong Kong Special Administrative Region (HKSAR),...

MGI World New guide for Doing Business in India

Do you have clients with business in India? Keep them up-to-date with the NEW 2021 Guide for Doing Business in India

23rd February 2021

Looking to do business in India? MGI Asia member firm C.R. Sharedalal & Co., based in Gujarat,...