Finance Minister Nirmala Sitharaman on Monday said the government will borrow about Rs 12 lakh crore in 2021-22.
Presenting the Union Budget for 2021-22, she said expenditure for the next fiscal year has been pegged at Rs 34.83 lakh crore, which includes Rs 5.54 lakh crore of capital spending.
Sitharaman also said states will get 41 per cent share of taxes as per the 15th Finance Commission recommendation and the government has accepted the recommendation.
Exemption from tax audit limit has been doubled to Rs 10 crore turnover for companies doing most of their business through digital modes, she said.
The finance minister said advance tax liability on dividend income shall arise only after payment of dividend.
She further said the government proposes to ease norms to attract more foreign investment in infrastructure sector.
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