Budget 2021 live updates: Budget for tourism ministry slashed by 19%; industry unhappy

In serious tax evasion cases, only where there is evidence of concealment of income of Rs 50 lakh or more in a year, can reassessment be opened for 10 years

"Increase in FDI limit to 74% in the insurance industry is a welcome change where control and significant ownership can rest with foreign JV partner/s with specific safeguards such as the majority directors be Indian Residents and 50% of the Board comprising Independent Directors."

The infusion of multiple thousand crores into the public transport system, especially focusing on metro lines and improving public bus service specifically in the Tier 2 cities, has the potential to give an enhanced boost to the employment generation. Increased access to travel facilities and linking of the cities through metro lines will increase the money flow in the economy.