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Budget 2020 has Modi imprint; PM personally invested over 100 hours on it

Budget 2020 has Modi imprint; PM personally invested over 100 hours on it

Prime Minister, carrying forward his legacy as Gujarat chief minister, sat through long sectoral presentations and went through nearly every detail; as Gujarat CM, he was known to get into every minute detail of budget

Abolition of DDT to benefit all taxpayers: Government

Abolition of DDT to benefit all taxpayers: Government

The centre added that abolition of DDT would encourage low-income earners, who have total income up to Rs 5 lakh, to invest in capital market. Also, the decision will provide relief to a large class of investors

Rs 40,000 cr revenue foregone an 'approximate calculation' as no clarity which taxpayers will opt for new tax regime: FM Sitharaman

Rs 40,000 cr revenue foregone an 'approximate calculation' as no clarity which taxpayers will opt for new tax regime: FM Sitharaman

Budget 2020: The FM gave a clarification about the purpose of new tax regime, which were--'reduce tax incidence' and 'remove all exemptions'

Budget 2020: Now, your EPF will be taxed if...

Budget 2020: Now, your EPF will be taxed if...

Budget 2020: Employer's contribution to Employees' Provident Fund (EPF), National Pension System (NPS) and superannuation fund above Rs 7.5 lakh to be taxed

Not Vivad, but Vishwas! Direct tax amnesty scheme in Budget aims to clear disputes worth Rs 9.41 lakh crore

Not Vivad, but Vishwas! Direct tax amnesty scheme in Budget aims to clear disputes worth Rs 9.41 lakh crore

FM Sitharaman told the Parliament that 4.83 lakh direct tax cases are currently pending in various appellate forums. Data furnished in the Budget document show that Rs 9.41 lakh crore is stuck in these pending tax litigations

Top Quotes

Narendra Modi, Prime Minister

Removing dividend distribution tax will give companies Rs 25,000 crore which will help them to invest further. Four main areas-agriculture,infrastructure,textiles and technology-have been given greater emphasis to increase employment generation in this budget

Harsh Goenka, chairman, RPG Group

Amidst global turbulence and nations dealing with bushfires & corona virus, FM Sitharaman has looked to craft a granular long term strategy to focus on vital issues. The nation was requesting kuch 'caro na' to her, however she had little room to manoeuvre!

Amit Shah, Home Minister

In this budget, the Modi govt has taken effective steps to rationalize the tax system, boost the basic infrastructure, strengthen the banking system, promote investment and ease of doing business, which will further Modi govt's resolve to make India a 5 trillion-dollar economy

Rahul Gandhi,Congress leader

Our youth want jobs. Instead they got the longest budget speech in parliamentary history that said absolutely nothing of consequence. PM and FM both looked like they have absolutely no clue what to do next

P Chidambaram, former finance minister

It was a laundry list of old (that is current) programmes. I am pretty certain that even the most loyal BJP MP or supporter cannot latch on to any idea or statement in the Budget speech and take it to the people. The government has given up on reviving the economy or accelerating the growth rate or promoting private investment or increasing efficiency or creating jobs or winning a greater share of world trade

Rajiv Kumar, Vice Chairman, NITI Aayog

Congratulations to FM for a Balanced, Growth and Investment enhancing Budget. Budget 2020 will provide strong impetus to investors and also go a long way in doubling farmers income by the 16 point prog announced for agriculture sector

Shivraj Singh Chauhan, BJP leader

The proposal to increase the insurance cover for bank depositors to Rs 5 lakh from the existing Rs 1 lakh is a revolutionary step which will protect the interests of small depositors and provide a fillip to savings

Arvind Kejriwal, Chief Minister, Delhi

Delhi had high expectations from the Budget, but step-motherly treatment has been meted out to it again. When Delhi doesn't figure in BJP's priorities, why should people vote for it?

Pawan K Goenka, Managing Director, Mahindra & Mahindra

Budget 2019 right areas of thrust for manufacturing-to be part of GVC, attract investment in electronics, focus on quality and facilitate export. Urgent implementation will be the key

Rajnish Kumar, Chairman, SBI

Union Budget 2020 is an attempt to endow India with improved health and better access to education while unleashing a better infrastructure through better connectivity. The announcement of the new income tax scheme without exemptions is to move forward to a regime of a simplified and clutter free direct taxation. The rural sector is the beneficiary of a larger outlay. The new export credit scheme, is aimed at improving the credit flow for exporting units, mainly the MSME ones, as it will substantially reduce the collateral requirement as well as the overall interest burden of the ECGC regime

Ravi Shankar Prasad, Law Minister

Budget 2020 will bring inclusive growth and equitable development with boost to wealth creation and reforms in governance. Measures taken for infrastructure development and promotion of manufacturing and exports will create employment opportunities

Ravneet Gill, CEO, YES Bank

At a time when most key macro indicators have been subdued, Union Budget provides a beacon of hope. At the outset, it's a relief that Finance Minister chose to maintain a counter cyclical fiscal policy impulse in FY'20 by invoking the FRBM escape clause of 0.5% of GDP and thereby revising the fiscal deficit target to 3.8% vis-a-vis the initial budget estimate of 3.3%. For FY21, the goal of consolidation has been reiterated by budgeting the fiscal deficit target at 3.5%. The budget arithmetic appears credible as it seems to have apportioned achievable targets under key heads. From an allocation perspective, the total budgetary provision for the rural sector, which includes farm and non-farm development, is poised to grow by 13.4% in FY21 after a significant jump of 34.8% in FY20

NS Venkatesh, Chief Executive, AMFI

Budget proposals now encourage retail investors, more prominently than ever, to align with Goal-based Mutual Fund investments. This is what AMFI has been professing and i am confident that mutual fund investment avenue as a long-term wealth creation tool would stay intact and will continue to remain a priority for retail investors

Ashok Mohanani, Chairman,EKTA World and VP NAREDCO Maharashtra

Budget focused more on infrastructure upgrade of Chennai-Bengaluru and Delhi-Mumbai Expressway estimated to be completed by 2023. This will not only raise the skill development in the infrastructure sector but will also open new markets for builders along with residents. Proposing the development of 100 new airports to be built by 2024 under Uddan scheme will bring in NRIs to India and increase the investment in the country. To bring indirect relief to the real estate sector proposal of spending Rs 100 lakh cr on infrastructure development in the span of five years is the biggest news for the sector keeping in mind the current state of huge crash crunch in the economy

Dhruv Agarwala, Group CEO, Housing.com

It is yet to be seen as to what deductions would be available to taxpayers under the new regime since the new tax rates are optional and may involve letting go of deductions available to taxpayers under the ongoing regime. Liquidity-starved developers would greatly benefit from the government move to extend by one year the date of approval of affordable housing projects for availing of tax holiday on profits earned. Real estate will indirectly get a further boost with improved infrastructure as the government plans to invest Rs 1.7 lakh crore on infrastructure

Shachindra Nath, Executive Chairman, UGRO Capital

Budget has tried to address the credit under-penetration in the farm sector and the micro, small and medium enterprises (MSMEs) sector. The proposal to extend NABARD's refinancing window for farm loans to the MSME segment is a welcome move since it will not only improve the credit flow from NBFCs to the agricultural segment but also help NBFCs to enhance their exposure to the farm sector without impairing their asset quality. The proposal will give NBFCs much space to expand their farm credit portfolio without stressing their balance sheets any further. Another proposal that augurs well for NBFCs is the reduction in the threshold limit for NBFC's to Rs 100 crore from Rs 500 crore under the provisions of SARFAESI Act. By reducing the resolution threshold, FM has boosted the confidence among small NBFCs to take more risk by lending to MSMEs

Ravi Pardhi, Co-Founder and CTO, Skillbox

Budget 2020 has certainly brought a lot to cheer for start-ups and addressed some key pain points. Important among them was the 100% deduction of profits for three consecutive assessment years and extending the period of eligibility for deduction to 10 years for start-ups. This will allow them to re-invest the money back into business and help it grow. Second, was the announcement related to easing of tax burden on employees by deferring the tax payment on ESOP's by five years or till they leave the company or when they sell, whichever is earliest. This will alleviate the cash flow problems of employees that arise while funding the tax at the time of exercising ESOP's and help startups incentivise good talent

Umesh Revankar, MD and CEO, Shriram Transport Finance

The government should reduce direct taxes to drive the consumer demand. There should be special tax incentives for home buyers to revive the real estate demand. The government should announced the scrappage policy to revive the auto sector. There should be special incentive for people who voluntarily scrap their vehicles. People who scrap their vehicles should be given a credit note which is transferable/exchangeable so that any customer can use the same while buying the new vehicle

Manoj Gaur, MD, Gaurs Group

The budget announcements made by Hon'ble FM seem to be a mixed bag from real estate perspective. While simplification of income tax regime with reduced rates and no exemptions, extension of measures announced for affordable housing by one more year are some of the positives for the sector. At the same time, the industry is bit disappointed that some of the demands such as according industry status to sector and one time restructuring of loans remain unfulfilled

Mohit Goel, CEO, Omaxe

Liquidity and availability of finance is the biggest issue confronting the real sector today. In this context, the assurance given by Hon'ble Finance Minister that NBFCs and HFCs will not face any liquidity crunch will help calm nerves. Simplification of tax structure and continuation of some measures announced for affordable housing in the last budget are some other positives. The government's proposal for 5 new smart cities in collaboration with states via PPP model is a great move to leverage not just the funding potential of private players but also their experience of making cities livable and sustainable

Ameve Sharma, Founder, Kapiva

Modi government is expected to continue with its focus on driving growth of entrepreneur and start-up eco-system in India. India being an emerging economy, government has its priorities in the right place. We expect government to extend tax incentives to initiate new growth cycle in the start-up space. There should also be regulatory relaxation and tax relief while raising equity as well for the start-ups. Tax benefits on ESOPs could be another way to spur development by attracting talents in the start-up segment

Sharad Mendon, Executive Director, Waterfield Advisors

The subject 'Estate Tax' seems like a cyclical stock that gains momentum before the Budget and dies down soon after. Some facilitators may benefit from this momentum but many families who rush into creating an ownership structure without sufficient thought and approach it purely as a tax management tool tend to end up disappointed. Estate tax is inevitable in a country that is embracing many regulations that have been introduced in the developed economies. There is a possibility of such seamless structures providing an incidental cover from any prospective regulation impacting wealth transfer, however this cannot be the sole objective for creating one