UNION BUDGET 2020

The income tax provisions in the Union Budget 2020 have given taxpayers a bonanza with a caveat. While the income tax slabs have been overhauled with reduced rates, the majority of the deductions have been removed. Tax payers are unsure about which slabs to opt for. Watch the video for more.

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R. Muralidharan, Senior Director, Deloitte India decoded the changes proposed by Nirmala Sitharaman in indirect taxes, hailing some of the initiatives. He said there was too much focus on tax compliance. She spoke about GST returns and refunds. He also praised the steps being taken to encourage domestic manufacturers. Watch the video for more.

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Finance Minister Nirmala Sitharaman has announced new income tax rates during the session of Budget 2020. Those earning Rs 5-7.5 lakh would be liable to pay just 10 per cent, while those earning up to Rs 5 lakh in a year would pay no tax. The rates would be significantly reduced for those who forego reliefs, exemptions, Sitharaman said. While the government had announced changes in the tax slabs by raising income tax slabs, those availing these new slabs would not be eligible for rebates and exemptions. "In this new personal income tax regime, income tax rates will be significantly reduced for the individuals who forgo certain exemptions and deductions," the FM said. Watch the video for more.

Also Read: Income Tax calculation: You can save up to Rs 31,200 under new tax slabs

India will get 100 more airports by 2024 under the UDAN (Ude Desh ka Aam Naagrik) regional connectivity scheme, Finance Minister Nirmala Sitharaman said on Saturday during her Union Budget 2020 speech. Two other major infrastructure announcements included the proposed completion of the Delhi-Mumbai expressway by 2023, and the launch of Chennai-Bengaluru expressway. Sitharaman proposed an outlay of Rs 1.7 lakh crore for transport infrastructure in 2020-21, and Rs 22,000 crore for the power and renewable energy sector. Peeyush Naidu, Partner, Deloitte India analyses FM's infrastructure push.

Also Read: Budget 2020: FM Sitharaman pushes for building warehousing on PPP model

Former finance minister P Chidambaram slammed the budget presented by the Modi govt. He stated that the govt had given up on economic revival. He also expressed skepticism about LIC disinvestment calling it debatable. Watch the video for more.

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Taxpayers got what they wanted from Union Budget 2020-21. Finance Minister Nirmala Sitharaman announced a "new, simplified tax regime" for individual taxpayers. The new income tax regime comes with lower tax rates. However, around 70 deductions and exemptions, have been withdrawn. Watch Nirmala Sitharaman as she explains the new regime in a press conference post budget presentation.

Also Read: Income Tax calculation: You can save up to Rs 31,200 under new tax slabs

Finance minister Nirmala Sitharaman's budget made several changes in the personal income tax regime while also giving a boost to infrastructure . It also declared that  there would be a policy soon to enable private sector to build data center parks. There were big announcements but experts have raised several questions about whether it would revive the economy. India Today editors and Business Today editor Rajeev Dubey speak to experts and business leaders like Biocon chairperson Kiran Mazumdar Shaw to decode the budget in all its aspects. Watch the video for more.

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The Economic Survey 2019-20 tabled by the Finance Minister Nirmala Sitharaman on Friday projected growth for the next fiscal starting April 2020-21 at 6 per cent to 6.5 per cent. The pre-budget survey has also retained the growth numbers for the current fiscal at five per cent. Prepared by a team headed by the Chief Economic Advisor Krishnamurthy Subramanian, the survey also stressed on the need to relax fiscal deficit for the current fiscal to revive growth and observed that there an urgent need to remove red tape at ports to promote exports apart from eliminating other business hindrances such as registering property, paying taxes and enforcing contracts. Apart from highlighting the need for wealth to be distributed among all classes, the Economic Survey 2019-20 also highlighted 10 new ideas that could benefit markets and the Indian economy at large. Watch the video for more.

Also Read: Economic Survey 2020 says govt intervention does more harm than it helps