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

The new tax regime, though optional, will require taxpayers to forego various tax exemptions available in the old regime. The net benefit, thus, may not be positive for all taxpayers

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

Union Budget 2020: Finance minister Nirmala Sitharaman introduced an optional personal income tax regime with the intention to simplify income-tax filing and reduce the tax burden on individual taxpayers

Budget 2020: The net tax revenues in 2018-19 were 13.2 lakh crore and the figure was revised upwards by 14.4 per cent to Rs 15 lakh crore for the current fiscal against the budget estimates of Rs 16.5 lakh crore

Budget 2020: In today's speech, the FM broke her own record and delivered the longest Union Budget speech, which was 159 minutes long

The government clearly will be a gainer as the money will go directly to their coffers in terms of taxes while insurance and pension companies would be net losers

It's expected that the domestic capacity in FY20 would be low due to Jet Airways' shutdown, grounding of Boeing 737 Max aircrafts, and issues with the P&W engines for Airbus 320 neo planes (flown by IndiGo and GoAir)

Stock Market Updates on Budget day: In terms of sector, except IT, all the other indices were declining on a continous basis. While realty index declined over 7.5%, media shares fell over 4.4%.

Budget 2020: Economists suggest India's real GDP growth would weaken further in Q3 of the financial year due to slow economic activity in the first two months of the second half. The last time India witnessed a GDP growth of less than 5 per cent was in the fourth quarter of FY13 when it grew at 4.3 per cent

Budget 2020 is expected to usher in reforms that will help in reviving growth of the Indian economy. While the extent of these reforms remains to be seen, we set out here our expectations for limited liability partnerships (LLP) and the shadow banking sector from the budget

In the last year, the government has taken steps like 'housing for all' by 2022, tax sops, a sharp cut in GST rates for under-construction flats and a Rs 25,000 crore fund to salvage stalled residential projects.

Capital expenditure on roads, railways, renewable energy and urban housing projects, is expected to be up from 3.38 lakh crore by 20 per cent in FY21 budget.

Budget 2020: Finance Minister Nirmala Sitharaman may announce reduction or abolition of long term capital tax which can significantly improve investor sentiments

Union Budget 2020 Live Updates: PM Modi says budget will increase income, investment, demand and consumption, and will bring new vigor in financial system and credit flow

Union Budget 2020: At a time when poverty, hunger and income inequality are growing in 22 to 25 states and UTs, out of 28 that the Niti Aayog mapped in 2018 and 2019, disinvesting stakes in CPSEs to meet budget expenditure may not be the wisest thing to do

Going forward, in the Budget, the government should focus on taking small steps to address the overall supply side hurdles and ensure more stringent governance norms

Budget 2020: With a few days to for the Union Budget 2020, India Inc expects finance minister Nirmala Sitharaman to strike a fair balance between falling consumption, revenue shortfall and high rate of unemployment

Budget 2020: Incentivise traders to become manufacturers rather than encouraging manufacturers to import and sell under their brands

Budget 2020-21: Once the printing of Budget documents begin, the personnel locked inside the Finance Ministry are not allowed to communicate with the outside world, even their families, in any manner