Union Budget 2020 highlights: No tax on annual income of up to Rs 5 lakh, says FM Nirmala Sitharaman
Finance Minister Nirmala Sitharaman is presenting her second consecutive Union Budget in Parliament today
BusinessToday.In | February 1, 2020 | Updated 14:39 IST
Govt committed to double farm income by 2022, says FM Nirmala Sitharaman
- FM Sitharaman cuts short her Budget speech after feeling unwell towards fag end
- 'Vivad se Vishwas' scheme for direct tax payers whose appeals are pending at various forum, says FM
- Health cess on import of medical equipment imposed in Budget
- To ease allotment of PAN, new process of instantly allotting PAN through Aadhaar will be brought
- FM proposes scheme to bring down litigation in direct taxation scheme; 4.83 lakh direct cases pending in various appellate forums
- Govt extends additional Rs 1.5 lakh tax benefit on interest paid on affordable housing loans to March 2021
- Deferment of tax payment by employees on ESOPs from startups by five years proposed
- FM says have removed 70 exemptions, deductions with a view to further simplify tax regime
- Concessional tax rate of 15 pc extended to power generation companies
- 100% tax concession to sovereign wealth funds on investment in infra projects proposed
- Health cess on import of medical equipment imposed in Budget
- Rs 40,000 crore per annum will be revenue foregone from new income tax rates for individuals, says FM
- A person earning Rs 15 lakh per anum and not availing any deductions will pay Rs 1.95 lakh tax in place of Rs 2.73 lakh now: FM
- New tax rates will apply for those who don't avail income tax deductions, others can opt for old rates, says FM
- For income between Rs 5 lakh to Rs 7.5 lakh: 10%, Rs 7.5 to Rs 10 lakh: 15%, Rs 10 lakh to Rs 12.5 lakh: 20%, Rs 12.5 to Rs 15 lakh: 25%. For income above Rs 15 lakh, same rates will apply
- Fiscal deficit pegged at 3.8% in current fiscal and 3.5% in next, says FM
- Nominal GDP growth rate for 2020-21 estimated at 10%
- Govt to sell part of its stake in LIC via IPO, says FM
- India will host G20 Presidency in 2022. Rs 100 crore to be allocated for making preparations for this historic occasion, where India will drive global economic agenda, says FM
- Insurance for deposit limit in banks increased from Rs 1 lakh to Rs 5 lakh per depositor, says FM
- Govt fully committed to supporting new UTs of J&K and Ladakh; allocation of Rs 30,757 crore for 2020-21 for Jammu and Kashmir and Rs 5,958 crore for Ladakh
- Delhi-Mumbai Expressway will be completed by 2023, says Nirmala Sitharaman
- Taxpayer charter to be introduced under law, says FM
- National security is the top priority of the govt, says FM
- Rs 4,400 crore allocated for clean air schemes
- Rs 2,500 crore allocated for tourism promotion
- I propose to provide Rs 35,600 crore for nutrition related programmes for 2020-21
- Finance Minister proposes to set up a national Police university and a national forensic science university
- Oil and Natural Gas: Proposed to expand from 16K Km to 27K Km, the Gas Grid. Transparent price discovery to be evolved
- 100 more airports to be developed by 2024 to support the UDAN scheme
- Urban local bodies across the country to provide internships for young engineers for a period of up to one year
- Rs 2.83 lakh crore have been allocated for agriculture and irrigation
- Rs 99,300 crore for education sector in 2020-21 and Rs 3,000 crore for skill development
- India to launch National Technical Textile Mission to propel itself global leader in textiles production
- Scheme proposed for encouraging manufacturing of mobile phones, electronic equipment and semi-conductor packaging
- Investment Clearance Cell to set up through a portal, will provide end-to-end facilitation, support and information on land banks
- Rs 3.6 lakh crore allocated for Jal Jeevan Mission to ensure piped water in every household, says FM
- Total allocation for swachhbharat is around Rs 12,300 crore for this year
- Our government is committed to ODFPlus, in order to sustain ODF behaviour and to ensure no one is left behind, says FM
- Will set up Kisan rail so that farm goods can be quickly transported across the country, says FM Nirmala Sitharaman
- Viability gap funding window to be set up to cover hospitals, with priority given to aspirational districts that don't have hospitals empanelled under Ayushman Bharat, says FM
- Youth and fishery extension work to be enabled by rural youth as Sagar Mitras, forming 500 fish farmer producing organizations
- Fish production to be raised to 200 lakh tonnes by 2022-23
- Framework for development, management and conservation of marine fishery resources to be put in place
- These measures are among the 16 action points underlined by the FM
- FM Nirmala Sitharaman announces doubling of milk capacity from 53.3 million metric tonnes to 108 million metric tonnes by 2025
- We will encourage balanced use of all fertilisers, a necessary step to change the incentive regime which encourages excessive use of chemical fertilizers
- Budget 2020 is to boost the income of people and enhance their purchasing power, says FM
- Farm markets need to be liberalised, farming need to be made more competitive, hand-holding of farm-based activities need to be provided, sustainable cropping patterns and more tech needed
- Farmers to be allowed to set up solar units on barren/fallow lands; supply power to grids
- FM says comprehensive measures for 100 water-stressed districts being proposed
- Central govt's debt has come down to 48.7% in March, 2019 from 52.2% in March, 2014, says FM Nirmala Sitharaman
- Govt uplifted 271 million people out of poverty, says FM
- We shall strive to bring Ease Of Living to every citizen
- Govt committed to double farm income by 2022, says FM
- Budget woven around three prominent things: Aspirational India, economic development and humane society, says FM
- GST was historic which abolished numerous taxes, though its chief archtitect is not with us, says FM
- Nirmala Sitharaman says India is now the fifth largest economy of the world
- FM says inflation well contained, banks recapitalisation steps taken for the formalisation of economy
- Finance Minister Nirmala Sitharaman says fundamentals of Indian economy are very strong
- Finance Minister Nirmala Sitharaman starts her budget speech in Lok Sabha
- Union Cabinet approves Budget 2020, Finance Minister Nirmala Sitharaman to present budget in Lok Sabha shortly
- Investors and companies are hoping for rollback of long-term capital gains tax, relief to real estate sector lower income tax and push for rural demand
- Modi govt may raise spending on infrastructure and offer some tax incentives aiming to get growth back up from its lowest in a decade
- Govt may allocate Rs 1.90 lakh crore for food subsidies, though the food ministry has sought more than Rs 2 lakh crore to run the world's biggest food welfare programme
- Income tax amnesty may be announced after govt collected over Rs 35,000 crore from an amnesty this year to settle tax disputes on service and factory gate duties
- Economists in a Reuters poll predicted the govt would set a deficit target of 3.6% of GDP for 2020/21, up from 3.3% targeted for the current year
- FM is expected to announce plans to spend over Rs 102 trillion on roads, ports, airports, irrigation and other infrastructure over the next five years
- Middle class expects FM to increase the preventive health check-up deduction limit to Rs 10,000 from the current Rs 5000
- On Friday, govt predicted economic growth will rise to 6% to 6.5% in the fiscal year beginning April 1
- Analysts for ensuring single-window clearances for businesses and removing tax roadblocks for easing business sentiment
- Analysts say there is high probability that the fiscal deficit target of 3.3% for current fiscal will not be met
- Government is expected to make major expenditure announcements in the Budget to bail out the economy
- Government may raise the public provident fund threshold from Rs 1.5 lakh to Rs 2.5 lakh
- Govt is considering a separate segment under Section 80C for tax exemptions of up to Rs 50,000 under National Savings Certificate
- Finance ministry plans to permit tax exemptions of up to Rs 2.5 lakh for savings under Section 80 C
- Real estate players have called for abolition of stamp duty or its incorporation under GST
- Reduction in income tax limits boost real estate sector as it will increase disposable income of buyers
- Market participants for scrapping of LTCG tax on equity investment or extending the holding period from one year to two years with nil tax
- Govt is expected to raise current limit of standard deduction from Rs 50,000 to Rs 75,000
- Reintroduction of medical reimbursement and travel allowance exemption is one of key demands for salaried class
- Slippage in fiscal deficit target from earlier estimates of 3.3% is expected in Budget
- FM walks on a tight rope to ensure balance between industry expectations and fiscal consolidation
- Relief in income tax is likely to be announced in Union Budget 2020
- Narendra Modi government to present Budget 2020 in Parliament today
- Finance Minister Nirmala Sitharaman will present her second consecutive Union Budget in Parliament today