Finance Minister Nirmala Sitharaman Saturday rolled out a new process of instant PAN (permanent account number) card allotment to people without much hassle.
Presenting her second budget under Modi 2.0, FM Sitharaman said that PAN can now be allotted instantly on the basis of Aadhaar.
FULL COVERAGE:Union Budget 2020
The finance minister added that the announcement is aimed at further easing the process of PAN allotment by doing away with the need to fill up any detailed application form.
The Budget 2020 also allowed e-commerce operators to deduct TDS (tax deducted at source) on all payments participants at 1% rate with PAN/Aadhaar and at 5% rate in non-PAN/Aadhaar cases.
Meanwhile, in what is seen as a pro-middle class budget, FM Sitharaman announced a slew of measures to boost consumption and revive growth, including change in personal income tax rates, hike in deposit insurance coverage to Rs 5 lakh per depositor and listing of insurance behemoth LIC among others.
In her longest Budget speech, Sitharaman said that this budget is woven around three prominent themes, namely - aspirational India, caring society and economic development.
Change in income tax slabs is a big take away from the finance minister's budget announcement. The finance minister revised income tax rates for earning up to Rs 15 lakh, while no tax will be applied on earnings up to Rs 5 lakh.
The new slabs have significantly reduced the taxes for most of the brackets. Those earning Rs 5-7.5 lakh will now pay just 15 per cent, while those earning up to Rs 5 lakh in a year will pay no tax.
If you are earning between Rs 10 lakh to Rs 12.5 lakh and between Rs 12.5 lakh and Rs 15 lakh, you will have to pay lesser tax than before.