Key points of Union Budget 2020
Nirmala Sitharaman Presented Budget 2020 on Saturday that focused on raising the purchasing power by cutting income tax rates and boosting rural income.
Budget 2020 Highlights and Important Points:
* 10% tax for income between 5 lakh-7.5 lakh
* 15% tax for income between 7.5 lakh to 10 lakh
* 20% tax for income between 10 lakh to 12.5 lakh
* 25% tax for income between 12.5 lakh to 15 lakh
* 30% tax for income for above 15 lakhs.
Insurance cover of bank depositors been raised from Rs 1 lakh to Rs 5 lakh.
1. Total of 60 lakhs new taxpayers and 105 crore e-way bills generated under GST.
2. Central government debt reduced to 48.7 per cent of GDP in 2019 from 52.2 per cent.
3. Nearly 261 million people are out of poverty between ( 2000- 2016 ).
India is now 5 th largest economy in the world .
4. Agricultural credits of providing 20 lakh farmers in setting
up standalone solar pumps for fiscal 2020-21.
up standalone solar pumps for fiscal 2020-21.
5. Krishi Udaan scheme to transport agri products to national
as well international destinations to be launched.
as well international destinations to be launched.
6. Railways will set up Kisan Rail through PPP model so that
perishable goods can be transported quickly.
perishable goods can be transported quickly.
7. Rs 69,000 crores for allocated for healthcare Sector .
8. Education and Training:Rs 99,300 crores allocated for
education in FY21 and Rs 3000 crore for skill development
for the next fiscal year.
9. The govt will start Ind-Sat Exam to promote study in India and
a degree level online Education.
10. Allocation of Swachh Bharat Mission for 2020-21 stands at
Rs 12,300 crore and 3.6 lakh piped water supply to house holds.
11. National Textile Mission to be lauched with a proposed Rs.1,480 cr.
12. 9000km of Economic corrider will be set up to
12. 9000km of Economic corrider will be set up to
improve infrastructure.
Chennai-Bangalore Expressway will also be started and
Delhi-Mumbai Expressway will be completed by 2023.
13. 550 wifi facilities have been commissioned at railway stations.
1 lakh gram panchayats to get optical fibre link.
14. To Promote broadband connectivity in rural areas Rs.6000 cr will
be allocated for BharatNet programme in 2020-21.
15. For Industrial development in field of commerce Rs.27,300 cr
will be allocated. Rs.20,000 crore for renewable energy sector in a bid to tackle pollution and climate change.
16. There are 100 more Airports to be developed by 2025 to support
UDAN scheme. Nearly 1150 trains will run under the public private
partnership(ppp) mode , also four stations will be redeveloped with the help of the private sector.
17. An allocation of Rs.8000 crore will be made for National Mission on
Quantum Computing and Technology.
18. Rs.35,600 crore allocated for nutritional related programmes in FY21 while rs.85,000cr for welfare of Scheduled Caste.
19. Rs.9.500 crore has been provided for senior citizens and Divyangs.
Enrolment ration for girls under 'Beti Bachao Beti Padhao ' is higher than the boys and gross enrolments have done in all stages
for girls percent in this scheme.
20.Rs.4,400 crore to tackle Delhi's Air pollution problems.
21. NIRVIK Scheme to provide high insurance cover and reduce premium for small exporters,simplified procedures for claim settlements. under this scheme insurance cover upto 90% of principal and Interest.
22. Turnover limit for audit of MSME (Medium,Small and Micro Enterprises) accounts now at Rs.5 crore MSMEs which that carry out less than 5 percent of their business transcations in cash.
23.Fiscal deficit target pegged at 3.8% of GDP.Govt invokes clause in FRBM Act to raise fiscal deficit target to 3.8% from 3.3%.
24.The government will sell a part of its holding in LIC through an intial public offering(IPO).The government owns 100 percent of LIC.
25.Nominal growth of GDP for2020-21 has been estimated at 10%
26.New income tax which given above was a significant cut in the tax rates for the salaried class in the budget.On the Account of Income Tax relief says that rs 48,000 crore revenue loss. Divident and Distribution Tax to be removed. Divident shall be taxed at the hands of the recipients.
27.To boost invesments and manage lagging economy corporate tax for existing companies slashed to 22 %.100% taxconcession for wealth funds on invesment in infra projects. concessional tax rate of 15% extended to power generation companies.
28.Affordable housing loans: extends additionalRs1.5 lakh tax benefits on interest paid on affordable housing loans to march 2021. TAX holiday to afforable housing developers.
29."vivad se vishwas " scheme for direct tax payers: Under this scheme,tax payer to pay only amount of disputed tax.They will get complete waiveron interest and penalty if scheme is availed by March 31,2020.
30.15th Finance Commision has cut state share of central taxes by one percentage point to 41 percent.LIC IPO may come in the second half of the fiscal year 2021.
Comments
Post a Comment