Budget 2020 Highlights & Live Updates

The Union Finance Minister Nirmala Sitharaman presented her second budget, she in her budget speech said Budget 2020-21 is the common man’s budget. She also added that the origins of our country’s economy is strong and the revenue has increased with GST. From April 2020 the tax deductions will be more simplified. Digital transactions are increased and 40 crore people have filed GST returns till now.

New Tax Rates in India 2020:

Income New Tax Rate
Up to Rs 5,00,000/- NIL
RS 5,00,000/- to RS 7,50,000/ 10%
RS 7,50,000/- to Rs 10,00,000/- 15%
RS 10,000,00/- to Rs 12,50,000/- 20%
Rs 12,50,000/- to 15,00,000/- 25%
15,00,000/- and Above 30%

2020 Budget Highlights:

  • New India.
  • Sabka Saath Sabka Vikas.
  • People’s Welfare.
  • 16 Principles Scheme for Agricultural Development.
  • First Objective is Agriculture, Irrigation, and Rural development.
  • Second objective is Health.
  • Third objective is Education and Child Welfare.
  • 16 Principles Scheme for Agricultural Development
  • The first priority is agriculture, irrigation, and rural development.
  • We are extending the scheme of solar pumps to farmers for another 20 lakhs of farmers.
  • Encouraging fisheries farming for rural young farmers under Sagar Mitra scheme.
  • New Scheme for Prevention of Diseases.
  • New scheme through National Jute Technology Mission.
  • A New Scheme for Promoting the Production of Cellphones, Semiconductors and Medical Devices.
  • Establishment of Solar Centers on either side of Railways Tejas trains with tourist destinations.
  • Another 100 airports to be developed by 2024.
  • Digital connectivity through OFC for lakhs of villages. Integration of 1 lakh villages with National Grid.
  • Measures to control pollution in accordance with the Paris Agreement. 4,400 crore for pollution control in cities.
  • Allocation of Rs 85,000 crore for SCs and OBCs and Rs 9,500 crore for senior citizens.

The Union Finance Minister Nirmala Sitharaman for the first time presented her inaugural budget, she in her first budget speech said it took 55 years to make India a Trillion dollar economy and will be 5 Trillion dollar economy in few years. She also added that the budget reflects the strong and secured economy and we are the third biggest economy in the world after China and US.

AP Budget 2019 Highlights

2020 Budget Highlights:

  • No Tax on up to Rs 5,00,000/- Income
  • 70,000/- Crore recapitalization for Public Sector Banks
  • 35 Crores LED bulbs through Ujjavala Yojana
  • NRI’s holding Indian Passport will be issued Aadhar Cards
  • Metro rail services will be extended for 300 kms more
  • Airports will be constructed in small cities under Udan Scheme
  • Power supply to all under one nation one grid scheme
  • A loan facility of 1 crore for MSME’s
  • Huge Subsidies on electric vehicles and batteries
  • Antyodaya sheme will be launched on Gandhi Jayanthi
  • 1.25 lakhs kilometres roads will be upgraded
  • Zero budget agriculture
  • Jalshakthi Abhyan Scheme will be launched in 256 Districts across India
  • The GST on Electric  vehicles is reduced to 5% from 12%.
  • Corporate Tax limit has been increased to 400 Crores.
  • New 1 Rupee coins, 2 Rupees coins, 5 Rupees coins, 10 Rupees coins, and 20 Rupees coins will be launched

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New Tax Rates, Tax Exemptions, Common man beneficiaries, New GST, Exempted Goods from GST

The Indian Finance Minister Piyush Goyal released temporary budget for the financial year 2019-2020 with Rs 27.84 Lakh Crores. The highlights of the 2019 budget are, the ones who are earning up to 5,00,000/- per annum are exempted from the Income Tax, the standard deduction has been increased from RS 40,000 to Rs 50,000 which will directly benefit the employees whose income is above Rs 5, 00,000/- , tax exemption on the second house rent, an amount of RS 6000/- in three instalments will be issued to the farmers who are having land up to 2 Acres, A Rs 3,000/- monthly pension will be issued to those who are working in unorganized sectors for a monthly contribution of RS 55/- to Rs 100/- depending on their age.

New Tax Rates in India 2019:

Income New Tax Rate
Up to Rs 5,00,000/- NIL
RS 5,00,000/- to RS 7,50,000/ 10%
RS 7,50,000/- to Rs 10,00,000/- 15%
RS 10,000,00/- to Rs 12,50,000/- 20%
Rs 12,50,000/- to 15,00,000/- 25%
15,00,000/- and Above 30%

Top Highlights of Budget 2019:

  • Tax assessment will be done electronically within 2 years.
  • IT returns processing in just 24 hours.
  • Minimum 14% revenue of GST to states by Central Govt.
  • Custom duty has abolished from 36 Capital Goods.
  • Recommendations to GST council for reducing GST rates for home buyers.
  • Full Tax rebate up to 5 lakhs annual income after all deductions.
  • Standard deduction has increased from RS 40,000/- to RS 50000/-
  • Exempt on tax on second self-occupied house.
  • Ceiling Limit of TDS u/s 194A has increased from RS 10000/- to RS 40000/-
  • Ceiling Limit of TDS u/s 194I has increased from RS 180000/- to Rs 240000/-
  • Capital tax Benefit u/s 54 has increased from investment in one residential house to two residential houses.
  • Benefit u/s 80IB has increased to one more year i.e. 2020.
  • Benefit has given to unsold inventory has increased to one year to two years.

Highlights of Budget 2019 in Other Sectors:

  • State share has increased to 42%.
  • PCA restriction has abolished from 3 major banks.
  • 2 lakhs seats will increase for the reservation of 10%.
  • 60,000 crores for MGNREGA.
  • 1.7 Lakh crore to ensure food for all.
  • 22nd AIIMS Approval in Haryana State.
  • Approval has to be given to PM Kisan Yojana.
  • Rs. 6000 per annum has to be given to every farmer having up to 2 hectare land. This will be applicable from September 2018. Amount will be transferred in 3 installments.
  • National kamdhenu ayog for cows. Rs. 750 crores for National Gokul Mission.
  • 2% interest subvention for farmers pursuing animal husbandry and also create separate department for fisheries.
  • 2% interest subvention for farmers affected by natural calamities and additional 3% interest subvention for timely payment.
  • Tax free Gratuity limit increase to 20 Lakhs from 10 Lakhs.
  • Bonus will be applicable for workers earning 21000 monthly.
  • The scheme, called Pradhan Mantri Shram Yogi Mandhan, will provide assured monthly pension of Rs. 3,000 with contribution of Rs. 100 per month for workers in unorganized sector after 60 years of age.
  • 2% interest relief for MSME GST registered person.
  • 26 weeks of Maternity Leaves to empower the women.
  • More than 3 Lakhs crores for defense.
  • One lakh digital villages in next 5 years.
  • Single window for approval of Indian filmmakers.

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