Today (01 Feb, 2020) FM Ms Nirmala Sitaraman introduced the Budget 2020. This is the primary complete funds of this executive & they have got an enormous problem forward to deliver the financial system on course. Here are the Union Budget 2020 – Key Provisions & highlights of Union Budget 2020.
We have additionally written a separate publish on Budget 2020 – Impact on Tax & Investments
– Govt to lift budget by the use of list of LIC in FY 21
– Deposit insurance coverage raised to Rs Five lakh (Currently that is Rs 1 Lakh)
– FY21 fiscal deficit goal pegged at three.Five% of GDP
– FY20 fiscal deficit at three.eight% of GDP vs previous goal of three.three%
– Companies Act to be amended to decriminalize civil offenses
– FY21 nominal GDP expansion pegged at 10%
– To deliver new training coverage; allocates Rs 99,300 crore for the sphere in FY21
– Railways: Proposal to be introduced for the use of land alongside railway strains for putting in place solar energy vegetation. More trains to be presented beneath PPP fashion. Tejas sort trains to glue vacationer locations. Mumbai-Ahmedabad High-speed educate to be actively pursued.
– 100 extra airports to be evolved by means of 2024. More Udan flights, together with ‘Krishi Udan’ flights for delivery of agricultural produce for the North East.
– Five. 69,000 Crores allotted to the healthcare sector.
– To introduce a brand new simplified private tax regime
– No source of revenue tax for source of revenue as much as Rs Five lakh
– 10% source of revenue tax for the ones incomes between Rs Five lakh to Rs 7.Five lakh as opposed to 20% previous
– 15% source of revenue tax for the ones incomes between Rs 7.Five-10 lakh as opposed to 20% previous
– 20% source of revenue tax for the ones incomes between Rs 10-12.Five lakh as opposed to 30% previous
– 25 source of revenue tax for the ones incomes between Rs 12.Five-15 lakh as opposed to 30% previous
– No Tax Audit Upto Five cores
– Donee has to replace data of donor on source of revenue tax portal
– Income above Rs 15 lakh to proceed to pay tax at 30%
– New source of revenue tax scheme is not obligatory & with out exemptions. These are:
If you opted New tax slab you wish to have to forgo the next:-
1 Travel concession or help u/s 10(Five)
2 HRA u/s 10. (13A)
three some other allowance or advantages for meet bills of tasks u/s 10 (14)
four Home mortgage pastime u/s 24(b)
Five All deduction beneath bankruptcy VIA (i.e. 80C, 80D, 80G ) rather then NPS Contributions u/s 80CCD and deduction u/s 80JJAA (now not for salaried individual)
6 With activate loss from space belongings – in a nutshell forgo all advantages, exemption n deductions.
– Dividend Distribution Tax (DDT) abolished, shifted to people as a substitute of businesses
– 100% tax exemption on Sovereign Wealth Funds’ India investments
– Tax vacation for inexpensive housing prolonged by means of one-year 31 Mar 2021
– To amend I-T Act to permit faceless appeals
– FY21 divestment goal: Rs 2.1 lakh crore as opposed to FY20 goal of Rs 1.05 lakh crore
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– PAN to be allotted instantaneously on foundation of Aadhar.
– International Bullion alternate to be arrange at GIFT City, Gujarat
– Scheme for Start-ups: 25 Crores Turnover prohibit larger to 100 Crores. Period of eligibility
larger from present 7 years to 10 corporations.