Union Budget 2020, Live Updates


Union Budget 2020, Live Updates

Union Budget 2020 also known as Aam Admi Budget was presented by current Finance Minister, Nirmala Sitharaman. Common People had lot of expectations from this budget specially in terms of reduction of slab rates, abolishing dividend distribution tax & Long term capital gains, reduction of GST Rates on various articles and Higher Income Tax Deductions.

This Budget is also being quoted as most difficult Budget of the decade for India, due to economic slowdown.

Below are the Live news updates Budget 2020:

“GST Banished Inspector Raj, Gave benifits to MSME, Gave reduction to overall tax rates”

“Simplified new return System being introduced in GST”

“Central Government debt has come down from 52% of GDP to 48.7% of GDP in March 2019”

“16 Lakhs new Taxpayers added”

“This Budget is for Aspirational India”

Agriculture, Irrigation & Rural Development:

  • Central Government committed to doubling income of Farmers by 2022
  • Comprehensive measures proposed for 100 water stressed district
  • Scheme for Farmers to setup solar power pumps
  • Farmers market to be liberated
  • Farming land to be cultivated with limited manure and not excessive manure
  • Support for horticulture market
  • Online national Organic market to be promoted
  • NABARD Scheme to be further expanded
  • Integrated farming in rainfed areas to be expanded
  • Fish production to be raised; mesures to be taken

Wellness, water and sanitation

  • Hospitals to be empaneled in tier-2 and tier 3 districts for Ayushman treatement
  • Jan Aushadhi Yojna to be promoted
  • Swatch Bharat to be promoted

Education

  • FDI to be introduced in Education as well
  • Intership for Engineers by Urban Local Bodies
  • INSAT Programme for Studing in India
  • National Police University to be setup

“Budget for Economic Development”

  • 5 new smart cities to be developed
  • Manufacturing of Mobile Phones, Medical Devices encouraged

Infrastructure

  • National E-Logistic Policy to be released
  • MSME to be made competitive
  • New Highways including Chennai-Banglore Highway to be started
  • Large Solar Power Capacity to be setup
  • Private Participation to be invited
  • High speed train between Mumbai and Ahemdabad to be pursed
  • Power and Renewal Sector to be promoted
  • 100 new Airports to be build

Oil & Natural Gas

  • Natural Gas pipeline to be further expanded

Technologies

  • Startups to be promoted
  • Quantum Technology to be promoted

“Building a caring society”

  • Nutritional Status of household, women & Girls to be improved
  • No Manual cleaning of sewer system & spectic tanks – New technology to be updated
  • Sustaninable Development to be promoted
  • Historical Sited to be developed as Iconic sites

Finacial Sector and Others

  • Changes to be made in Companies Act 2013, Banking Regulation Act
  • Banking sector to be made more competitive
  • Robust mechanism to monitor Health of Banks
  • Limit of NBFC to be eligible SARFASI to be reduced
  • App Based Invoice Financing for MSME’S
  • No Criminal Libilities for Civil Acts

Income Tax Budget Updates

Corporate Rax @ 15% lowest in the world

  • New Simple Income Tax Regime proposed – New Slab Rates for FY 2020-21
No Tax – Upto 2.5 Lakh
5% – Upto 5 Lakh
10% Rate – 5 Lakh to 7.5 Lakh
15% Rate – 7.5 Lakh – 10 Lakh
20% Rate – 10 Lakh -12.5 Lakh
25% Rate – 12.5 Lakh -15 Lakh
  • Rate of 30% to be levied for those earning above 15 Lakh
  • Also if your income is upto Rs. 5 Lakh only then Tax Rate is Zero, because of Rebate of Rs. 12500
  • Dividend Distribution Tax Abolished 
  • Corporate Tax Rate of 15% available for Power Sector as well
  • TDS Rates on Interest on Bonds reduced to 4% from existing 5%
  • Coorporative societies have option to be taxed @25% with no exemption
  • Tax Audit Turnover raised from Rs. 1 Cr. to Rs. 5 Cr.
  • Tax Holiday for Affordable Housing Extended
  • Faceless Tax Appeals proposed
  • New Scheme Introduced for reduction of Income Tax Litigation – Vivad se Vishwas Scheme

Indirect Tax Updates

GST

  • Check on Fraud Input Tax Credit
  • E-Invoice in Process
  • Aadhaar Based Tax Verification Introduced

Customs Act

  • Strict Checks for import of sensitive Items
  • Check on Dumping of Goods
  • Health Cess Proposed on Medical Equipments

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