Synopsis: Union Budget 2020-2021

Synopsis: Union Budget 2020-2021

GENERAL:

Finance Minister says:

  • This Budget Theme: Aspiration, Development, Compassion
  • National security is the top priority of the government
  • A new and simplified GST return system coming this April 2020
  • Central govt’s debt has come down to 48.7% in March 2019 from 52.2% in March 2014
  • Government to incentivize farmers to go solar
  • ‘TB Haarega, Desh Jeetega’ mission to be launched
  • Swachch Bharat Abhiyan to get ₹12,300 crore
  • Data is the new oil. A policy to be announced to enable private sector to build data centre parks throughout the country
  • Conventional energy meters to be replaced by prepaid ‘smart meters’ in the next three years. Pre-paid meters (smart meters) will give consumers freedom to choose suppliers and tariff
  • In large cities with population of over 1 million, clean air is a matter of concern
  • Proposed to set up a national recruitment agency for conduct of computer-based online common eligibility test for recruitment to non-gazetted post
  • Bank depositor money insurance cover increased to Rs. 5 Lakh from Rs. 1 Lakh
  • Launch of a system for instant allotment of PAN on basis of Aadhaar

Education:

  • Steps will be taken to deliver higher quality education
  • Proposes FDI and ECB in Education
  • New Education Policy (NEP) to be notified soon
  • Degree-level full-fledged online education programme to be offered by the top 100 institutions in the country for deprived students
  • Announces Rs 99,300 crore outlay for education sector in 2020-21 and Rs 3,000 crore for skill development
  • Under the Study in India programme, an IND-SAT exam is proposed to be held in Asian and African countries
  • Opportunities for young engineers: Internship with urban local bodies to be introduced
  • Proposes National Police University and National Forensic Science University

Infrastructure:

  • National Logistics Policy to be announced
  • Rs 1.7 lakh crore provided for transport infrastructure in 2020-21
  • Delhi-Mumbai Expressway to be ready in 3 years
  • Announces Rs 20,000 crore for the renewable energy sector
  • 100 more airports to be developed by 2025
  • Five new smart cities to be developed

RAILWAY:

  • No change in Passenger Fares
  • Will set up Kisan Rail so that farm goods can be quickly transported across the country

DIRECT TAX:

  • ‘Taxpayer Charter’ to be introduced as part of statute
  • Dividend received will be taxable in the hands of taxpayer as per applicable tax slab

Individuals:

Tax Slabs as below (without claiming any deductions/rebates:

  • Income up to Rs 5 lakh: NIL tax
  • Income between 5 – 7.5 lakh: Tax at 10%
  • Income between 7.5 – Rs 10 lakh: Tax at 15%
  • Income between 10 lakh – 12.5 lakh: Tax at 20%
  • Income between 12.5 lakh – 15 lakh: Tax at 25%
  • Income above 15 lakh: Tax at 30%

Corporate:

  • Corporate Income Tax stands at 22% for existing companies
  • Dividend Distribution Tax (DDT) abolished. Dividend will be taxable at the hands of dividend recipient.
  • Concessional tax rate of 15% extended to new power generation companies
For any question visit us at forum

Disclaimer:The article or blog or post (by whatever name) in this website is based on the writer’s personal views and interpretation of Act. The writer does not accept any liabilities for any loss or damage of any kind arising out of information and for any actions taken in reliance thereon.  It is prepared based on understanding of provisions as stood applicable as on date. Also, accountsforum.com and its members do not accept any liability, obligation or responsibility for author’s article and understanding of user.

Facebook/accountsforum
Twitter/ForumAccounts

Source link

Leave a Reply

%d bloggers like this: