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GENERAL:

Synopsis: Union Budget 2020-2021

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

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Category Union Budget, Other Articles by - Dr. Anand Wadadekar 



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