2020 budget : tax relief to common people with conditions, government will sell its shares in LIC,10% GDP estimate.
Inaugurating the speech, the Finance Minister said that referring to the victory in the LOK SAbHA elections, he said that it was a strong mandate, rather it is a stabilizer. Referring to the GST, the Finance Minister recalled Arun Jaitley and said that GST come into force because of his foresight and this has ended the dreaded inspector Raj. He said that the banking system has improved, which has improved the condition of banks. Till now GST of crores has been filed. He said that the foundation of the economy is strong and there has been a change in government functioning between and 2014 and 2019. The Finance Minister said that the government has succeeded in controlling inflation. Over 16 lakh new taxpayers have been added last year. Our debt to GDP ratio has decreased. Finance Minister Nirmala Sitaraman said that small and medium industries have got relief. The finance minister claimed that his government has changed the system. Referring to PM MODI’S slogan Sabka saath, Sanka biswas, the Finance Minister also mentioned the PM Awas Yojana.
Highlights : 2020 Union Budget
1. Budget
speech ended : start 11 am to 1:40 pm (
approximately 2 hours 40 minutes.
2. Discount
of one and a half lakh rupees on the interest of cheap home loan:
Proposal to extend one
year additional deduction up to RS. 1,50,000 for purchase of cheap house
3. ‘Sabka
Biswas Scheme’ :-
More than 1,89,000 cases were
settled under this scheme to reduce litigation in indirect taxes.
4. 15%
concessional corporate tax to domestic companies in the power sector :
Proposal to give 15%
concessional corporate tax to domestic companies for investment in power
sector, proposal to remove divided distribution tax to provide relief to
investor.
5. Option
tax on income tax.
The new income tax system
will be optional, taxpayers will have the option to choose from the old system
or the new system . Dividend distribution tax ends, now tax payers will have to
pay dividend.
6. Announcement
of new income tax rates.
a) 5 to 7.5 lakh at Now
10%, first 20%
b) 6.5 to 10 lakh
15%, first 20%
c) 10 to 12.5 lakhs 20%, first 30%
d) 12.5 ati 15 lakh 25 % , first 30%
e) Taxable income above Rs 15 lakh will be taxed at the
rate of 30 %
7. budget projected GDP growth of 10
percent in 2020- 21 :
Finance Minister Nirmala
Sitharaman estimated the estimated GDP at 10 percent for the year 2020-21 ,as he said that there has been a
lot of uproar in the parliament.
8. Government
will sell its stake in LIC
9. 2020
G-20 conference in India :
G-20
conference of 2020 will be held in India, RS 100 Crore has been allocated for
the preparation for the preparation of the envent.
10. Announcement to create a national recruitment agency:
Proposal to establish
national Recruitment Agency for significant improvement in recruitment to
Non-gazetted posts in government and public sector banks.
11. Steps to check the accessories:
All the Minister will
issue quality standard orders during this year. Presenting the budget for the
financial year 2020-21, sitharaman said that this will encourage the sale of
quality goods in the country and will help in curbing the import of inferior
goods.
12. 2020 G-20 conference in India :
G20 conference of 2020
will be held in India, RS 100 crore has been allocated for the preparation of
the event
13. Allocation of about 9500 crores for senior citizens and
differently abled :
Proposal to allocate about RS 9500 crore for senior
citizens and disabled, RS. 3510 croro for Ministry of culture for 2020-21 , RS
2500 crore for promotion of tourism. Allocation of 4400 crores to ensure clean
air in big cities.
14. Deposit up to 5 lakhs in banks is
completely safe :
Finance Minister said, up
to RS 5 lakh deposited in banks is completely safe, earlier this limit was 1
lakh.
15. Tax Payer Charter to be created:
16. Create hospitals under PPP model.
17. High speed Broadband to Gram Panchayats :
18. Beti Bachao, Beti Padhao saw (Show ) excellent resluts :
19. 22,000 crore to the power and renewable energy sector :
Proposal to provide
approximately Rs. 22,000 crore to the electricity and renewable energy sector
in 2020-21.proposal to increase national gas grid from existing 16,200 km to
27,00 km.
20. More trains will be run like tejas :
The work of Mumbai to Ahmedabad high-speed train will be carried
forward. The central government will invest 20 percent share capital in the
Bengaluru sub-city train project. 150 new trains will be run like PPP model.
21. 100 more airports development announced :
100 more airports will be
developed to promote the flight plan. Proposal to spend 8000 crore rupees in
five years on quantum technology and applications.
22. Announcement for scheduled castes, scheduled tribes and other
backward classes :
85,000 crore rupees have been proposed for scheduled
castes and other backward classes, budget proposal of 53,700 crores for
scheduled tribes.
23. 6,000 km of highway by 2024:
24.
National Police University to be created :
25. New
plan will be brought for mobile phone manufacturing, parts, semiconductor :
A new scheme will be brought for
mobile phone manufacturing , components, semiconductor, RS 27.300 crore
allocated in 2020-21 for online agriculture market ’e-Naam’ and government procurement portal “Gem “ for
development of telecom and business. Approval of RS. 3.6 lakh crore for water
life Mission .
26. New
education policy will be announced soon :
A new education policy will be
announced soon, a degree-level online education program will be started for students from
disadvantaged sections of the society. Measures will be taken to improve the
education system from abroad for loans and FDI .
27. 3000
crors for skill india : Finance Minister
3000 crors rupees, 5 new smart cities
will be developed for skill India, bridge programs will be run for jobs abroad
.
28. Jan
Aushadhi centers to be opened in every district :
Finance Minister Jan Aushadhi centers
will be opened in every district, for the 12,300 crore Swachh Bharat Mission , a National Forensic
science university will be created .
29 The
Agriculture sector in given Rs 2.83
crore :
Finance Minister2.83 crores will be given for
the agricultural sector. Farmers train will be run for milk meat fish. Cold
storage will be made at the panchayat level.
30. The
farmers income to be doubled by 2022 :
Nirmala Sitharaman
Our
country is the 5th economy of the world. Now every household saves 4 percent of
its income. Earlier some people used to get all the benefits. But we have
changed this system. Steps have been taken in 100 districts to cope with water
crisis. Farmers income has to be doubled by 2022
2020 budget : tax relief to common people with conditions, government will sell its shares in LIC,10% GDP estimate.
New Delhi: The finance Minister Nirmala sitharaman has made many big announcement in the budget ( Budget 2020-21 ) speech so far. The finance minister has announced major changes in the tax slab. 10% tax will have to be paid on income from Rs. 5 to 7.5 lakhs, along with 15% on income of Rs. 7.5 to 10 lakhs, 20% tax on income of RS. 10 to 12.5 lakhs, on income of Rs. 12.5 to 15 lakhs, 25 % (percent) and above 15 lakh income will have to pay 30 % tax. But the new income tax system will be optional, taxpayers will have the option to choose from the old system or new system .Taxpayers will have the option to choose from either the old system or the new system. In the Budget, when the Finance Minister estimated the projected growth rate of GDP at 10 per cent in 2020-21, Hooting took place in Parliament. Along with this, it has been announced to sell some government stake in LIC.
He sid that the government will create a tax payer charter so that no taxpayer will be able to harass
anyone. With this, he said that a national recruitment agency will be created . At the same time, the farmers have a target of giving loans up to lakh crore’s to the farmers. She is presenting the budget for the second time as Finance Minister.
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The lok abha Om Birla, while approving him to present the Budget , said that he comgratulated him for preseting the First budget of the decade. Nirmala sitharaman, wearaing a yellow sari, has mentioned the victory won by PM MODI in the lok sabha elections at the beginning of the speech.
Special things
1. The goal of creating a 5 trillion $ economy
2. But the recession has become a big challenge
3. unemployment has also become a headache for the
government .
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