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01-02-2020
Highlights of Budget 2020
99,300 crores allocated to education sector
3,000 crores allocated for skill development
Investment clearance cell for start ups proposed
Proposal to develop 5 new smart cities thru PPP mode
27,300 crores to be spent to boost manufacturing, industry and commerce
1480 crores allocated to textile industry
Electronics and mobile manufacturing/production to be boosted
National Technical Textile Mission to be formulated
Digital Tech standards for Ministries to be set up
Proposal to digitally refund duties to exporters
Infrastructure pipelines of 6500 projects to be done
National Infra pipeline proposed for ease of living
National Logistics Policy to be unveiled soon
9,000 kms of economic corridors proposed
Chennai Bengaluru expressway to be in place by 2023
High speed train between Mumbai and Ahmedabad
Electrification of 27,000 km of train tracks
More Tejas trains to be introduced for connecting tourist places
1.7 lacs crores proposed for transport infrastructure
100 airports to be developed by 2024
Electric smart metering system proposed. Pre paid smart meters to be provided
22,000 crores for power and renewable energy sector
Data centre parks to be built Pan india. Will enable firms to incorporate data
1 lacs gram panchayats to be digitally connected to be linked thru optical fibres
6,000 crores allocated for Bharat Net program
8,000 crores for quantum tech over a period of 5 years
35,600 crores allocated for nutritional program for woman welfare
85,000 crores allocated for SC welfare
No manual cleaning of sewers
5 archaeological sites to be developed and 4 on site museums. 3,000 crores allocated for cultural heritage
Rakhigarhi, Kolkatta museum, Hastinapur, Shiv Sagar to be developed
25,000 crores allocated for tourism industry
Centre to provide grants to states to develop destinations
4,400 crores allocated for clean air for 2020-21
30,757 crores allocated for J and K. 59.58 crores allocated for UT Ladakh
100 crores allocated for G-20 summit to be hosted by india in 2022
Tax harassment not to be tolerated. Tax payers charter will be institutionalised
Test centre to be set up in every district
Bank guarantee insurance cover increased from existing 1 lacs to 5 lacs for deposits in banks per depositor aftermath of PMC bank scam
NBFCs can do invoice financing for MSMEs
Debt restructuring proposed for MSMEs. Subordinate debt to be provided to MSMEs
Formulation of Partial Credit Guarantee Scheme
Govt to sell part holdings in LIC
GDP nominal growth estimated to 10% in 2020-21 based on availability of trends
Fiscal deficit expected to be 3.8%
New Personal simplified 6 tax slab rates introduced
5% for income between 2.50 lacs to 5 lacs
10% for income between 5 to 7.50 lacs
15% for income between 7.50 lacs to 10 lacs
20% for Income between 10 lacs to 12.50 lacs
25% For income between 12.50 lacs to 15 lacs
30% for income above 15 lacs with no exemptions and deductions
Old tax slab rates at the option of the taxpayer
40,000 crores revenue forgone in a year
Out of 100 exemptions and deductions, around 70 removed in the new tax regime as above
Removal of DDT, classical tax introduced in the hands of the recipient
25,000 crores revenue forgone in the above move
Cos engaged in distribution of power and generation, taxes reduced to 15%
To make foreign funds available, bonds period extended and TDS rates reduced
5% TDS rate on interest payment on municipal bonds
Start ups using ESOPs for retaining talented employees, tax payment deferred on employees to 5 years subject to conditions
Turnover limit for start ups increases from 25 crores to 100 crores
Parity between coop societies and corporates done by aligning tax rates. AMT to be removed for coop societies
Audit limit for MSMEs increased from 1 crores to 5 crores subject to conditions
Tax holiday for affordable housing sector - date of approval extended by 1 more year
Capital gains- difference of 5% increased to 10% between fair market value and circle rates
Donations recd by donee pre filled in donors return form
Registration of charitable societies to be electronic.
Similar to Sabka Vishwas Scheme, Vivaad Se Vishwas Scheme introduced for direct tax, no penalty no interest till 31-03-2020, some interest till 30-06-2020
CBDT to adopt tax payers charter. Tax payer rights to be clearly enumerated
Pan to be allotted instantly on the basis of Adhaar
Electronic invoicing under Gst to be introduced in phased manner
Dynamic QR code on Gst invoices
Input tax credit matching system to be enhanced
Custom duties to be raised on footwear and furniture
Health cess imposed on import of medical equipments |
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