FM MS NIRMALA SITHARAMAN
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UNION BUDGET 2020-21
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BUDGET2020 HIGHLIGHTS - UNION BUDGET FOR FY 2020-21
UNION BUDGET 2020 - HIGHLIGHTS
BUDGET PROPOSALS FOR FY 2020-21 IS BEING PRESENTED BY
FM Ms NIRMALA SITHARAMAN ON 01.02.2020
FM Ms NIRMALA SITHARAMAN ON 01.02.2020
01.02.2020 : Finance Minister Ms Nirmala Sitharaman is presenting her second budget for the Financial year 2020-21 .
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UNION BUDGET 20-21 PRESENTED BY FM NIRMALA SITHARAMAN
HIGHLIGHTS OF THE PROPOSALS FOR FINANCIAL YEAR 2020-21 IN HER SPEECH
1. Ms Nirmala Sitharaman delivered her second presentation of union Budget for Fy 2020-21 at the scheduled time of 11.00 am on 01.02.2020
2. Allocations : Rs 20,000 crores for renewable energy sector , Rs 1.00 lakh crores for education , Rs 69,000 crores for Health Care sector
3. Tax Payer's charter will be introduced in statute .
4. National recruitment Agency will be instituted for common entrance to bank jobs and non-gazetted posts in the government .
5. FM assures that Depositor's money would be safe .
5. DICGC INSURANCE WILL BE INCREASED TO RS 5.00 LAKHS FROM EXISTING RS 1.00 LAKH
6. Holding Company for LIC will be established via IPO
7. FISCAL DEFICIT FOR 2019-20 ESTIMATED AT 3.8 % AGAINST EARLIER COMMITMENT OF 3.3 %
BUDGET2020 HIGHLIGHTS - INCOME TAX SLABS AND RATES FOR FY 2020-21
DIRECT TAX :
8. SIMPLIFIED INDIVIDUAL TAX REGIME WILL BE INTRODUCED .
PROVIDED YOU FORGO EXEMPTIONS AND RELIEFS ,
9 . NO CHANGE AT 5 % FROM RS 2,50,000 RS 5 .00 LAKHS
10 INCOME TAX AT 10 % BETWEEN 5 LAKHS AND RS 7.5 LAKHS
11 INCOME TAX AT 15 % BETWEEN 7.5 LAKHS AND RS 10 LAKHS
12. INCOME TAX AT 2O % BETWEEN 10 LAKHS AND RS 12.5 LAKHS
13 . INCOME TAX AT 25 % BETWEEN 12.5 LAKHS AND RS 15 LAKHS
( WE ARE AWAITING FOR CLARIFICATION ON WHICH EXEMPTION AND RELIEF TO BE FOREGONE )
14. PRE-FILLED ITR FORMS WILL BE MADE AVAILABLE
15. Dividend Distribution Tax removed , but dividends to be added to individual incomes
16. PAN will be allotted on line on the basis of Aadhaar
17 . IF YOU DON'T WANT FORGO RELIEFS AND EXEMPTIONS , YOU CAN CONTINUE WITH OLD SLABS .
TO READ FINANCE BILL , CLICK HERE TO READ FM SPEECH , CLICK HERE
FOR KEY FEATURES OF THE BUDGET , CLICK HERE
8. SIMPLIFIED INDIVIDUAL TAX REGIME WILL BE INTRODUCED .
PROVIDED YOU FORGO EXEMPTIONS AND RELIEFS ,
9 . NO CHANGE AT 5 % FROM RS 2,50,000 RS 5 .00 LAKHS
10 INCOME TAX AT 10 % BETWEEN 5 LAKHS AND RS 7.5 LAKHS
11 INCOME TAX AT 15 % BETWEEN 7.5 LAKHS AND RS 10 LAKHS
12. INCOME TAX AT 2O % BETWEEN 10 LAKHS AND RS 12.5 LAKHS
13 . INCOME TAX AT 25 % BETWEEN 12.5 LAKHS AND RS 15 LAKHS
( WE ARE AWAITING FOR CLARIFICATION ON WHICH EXEMPTION AND RELIEF TO BE FOREGONE )
14. PRE-FILLED ITR FORMS WILL BE MADE AVAILABLE
15. Dividend Distribution Tax removed , but dividends to be added to individual incomes
16. PAN will be allotted on line on the basis of Aadhaar
17 . IF YOU DON'T WANT FORGO RELIEFS AND EXEMPTIONS , YOU CAN CONTINUE WITH OLD SLABS .
TO READ FINANCE BILL , CLICK HERE TO READ FM SPEECH , CLICK HERE
FOR KEY FEATURES OF THE BUDGET , CLICK HERE
New Updated Article
TAX PLANNING FOR FY 2020-21 ( AY 2021-22 )
Comprehensive Article on Income tax changes in Rules, Rates , Slabs , Rebates and Estimation
CLICK HERE TO READ
TAX PLANNING FOR FY 2020-21 ( AY 2021-22 )
Comprehensive Article on Income tax changes in Rules, Rates , Slabs , Rebates and Estimation
CLICK HERE TO READ
REVISED UNION BUDGET 2019 -20
HIGHLIGHTS OF REVISED BUDGET PROPOSAL FOR FY 20219-20 MADE BY MS NIRMALA SEETHARAMAN , NEW FM ON 05.07.2019
1. FM began her maiden budget speech at 11.00 am .
2. Indian economy will be $3 trillion economy this year itself
3. Public - private partnership for improving rail tracks .
4. By 2022 , all rural houses will have electric connection and LPG connection .
5. Labour laws to be transferred to 4 labour codes .
6. Rs 70,000 crores capital infusion for PSBs .
7. RBI will be regulator of housing finance sector instead of NHB
8 Rs 1.05 lakh crore will be disinvested in FY 2019-20
9 . Corporate tax at 25 % for companies with turnover less than Rs 400 crores
10. Rs 1.5 lakhs of Income tax exempted on interest on loan for EV
11. PAN and Aadhaar will be interchangeable
12. Rs 1.5 lakhs of Income tax additionally exempted on interest on housing loan under affordable housing costing up to Rs 45 lakhs ( making it total of Rs 3.5 lakhs )
13. Excise Duty on Fuels like petrol and Diesel hiked by Rs 1 per litre
14. No change in Income tax slabs
15 . Custom Duty om Gold and Jewelry increased from 10 % to 12.5 %
16 . 2 % TDS levy on cash withdrawal over Rs 1.00 crore for business payments .
17 . Surcharge on Income tax increased for persons with income above Rs 2 crore pa with 3 % for slab between Rs 2 cr to Rs 5 .00 cr and 7% beyond .
18 . MDR charges to be waived for cashless payments
19. Aadhaar Cards for NRIs on arrival in India
TO READ COMPLETE SPEECH , CLICK HERE
2. Indian economy will be $3 trillion economy this year itself
3. Public - private partnership for improving rail tracks .
4. By 2022 , all rural houses will have electric connection and LPG connection .
5. Labour laws to be transferred to 4 labour codes .
6. Rs 70,000 crores capital infusion for PSBs .
7. RBI will be regulator of housing finance sector instead of NHB
8 Rs 1.05 lakh crore will be disinvested in FY 2019-20
9 . Corporate tax at 25 % for companies with turnover less than Rs 400 crores
10. Rs 1.5 lakhs of Income tax exempted on interest on loan for EV
11. PAN and Aadhaar will be interchangeable
12. Rs 1.5 lakhs of Income tax additionally exempted on interest on housing loan under affordable housing costing up to Rs 45 lakhs ( making it total of Rs 3.5 lakhs )
13. Excise Duty on Fuels like petrol and Diesel hiked by Rs 1 per litre
14. No change in Income tax slabs
15 . Custom Duty om Gold and Jewelry increased from 10 % to 12.5 %
16 . 2 % TDS levy on cash withdrawal over Rs 1.00 crore for business payments .
17 . Surcharge on Income tax increased for persons with income above Rs 2 crore pa with 3 % for slab between Rs 2 cr to Rs 5 .00 cr and 7% beyond .
18 . MDR charges to be waived for cashless payments
19. Aadhaar Cards for NRIs on arrival in India
TO READ COMPLETE SPEECH , CLICK HERE
Union Budget 2019-20: Press Conference by Finance Minister Nirmala Sitharaman & MoS Anurag Thakur will be on 05.07.2019 at 2.00 PM
HIGHLIGHTS OF THE BUDGET PROPOSALS PRESENTED BY MR PIYUSH GOYAL ON 01.02.2019
01.02.2019 : Mr Piyush Goyal , Interim Finance Minister presented his budget proposals for the financial year 2019-20 today . Highlights of his speech so far are as follows :
1. Rs 60,000 crores allocated to MNERGA
2. Rs 6,000 per year for farmers holding below 5 acres of land
3. Rs 3,000 per month pension for unorganised workers with less Rs 15,000 per month
4. No income tax up to Rs 5 .00 lakhs per year income . No change in tax slabs
5. Arrangements are being made to process IT RETURNS in 24 hours and TDS refunded .
6. TDS threshhold on rentals increased to Rs 2.4 lkahs from rs 1.8 lakhs
7. Standard deduction raised from Rs 40,000 to Rs 50,000
8. Tax for second self- occupied house exempted
9. TDS on deposits under section 194a up to Rs 40,000 exempted , raised from Rs 10,000
10 . Fiscal Deficit pegged at 3.4 %
11 . 2 % interest subvention for farmers pusuing animal husbandry
12. 2 % interest subvention for farmers affected by natural calamities and further 3 % in prompt repayment .
13 . Bonus act to be applicable to workers earning up to Rs 21,000 per month .
14. SME sector will get 2 % interest subvention for loans up to Rs 1 crore provided they are registered under GST .
15 . Capital gain exemption up to Rs 2 crores under section 54 and up to 2 houses also
TO READ COMPLETE BUDGET SPEECH , CLICK HERE
BUDGET PROPOSAL 2018- 19
Mr Arun Jaitley , Finance Minister presented his budget proposals for the financial year 2018-19 on 1st Feb , 2018 . If implemented , following aspects of your personal finance :
1. Export of Agriculture products to be liberalised
2. Free housing for all by 2022
3. MSP of crops to be increased by 1.5 times of the production cost
4. New Health care system for poor with Rs 5 lakhs cover
5. 8 Crore BPL women to get free LPG connection
6. Tax burden for MSME to be reduced
7. Medical college for every three parliamentary constituencies
8 3.3% Fiscal deficit projected for Fy 18-19
9. Salary of president & governors to be increased
10 .Corporate tax of 25 % for companies up to Rs 250 crores
11. No change in personal income tax slabs
12. No TDS for senior citizens for interest up to Rs 50,000
13 . Standard Deduction of Rs 40,000 for salaried employees
14 . Deduction increased to Rs 50,000 for medical insurance of senior citizens
15. Long term capital gain Tax of 10 % for amount up to Rs 1 lakh .
16 . Cess on income Tax increased to 4 % from existing 3 % .
17 . Tax exemption limit is increased to Rs 50,000 for interest on bank / post office deposits for senior citizens
18. Increase in deduction limit for expenses on certain critical illness increased to Rs 1.00 Lakh for senior citizens . Existing limit is Rs 60,000 for senior citizens and Rs 80,000 for super senior citizens .
19. Investment limit to be increased to Rs 15 lakhs from existing Rs 7.5 lakhs in Pradhana Mantri Vayovandana Yojana .
Mr Arun Jaitley , Finance Minister presented his budget proposals for the financial year 2018-19 on 1st Feb , 2018 . If implemented , following aspects of your personal finance :
1. Export of Agriculture products to be liberalised
2. Free housing for all by 2022
3. MSP of crops to be increased by 1.5 times of the production cost
4. New Health care system for poor with Rs 5 lakhs cover
5. 8 Crore BPL women to get free LPG connection
6. Tax burden for MSME to be reduced
7. Medical college for every three parliamentary constituencies
8 3.3% Fiscal deficit projected for Fy 18-19
9. Salary of president & governors to be increased
10 .Corporate tax of 25 % for companies up to Rs 250 crores
11. No change in personal income tax slabs
12. No TDS for senior citizens for interest up to Rs 50,000
13 . Standard Deduction of Rs 40,000 for salaried employees
14 . Deduction increased to Rs 50,000 for medical insurance of senior citizens
15. Long term capital gain Tax of 10 % for amount up to Rs 1 lakh .
16 . Cess on income Tax increased to 4 % from existing 3 % .
17 . Tax exemption limit is increased to Rs 50,000 for interest on bank / post office deposits for senior citizens
18. Increase in deduction limit for expenses on certain critical illness increased to Rs 1.00 Lakh for senior citizens . Existing limit is Rs 60,000 for senior citizens and Rs 80,000 for super senior citizens .
19. Investment limit to be increased to Rs 15 lakhs from existing Rs 7.5 lakhs in Pradhana Mantri Vayovandana Yojana .
To read Budget Proposals of Earlier years , CLICK HERE
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