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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 01.02.2020Â
​ FM Ms NIRMALA SITHARAMAN  ON 01.02.2020Â
 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 PROPOSALSÂ FOR FINANCIAL YEAR 2020-21 IN HER SPEECHÂ
Â
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 sectorÂ
3. Tax Payer's charter will be introduced in statute .Â
4. National recruitment Agency will be instituted for common entrance to bank jobs and non-gazetted posts in the government .Â
5. FM assures that Depositor's money would be safe . Â
5. DICGCÂ Â INSURANCE WILL BE INCREASED TO RS 5.00 LAKHS FROM EXISTINGÂ RS 1.00 LAKHÂ
​6. Holding Company for LIC will be established via IPO Â
7. FISCAL DEFICIT FOR 2019-20Â ESTIMATED AT 3.8 % AGAINST EARLIERÂ COMMITMENT OF 3.3 %Â Â
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 sectorÂ
3. Tax Payer's charter will be introduced in statute .Â
4. National recruitment Agency will be instituted for common entrance to bank jobs and non-gazetted posts in the government .Â
5. FM assures that Depositor's money would be safe . Â
5. DICGCÂ Â INSURANCE WILL BE INCREASED TO RS 5.00 LAKHS FROM EXISTINGÂ RS 1.00 LAKHÂ
​6. Holding Company for LIC will be established via IPO Â
7. FISCAL DEFICIT FOR 2019-20Â ESTIMATED AT 3.8 % AGAINST EARLIERÂ COMMITMENT OF 3.3 %Â Â
BUDGET2020 HIGHLIGHTS - INCOME TAX SLABS AND RATES FOR FY 2020-21
DIRECT TAXÂ :Â
​8. SIMPLIFIED INDIVIDUAL  TAX REGIME WILL BE INTRODUCED .Â
PROVIDED YOU FORGO EXEMPTIONS AND RELIEFS ,
9 . NO CHANGEÂ AT 5 % FROMÂ RS 2,50,000Â RS 5 .00 LAKHSÂ
10 INCOME TAXÂ AT 10 %Â Â BETWEENÂ 5 LAKHS AND RS 7.5 LAKHSÂ
11 INCOME TAX ATÂ Â 15 %Â BETWEENÂ 7.5 LAKHS AND RS 10 LAKHSÂ
12. INCOME TAX AT  2O % BETWEEN 10 LAKHS AND RS 12.5 LAKHSÂ
13 . INCOME TAX AT  25 % BETWEEN 12.5 LAKHS AND RS 15 LAKHSÂ
( WE ARE AWAITING FOR CLARIFICATION ON WHICH EXEMPTION AND RELIEF TOÂ BE FOREGONEÂ )Â
14. PRE-FILLED ITR FORMS WILL BE MADE AVAILABLEÂ
​15. Dividend Distribution Tax removed , but dividends to be added to individual incomesÂ
​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 . Â
​TO READ FINANCE BILL , CLICK HERE   TO READ FM SPEECH , CLICK HERE   Â
​FOR KEY FEATURES OF THE BUDGET  , CLICK HERE ​
​8. SIMPLIFIED INDIVIDUAL  TAX REGIME WILL BE INTRODUCED .Â
PROVIDED YOU FORGO EXEMPTIONS AND RELIEFS ,
9 . NO CHANGEÂ AT 5 % FROMÂ RS 2,50,000Â RS 5 .00 LAKHSÂ
10 INCOME TAXÂ AT 10 %Â Â BETWEENÂ 5 LAKHS AND RS 7.5 LAKHSÂ
11 INCOME TAX ATÂ Â 15 %Â BETWEENÂ 7.5 LAKHS AND RS 10 LAKHSÂ
12. INCOME TAX AT  2O % BETWEEN 10 LAKHS AND RS 12.5 LAKHSÂ
13 . INCOME TAX AT  25 % BETWEEN 12.5 LAKHS AND RS 15 LAKHSÂ
( WE ARE AWAITING FOR CLARIFICATION ON WHICH EXEMPTION AND RELIEF TOÂ BE FOREGONEÂ )Â
14. PRE-FILLED ITR FORMS WILL BE MADE AVAILABLEÂ
​15. Dividend Distribution Tax removed , but dividends to be added to individual incomesÂ
​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 . Â
​TO READ FINANCE BILL , CLICK HERE   TO READ FM SPEECH , CLICK HERE   Â
​FOR KEY FEATURES OF THE BUDGET  , CLICK HERE ​
 New Updated ArticleÂ
      Â
 TAX PLANNING FOR FY 2020-21 ( AY 2021-22 )Â
Comprehensive  Article on Income tax changes in Rules, Rates , Slabs , Rebates  and EstimationÂ
CLICK HERE TO READ ​
      Â
 TAX PLANNING FOR FY 2020-21 ( AY 2021-22 )Â
Comprehensive  Article on Income tax changes in Rules, Rates , Slabs , Rebates  and EstimationÂ
CLICK HERE TO READ ​
REVISED UNION BUDGET 2019 -20
HIGHLIGHTS OFÂ Â REVISED BUDGETÂ PROPOSAL FOR FY 20219-20Â Â MADE BYÂ MS NIRMALA SEETHARAMANÂ , NEW FM ON 05.07.2019Â
1. FM began her  maiden budget speech at 11.00 am . Â
2. Indian economy will be $3 trillion economy this year itselfÂ
​3. Public - private partnership for improving rail tracks .Â
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 NHBÂ
​8 Rs 1.05 lakh crore will be disinvested in FY 2019-20Â
9 . Corporate tax at 25 %Â for companies with turnover less than Rs 400 crores
10. Rs 1.5 lakhs  of Income tax exempted on interest on loan for EVÂ
11. PAN and Aadhaar will be interchangeableÂ
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 )Â
13. Excise Duty on Fuels like petrol and Diesel hiked by Rs 1 per litre
​14. No change in Income tax slabsÂ
15 . Custom Duty om Gold and Jewelry increased from 10 % to 12.5 %Â
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 .Â
18 . MDR charges to be waived for cashless paymentsÂ
19. Aadhaar Cards for NRIs on arrival in IndiaÂ
TO READ COMPLETE SPEECH , CLICK HERE ​
2. Indian economy will be $3 trillion economy this year itselfÂ
​3. Public - private partnership for improving rail tracks .Â
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 NHBÂ
​8 Rs 1.05 lakh crore will be disinvested in FY 2019-20Â
9 . Corporate tax at 25 %Â for companies with turnover less than Rs 400 crores
10. Rs 1.5 lakhs  of Income tax exempted on interest on loan for EVÂ
11. PAN and Aadhaar will be interchangeableÂ
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 )Â
13. Excise Duty on Fuels like petrol and Diesel hiked by Rs 1 per litre
​14. No change in Income tax slabsÂ
15 . Custom Duty om Gold and Jewelry increased from 10 % to 12.5 %Â
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 .Â
18 . MDR charges to be waived for cashless paymentsÂ
19. Aadhaar Cards for NRIs on arrival in IndiaÂ
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 PMÂ
 HIGHLIGHTS OF THE BUDGET PROPOSALS PRESENTED BY MR PIYUSH GOYAL ON 01.02.2019Â
 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 : Â
1. Rs 60,000 crores allocated to MNERGA
2. Rs 6,000 per year for farmers holding below 5 acres of landÂ
3. Rs 3,000 per month pension  for unorganised  workers with less Rs 15,000 per monthÂ
4. No income tax  up to Rs 5 .00 lakhs per year income  . No change in tax slabsÂ
5. Arrangements are being made to process IT RETURNS in 24 hours and TDS  refunded .Â
6. TDS threshhold  on rentals increased to Rs 2.4 lkahs from rs 1.8 lakhs Â
7.  Standard deduction raised from Rs 40,000 to Rs 50,000 Â
8.  Tax for second self- occupied house exemptedÂ
9. TDS on deposits under section 194a  up to Rs 40,000 exempted , raised from Rs 10,000Â
10 . Fiscal Deficit pegged at 3.4 %Â
11 . 2 %Â interest subvention for farmers pusuing animal husbandryÂ
​12. 2 % interest subvention for farmers affected by natural calamities and further 3 % in prompt repayment .Â
​13 . Bonus act to be applicable to workers earning up to Rs 21,000 per month .Â
14. SME sector will get 2 % interest subvention for loans up to Rs 1 crore provided they are registered under GST .Â
15 . Capital gain exemption up to Rs 2 crores under section 54 and  up to 2 houses alsoÂ
​TO READ COMPLETE BUDGET SPEECH , CLICK HEREÂ
 TO KNOW  Â
​             ACTUAL EFFECT ON INCOME TAX PAYABLE FROM  BUDGET PROPOSALS 2019-20 , CLICK HEREÂ
​             ACTUAL EFFECT ON INCOME TAX PAYABLE FROM  BUDGET PROPOSALS 2019-20 , CLICK HEREÂ
 BUDGET PROPOSAL 2018- 19 Â
  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 :Â
1. Export of Agriculture products to be liberalisedÂ
2. Free housing for all by 2022
​3. MSP of crops to be increased by 1.5 times of the production costÂ
4. New Health care system for poor with Rs 5 lakhs coverÂ
5. 8 Crore BPL women to get free LPG connectionÂ
​6. Tax burden for MSME to be reducedÂ
​7. Medical college for every three parliamentary constituenciesÂ
8 3.3% Fiscal deficit projected for Fy 18-19Â
​9. Salary of president & governors to be increasedÂ
10 .Corporate tax of 25 % for companies up to Rs 250 croresÂ
​11. No change in personal income tax slabs ​
12. No TDS for senior citizens for interest up to Rs 50,000Â Â
13 . Standard Deduction of Rs 40,000 for salaried employeesÂ
14 . Deduction increased to Rs 50,000 for medical insurance of senior citizensÂ
​15. Long term capital gain Tax of 10 % for amount up to Rs 1 lakh .Â
16 . Cess on income Tax increased to 4 % from existing 3 % .Â
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 .Â
19. Investment limit to be increased to Rs 15 lakhs from existing Rs 7.5 lakhs in Pradhana Mantri Vayovandana Yojana .Â
​
  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 :Â
1. Export of Agriculture products to be liberalisedÂ
2. Free housing for all by 2022
​3. MSP of crops to be increased by 1.5 times of the production costÂ
4. New Health care system for poor with Rs 5 lakhs coverÂ
5. 8 Crore BPL women to get free LPG connectionÂ
​6. Tax burden for MSME to be reducedÂ
​7. Medical college for every three parliamentary constituenciesÂ
8 3.3% Fiscal deficit projected for Fy 18-19Â
​9. Salary of president & governors to be increasedÂ
10 .Corporate tax of 25 % for companies up to Rs 250 croresÂ
​11. No change in personal income tax slabs ​
12. No TDS for senior citizens for interest up to Rs 50,000Â Â
13 . Standard Deduction of Rs 40,000 for salaried employeesÂ
14 . Deduction increased to Rs 50,000 for medical insurance of senior citizensÂ
​15. Long term capital gain Tax of 10 % for amount up to Rs 1 lakh .Â
16 . Cess on income Tax increased to 4 % from existing 3 % .Â
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 .Â
19. Investment limit to be increased to Rs 15 lakhs from existing Rs 7.5 lakhs in Pradhana Mantri Vayovandana Yojana .Â
​
 To read Budget Proposals of Earlier years  ,  CLICK HEREÂ
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THANK ALL READERS , WELL WISHERS Â WHO HAVE HELPED US TO REACH Â THE MILESTONEÂ
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