5 things you need to know about governments most challenging budget
Union Budget 2020 LIVE Updates: Finance Minister Nirmala Sitharaman is back with a red cloth bahi khata to present the budget. The Narendra Modi government is likely to increase state spending on infrastructure and offer some income tax incentives when Nirmala Sitharaman reads her Budget 2020 speech in Parliament at 11am, aiming to get growth back up from its lowest in a decade.
In its Economic Survey 2020 released on Friday, the Union government predicted that the economic growth would pick up to 6.0% to 6.5% in the fiscal year beginning April 1, but warned that it may have to exceed its deficit target to revive growth
Hoping to reduce tax slabs
The tax slabs are expected to be modified in the budget this time around. Demand for taxation to be reduced from 20% to 10% in slabs up to 5-10 lakhs. The tax rate has been reduced from 30 per cent to 10 per cent on incomes ranging from 1 lakh to 20 lakh, and a tax of 30 percent has been sought on incomes above Rs 20 lakh. The middle class and especially the working class are expected to reduce taxes at this time.
Special need to increase demand and consumption
According to economists, there is a special need to increase demand and consumption in the economy during these times. As the demand grows, economic activities will be brighter. For this, the government needs to increase spending and deliver more money in the pockets of the common man. The government is working on a number of infrastructure projects aimed at spending.National Logistics Policy may be announced
The government is likely to announce a national logistic policy in the budget to ease trade transport in the country. This information is provided by news agency sources. Accordingly, the logistics division of the Ministry of Commerce has worked on the policy. The main objective is to reduce the cost of transporting goods to the merchants. It may be proposed to create a central portal. So that companies can find a solution to join the logistics.LIVE BUDGET ON LOKSABHA TV
Budget to be presented in Lok Sabha at 11am
AAJ TAK LIVE
Finance Minister Nirmala Sitharaman will leave her house at 8.50 am in the morning. There will be a photo session with MoS Anurag Thakur and Ministry officials at the Finance Ministry at 9am. He will then go to Rashtrapati Bhavan to formally agree to present the Union Budget 2020-21. From Rashtrapati Bhavan, the Finance Minister will leave Parliament for a cabinet seat. Budget will be allowed there too. Then Finance Minister Nirmala Sitharaman will present the Union Budget in the Lok Sabha at 11am.
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Union Budget 2020 LIVE Updates: Finance Minister Nirmala Sitharaman is back with a red cloth bahi khata to present the budget. The Narendra Modi government is likely to increase state spending on infrastructure and offer some income tax incentives when Nirmala Sitharaman reads her Budget 2020 speech in Parliament at 11am, aiming to get growth back up from its lowest in a decade.
Finance Minister Nirmala Sitharaman on Saturday announced increasing customs duty on imported footwear and furniture. In her second Budget presentation, the finance minister also imposed health cess on import of medical equipment. Sitharaman cut short her Budget speech after feeling unwell towards the fag end.
Slamming the Union Budget, the CPM said that it consisted of just "platitudes" and did not address the problems faced by the people. Reacting to the Budget presented by Finance Minister Nirmala Sitharaman, CPM general secretary Sitaram Yechury said that it did nothing to alleviate "people's miseries". "Just platitudes & slogans. Nothing substantial to alleviate peoples' misery, the growing unemployment, rural wage crash, farmers' distress suicides and galloping prices," he tweeted.
Govt proposes alternative taxation regime to simplify I-T; keeps it optional
"We propose to bring a personal income tax regime, where income tax rates will be reduced, so now, person earning between Rs 5-7.5 lakhs will be required to pay tax at 10% against current 20%," Sitharaman said.
5% between 2.5-5 lakh
10% tax between 5-7.5 lakh
15% between 7.5-10 lakh
20% between 10 lakh-12.5 lakh
25% between 12.5-15 lakh
30% between above 15 lakh
Govt proposes alternative taxation regime to simplify I-T; keeps it optional
"We propose to bring a personal income tax regime, where income tax rates will be reduced, so now, person earning between Rs 5-7.5 lakhs will be required to pay tax at 10% against current 20%," Sitharaman said.
New Tax slab (without exemptions):
No tax: 0-2.55% between 2.5-5 lakh
10% tax between 5-7.5 lakh
15% between 7.5-10 lakh
20% between 10 lakh-12.5 lakh
25% between 12.5-15 lakh
30% between above 15 lakh
Important Link:::
Download Budget Detail pdf
