01/02/2020
India's Budget Highlights 2020
*Income Tax slab under new income tax regime :
Income Upto 5 lacs = 0%
Income between 5lacs to 7.5 lacs = 10%
Income between lacs 7.5L to 10L = 15%
Income between 10L to 12.5L = 20%
Income between 12.5L to 15 L = 25%
Income above 15L = 30%
DDT has to be paid to receiver
Turnover limit for audit has been increased to 5crores.
Budget 2020 - FM claims fundamentals of economy are strong + Inspector Raj guillotined + Consumers save 4% more on account of lower GST rates
FM says 16 lakh more taxpayers joined GST tax base
Budget 2020 - FM claims fundamentals of economy are strong
Govt to introduce pre-paid electric meters in three years
Govt allocates Rs 1.7 lakh crore for developing transport sector in current fiscal
Govt to encourage every district to set up an export hub
Govt to unfold scheme to promote mobile, electronics, semi-conductor and medical devices manufacturing
Govt to set up investment clearance cell to entrepreneurs
Tax exemption granted to foreign sovereign fund investment in infra sector with 3 yrs lock-in period
Concessional corporate tax rate extended to power generation companies also
FM abolishes DDT + dividend to be taxed in hands of recipients
New optional income tax framework to cost Rs 40,000 Cr to exchequer
Govt securities to be made available to non-resident investors + new debt-ETF to be floated
Govt to provide hand-holding support to auto & pharma sectors
Banks to provide subordinate debt facility to MSMEs
Govt to provide insurance for sum of Rs 5 lakh for every depositor in commercial banks
India to host G-20 Summit in 2022; Rs 100 Cr allocated
Govt to set up National Recruitment Agency for online common tests
Companies Act - Criminal liabilities to be substituted by civil liabilities
Taxpayer charter to be a part of tax laws: FM
Govt to provide Rs 4400 Cr to States for providing cleaner air in cities of over 1 million population
Tourism gets Rs 2500 Cr budget for current fiscal.*
