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Union Finance Minister Nirmala Sitharaman presenting the Union Budget 2020-21 on Saturday 1st February provided the future prospects of Central Government in nation building. Presenting the second Union Budget of Modi Government in second term Finance Minister Nirmala Sitharaman laid down the central schemes in Lok Sabha. Annual Budget 2020-21 covering Agriculture and Farming sector to Education sector and Infrastructure to Skill development began at 11:00 with the address of Finance Minister. Covering live highlights of 1st budget of new decade, focus was given on Generation of Employment, New Education Policy, modernizing of farming sector, Railway and Infrastructure development projects, Budget included implementation of several new schemes and funding data to sectors.
Presenting the Union Budget 2020-2021 on Saturday, February 1, Union Finance Minister covered several sectors with new aim and strategies of Central Government. The first phase of the Union Budget session began on 1st February and will be concluded on February 11, while the second part of the session will begin from March 2 and end on April 3.
Facing the toughest challenge in Budget since the Modi government came into power Union Finance Minister Nirmala presented the Union Budget 2020-21 on Saturday. There were key challenge in front of Finance Minister including to kick-start market demand, removal of unemployment where country is staring 45-year high on unemployment and to reach to the target of making India a $ 5 trillion economy.
Beginning with Economic Survey 2019-20 Union Budget was tabled by Union Finance Minister Nirmala Sitharaman. Ahead to Union Budget 2020-21 a new concept called ‘Thalinomics’ has been introduced in this year’s survey. Speaking on futurestic plan in Railways, she said in Lok Sabha- 150 New local trains will be on tracks, more Tejas like trains for tourist destination in 2020-21 said Finance Minister.
Sixteen Points as Action Plan in (Agriculture and Farming Sector)
Union Budget 2020-21 (For Education, Employment and Skill Development)
Four Crore New Jobs in next Five Years-
As per press communique Four Crore new reliable jobs with good allowances to be created in next 5 Years.
Under Vivad Se Vishwas Scheme taxpayer to pay only amount of disputed tax, will get complete waiver on interest and penalty, if scheme is availed by March 31, 2020. Ahead to that FM said Govt to further ease process of allotment of PAN. Central Govt to launch system for instant allotment of PAN on basis of Aadhaar Number.
Governmet estimates nominal growth of GDP for the year 2020-21 on the trends available, at 10% said Nirmala Sitharaman. Govt also estimats fiscal deficit of 3.8% in RE 2019-20 and 3.5% for BE 2020-21
We propose to bring a personal income tax regime, where income tax rates will be reduced.
As per new Tax Slab now, person earning between Rs 5-7.5 lakhs will be required to pay tax at 10% against current 20%.
In the proposed regime, those with income between Rs 7.5-10 lakhs can pay tax at 15% against the current 20%.
Those with income between Rs 10-12.5 lakhs can pay tax at 20% against 30%.
Tax Benefits & Tax Cuts-
Dividend Distribution Tax (DDT) to be removed, companies will not be required to pay DDT, dividend to be taxed only at the hands of recipients at applicable rates.
Concessional corporate tax cut to be extended to new domestic companies engaged in power generation.
Income of charitable institutions fully exempt from taxation; Donation to such institutions allowed as deduction in computing taxable income of donor.
Sensex signs Red- at 40,140.62, down by 582.87 points
Conclusion of Union Budget laid by Union Finance Minister here are the key highlights. Sector wise announcements are summed up here.
Indian Government’s Union Budget is termed as special for Youth, Farmers, Women and lower middle class, Finance Minister emphasized. Job Opportunity in Infrastructure sector to be generated. Sector to make youth involve in Infrastructure Building, management and innovating. Now a days youth of country is turning from Job Seeker to Job Provider.
• To provide Rs 1.7 lakh crores for transport infrastructure in 2020-21
• To provide Rs 22000 crores to power and renewable energy sector in 2020-21
• The Delhi-Mumbai Expressway will be completed by 2023
• To provide Rs 27300 crore for development for industry and commence for year 2020-21