2020 Budget| Income Tax Rate Reduced
Budget 2020 :
Nirmala Sitharaman Finance Minister introduced new blocks and decreased the tax rate for different blocks for a personal individual income of up to 15 lakh PA.
Under the new budget, 2020 people with a total annual income of ₹ 5 lakh ₹ 7.5 lakh will be paying a reduced tax rate of 10%. And the people with an annual income of the 7.5 lakh and 10 lakh will be playing 15% and between ₹ 1o lakh and ₹ 12.5 lakh will be paying 20%, and between ₹ 12.5 lakh and 15 lakh will be paying 25%, and above 15 lakh will be paying 30%.
The finance minister also told that this proposal would lead to revenge on the sacrifice of ₹ 40,000 crores per annum. She also included that new rule will be optional and if people are still comfortable using the old rule they can continue using it.
After observing total tax exemptions and deductions finance minister said that 70 of them have been removed and the tax system will be more simplified, while another 30 will be reviewed and examined in the coming time.
Companies will no longer be required to pay Dividend Distribution Tax (DDT).
Aadhaar-based quick delivery of PAN announced.
Government plans to revise the Companies Act to decriminalize civil offenses.
Government to sell part of its shares in LIC through a public offering.
Budget 2020 Summary
- Health and Sanitation:
- ₹ 69,000 crore for the health sector
- An allocation of ₹ 123,00 crore for Swachh Bharat
- proposal to establish ho/spital in dire to the entire three cities with the private sector using PPP
- Jan Aushadhi Kendra Scheme to be Expanded to all Districts by 2024.
- The total budget of 2.83 lakh crore rupees for agriculture and allied activities.
- Double the income of farmers by 2022
- Important measures to be taken for hunted water stress districts.
- Indian Railway to have a refrigerated coach to carry milk and perishables.
- The total budget of ₹99,300 crore current for education in 2001
- ₹ 3000 Crore for skills development.
- Internships for young engineers for a year
- Degree level full-time online education program by top hundred NIRF ranking institution.
- ISAT exam for International students to promote the ” Study in India ” program.
- The total budget of ₹ 1.7 lakh crore for transportation infrastructure this year.
- Plan to install a large solar power capacity for Indian Railways.
- Govt to monetize 12 lots of national highways by 2024.
- 100 more airports will be developed by 2024 to promote UDAN
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