Quick Answer: What Is The Latest Budget?

What is the theme of Budget 2020?

Finance Minister Nirmala Sitharaman on Saturday tabled Union Budget 2020-2021.

During the presentation of the budget, Sitharaman said that this Budget is woven around three prominent themes, namely Aspirational India, Economic development, and lastly, a caring society..

What is the biggest source of income for central government in the Union Budget 2020-21?

Q4: What is the biggest source of income for Central Govt in the Union Budget 2020-21? Answer: Borrowings and other liabilities account for 20% of the total income of the Central Government.

What is the new Budget 2020?

In Budget 2020, Finance Minister Nirmala Sitharaman proposed a new set of income tax rates for those earning up to ₹15 lakh a year. She proposed a 10% tax on income between ₹5 and ₹7.5 lakh from 20 per cent now. Income between ₹7.5 lakh to ₹10 lakh will also attract a lower tax of 15%.

What is this year budget?

Overall, the government set capital expenditure for 2021/2022 at Rs 5,540 crore, 35% more than the previous year’s budget estimate.

Who will present Budget 2020?

Nirmala SitharamanWhen 2020 budget will declared? The Union Finance Minster Nirmala Sitharaman will present the budget 2020 at 11 am on February 1, Saturday in the parliament. Fiance Minister Nirmala Sitharaman will present the Budget in Parliament.

What are the highlights of Budget 2020?

Here are sector-wise highlights of the 2020 Union Budget presented by Finance Minister Nirmala SitharamanTax: A new tax regime has been announced. … Economy and Finance: Bank deposit insurance cover had been increased from ₹1 lakh to ₹5 lakh per depositor. … Agriculture: … Health and Sanitation: … Education: … Infrastructure:Feb 1, 2020

What are the new budget changes?

“The Union Budget announced by Finance Minister had flavours of the past budgets i.e. provide relief to senior citizens and tax HNIs. … 4) The government in Budget 2021 extended the additional tax deduction of ₹1.5 lakh on interest paid on housing loan for purchase of affordable homes by one more year to March 31, 2022,.

What is the total budget of India 2020 21?

As per the revised estimates, the government spent Rs 34,50,305 crore in 2020-21, 13% higher than the budget estimate. Receipts: The receipts (other than borrowings) are expected to be Rs 19,76,424 crore in 2021-22, which is 23% higher than the revised estimates of 2020-21.

What date is the budget 2020?

11 March 2020Budget 2020 (Archived) The Chancellor of the Exchequer presented his Budget to Parliament on Wednesday 11 March 2020.

Has the budget been passed for 2020 India?

As the house curtailed its sittings in the wake of the coronavirus outbreak, Lok Sabha passed the Financial Bill 2020 on 23 March 2020, without any discussion.

At what time budget will start?

Union Finance Minister Nirmala Sitharaman will present the Union Budget 2021 in Parliament on Monday, February 1. The Budget Speech 2021 by Nirmala Sitharaman is likely to begin by 11 am on Monday.

What is the total budget of India 2020?

For year 2020-21: Nominal growth of GDP estimated at 10 per cent. Receipts: estimated at Rs 22.46 lakh crore (US$ 317.90 billion) Expenditure: at Rs 30.42 lakh crore (US$ 430.57 billion)

Is 2020 budget approved?

President Ram Nath Kovind with Finance Minister Nirmala Sitharaman and MoS for Finance Anurag Thakur at Rashtrapati Bhavan.

What are the 3 types of budgets?

Depending on the feasibility of these estimates, Budgets are of three types — balanced budget, surplus budget and deficit budget. A government budget is said to be a balanced budget if the estimated government expenditure is equal to expected government receipts in a particular financial year.

Is new tax slab good or bad?

The new income tax rate is beneficial for people with low investments in policy schemes. It offers seven lower tax slabs. … For instance, taxpayers having gross total income of up to Rs 12 lakh have to pay more under the old system if he/she has investments less than Rs 1.91 lakh.

What are the major changes in Budget 2020?

Under section 194J- fees for technical services, TDS has been reduced to 2% from 10%. Tax audit threshold has been increased from Rs 1 crore to Rs 5 crore provided turnover/ gross receipts in cash does not exceed 5% during the previous year. Also, payment made in the P.Y in cash does not exceed 5%.

Which state has highest budget in India?

MaharashtraReport of the Thirteenth Finance Commission (2014-2019) (PDF) (Report). p. 381. with figures in crore of Indian Rupees….List of states and union territories of India by tax revenues.RankStateTax Revenues (INR Billions) 2014-2019—India303311Maharashtra45182Andhra Pradesh and Telangana32343Uttar Pradesh296426 more rows

Is New Budget 2020 good?

* Offering an optional lower rate of income tax to individuals, Sitharaman in her Budget for 2020-21 proposed new tax slabs of 15 per cent and 25 per cent in addition to the existing 10 per cent, 20 per cent and 30 per cent. … Those individuals earning between Rs 2.5 lakh and Rs 5 lakh will pay 5 per cent tax.