What Are The Highlights Of Budget 2020?

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..

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.

Who announced Budget 2020?

Nirmala SitharamanThe FM, Nirmala Sitharaman, on Saturday unveiled the budget for fiscal 2020-21, vowing to boost income of Indians & their purchasing power, in a bid to revive domestic economic growth that has slumped to lowest in decade.

What were the main highlights of the financial budget?

Here are the highlights of this year’s budget:Health and Sanitation:Education:Infrastructure:Tax:Economy and Finance:Agriculture:Employment:Feb 1, 2021

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%.

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.

What are the main points of Budget 2021?

This year’s Budget lays focus on the seven pillars for reviving the economy – Health and Wellbeing, Physical and Financial Capital and Infrastructure, Inclusive Development for Aspirational India, Reinvigorating Human Capital, Innovation and R&D, and Minimum Government Maximum Governance.

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

In 2020-21, 28.5% of the revenue came from GST followed by corporate tax and personal income tax, 28.1% and 28.3% respectively.

What are budget and key features of Budget 2020?

The defence budget was increased to Rs. 3.37 lakh crore for 2020-21 against last year’s Rs. 3.18 lakh crore. Rs 1.13 lakh crore has been set aside out of the total allocation for capital outlay to purchase new weapons, aircraft, warships and other military hardware.

What will be the budget 2020?

The new upcoming Budget 2020 is expected to create jobs and raise consumption and demand in the economy. Where do you fit in this budget? All individuals, corporates, banks, MSMEs, and other organisations are looking at demand revival to steer the economy back in progress.

What is the latest budget?

For the development of transport infrastructure in 2020-21, a budget of Rs. 1.7 lakh crore has been proposed….Subsidy for fertiliser for the year 2020-21 is Rs. 713.09 billion.Subsidy for food for the year 2020-21 is Rs. 1.15 trillion.Subsidy for petroleum for the year 2020-21 is Rs.409.15 billion.Feb 1, 2021