Why Is Budget 2020 Important?

What are the benefits of 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 was unique about the budget?

Here are some unique facts about the Indian budget: 1. Morarji Desai, the former prime minister and finance minister of the country, had presented 10 budgets in Parliament, which is the highest number by a single finance minister till date. … The longest budget speech was delivered by Arun Jaitley in 2014.

Is 80C removed in Budget 2020?

[Budget 2020] Tax Rates Lowered But HRA, 80C, and INR 50,000 Standard Deduction Gone. In the Union Budget 2020, finance minister Nirmala Sitharaman proposed a new tax regime with lower tax rates for different income groups. … However, all without deductions.

What is the amount of Indian budget?

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 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 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.

Is 2020 budget approved?

NEW DELHI: The Union Cabinet headed by Prime Minister Narendra Modi on Saturday approved the Budget for the financial year beginning April 1, that may see measures to lift the economy from the worst economic slowdown in 11 years.

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 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

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.

What are the 70 exemptions removed in Budget 2020?

What’s out: Here are a few of the 70 exemptions and deductions you won’t see in the new regime- Section 80C investments, house rent allowance, home loan interest, leave travel allowance, medical insurance premium, standard deduction, savings account interest, education loan interest.

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 day is the budget 2020?

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

Is the 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 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%.

What is the new budget of 2020?

2020 Union budget of IndiaAnnual Financial Statement of the Central Government for the year 2020–21 The Finance Bill, 2020PartyBharatiya Janata PartyFinance ministerNirmala SitharamanTotal revenue₹16.01 trillion (US$220 billion) (8.5%)Total expenditures₹34.50 trillion (US$480 billion) (28.4%)11 more rows

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.

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 is the theme of Budget 2020-21?

The Union Budget has been structured on the overall theme of “Ease of Living.” This has been achieved by farmer friendly initiatives such as Agriculture credit target of Rs 15 lakh crore for 2020-21; schemes of “Kisan Rail” and “Krishi Udaan” for a seamless national cold supply chain for perishables; and expansion of …

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.