Budget 2020 Highlights: Nirmala Sitharaman speech was the longest budget speech ever delivered by any Finance Minister of India. 2020 Union Budget invented new income tax rates which shows a significant reduction from the previous year.
Here are highlights from the Union Budget 2020.
Sitharaman Union Budget 2020 reveals 100 more airports to be developed by 2024.
Excise duty proposed to be raised on Furniture, Tobacco, imported products, footwear to cost more than before. (like: Butter ghee, butter oil, Walnuts, Rubies, and other stones will get expensive)
Lower income tax slabs for this Union Budget 2020. No tax on income less than Rs 5 lakh.
10% tax for income between Rs5 - 7.5 lakh.
15% for income between Rs7.5 - 10 lakh .
20% for income between Rs10 - 12.5 lakh.
25% for income between Rs12.5 - 15 lakh.
Above Rs 15 lakh the tax percent remains 30%.
Insurance cover for bank depositors to be raised Rs 1 lakh to Rs 5 lakh.
Rs 4400 crore for clean air schemes.
Rs 12,300 crore for Swachh Bharat Mission.
Rs 3.7 lakh crore allotted to defense of India, 9% increase from previous year.
260,000 jobs to be created by 2021.
Start-ups with turnover up to Rs. 100 crore to enjoy 100% deduction for 3 consecutive years out of 10 years.
Special bridge courses to be announced by the Ministries of Health, and Skill Development for fulfillment for teachers, nurses, medical staff.
Many more Tejas-like trains to introduce for tourists in this Union Budget 2020.
New Education Policy to be announced soon for the welfare of students and schools.
Rs 69,000 crore assigned to healthcare sector.
Rs 85,000 crore alloted for the welfare of backward classes and scheduled castes, and Rs 53,700 crores for scheduled tribes.
Tax on cooperative societies has been reduced to 22% (without exemption).
Rs 28,600 crores for women-related schemes
Those who wish to pay the disputed amount before March 31, the Interest and penalty will be waived off.
Are you satisfied with 2020 Union Budget? Or you wished for a much better one?
Image Source: PTI, ANI, Financial Express, Navbharat.
**Do You Want Your Thoughts To Get Thousands Of Eyeballs? TabloidXO Allows You To Contribute Your Stories/Articles/Listicles/Videos. Who Knows You Might Get Featured At TabloidXO. You Can Contribute At: email@example.com Or You Can Share It Here.
TAGS: key features union budget 2020, sitaraman budget