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Key takeaways from FM Sitharaman’s Budget 2020 speech: New income tax regime, LIC IPO announced

From new income tax regime to increased spending on infrastructure: Here are the key takeaways from FM Nirmala Sitharaman's 2020-21 Union Budget speech
Feb 1, 2020 / 02:44 PM IST
Finance Minister Nirmala Sitharaman presented Union Budget 2020-21 on February 1. The finance minister began her speech by saying that the Budget was based on three themes: Aspirational India, economic development for all and caring society. Here are the key takeaways from the Budget. (Image: Reuters)
Finance Minister Nirmala Sitharaman presented Union Budget 2020-21 on February 1. The finance minister began her speech by saying that the Budget was based on three themes: Aspirational India, economic development for all and caring society. Here are the key takeaways from the Budget. (Image: Reuters)
The Centre introduced a new simplified personal tax regime, optional for payers foregoing all deductions and exemptions. The finance minister has proposed 10% tax for income between Rs 5 lakh-7.5 lakh vs current 20%. 15% for income between Rs 7.5 lakh-10 lakh against 20%. 20% for income between Rs 10-12.5 lakh against 30%. 25% for income between Rs 12.5 -15 lakh against 30%. 30% for income above Rs 15 lakh.
The Centre introduced a new simplified personal tax regime, optional for payers foregoing all deductions and exemptions. The finance minister has proposed 10% tax for income between Rs 5 lakh-7.5 lakh vs current 20%. 15% for income between Rs 7.5 lakh-10 lakh against 20%. 20% for income between Rs 10-12.5 lakh against 30%. 25% for income between Rs 12.5 -15 lakh against 30%. 30% for income above Rs 15 lakh.
The finance minister announces Rs 2.8 lakh crore spending on agriculture, irrigation and allied sectors.
The finance minister announces Rs 2.8 lakh crore spending on agriculture, irrigation and allied sectors.
Rs 12,300 crore has been allocated for the government’s Swachh Bharat scheme.
Rs 12,300 crore has been allocated for the government’s Swachh Bharat scheme.
Government is to guarantee Rs 5 lakh to account holders in case of bank failures.
Government is to guarantee Rs 5 lakh to account holders in case of bank failures.
The government has sets aside Rs 99,300 crore for the education sector in FY21. Of this, Rs 3,000 crore will be allocated for the skill segment.
The government has sets aside Rs 99,300 crore for the education sector in FY21. Of this, Rs 3,000 crore will be allocated for the skill segment.
The government also plans to offer full-fledged online education programmes to help students belonging to deprived sections of the society, who do not have access to higher studies.
The government also plans to offer full-fledged online education programmes to help students belonging to deprived sections of the society, who do not have access to higher studies.
Rs 1.7 lakh crore has been provided for transport infrastructure in 2020-21. 1,150 trains to run under the PPP mode and four stations to be developed with the help of the private sector. Also, 100 more airports will be developed by 2025 to support the UDAN scheme.
Rs 1.7 lakh crore has been provided for transport infrastructure in 2020-21. 1,150 trains to run under the PPP mode and four stations to be developed with the help of the private sector. Also, 100 more airports will be developed by 2025 to support the UDAN scheme.
The fiscal deficit target for next financial year beginning has been pegged at 3.5 percent of the gross domestic product (GDP).
The fiscal deficit target for next financial year beginning has been pegged at 3.5 percent of the gross domestic product (GDP).
The government is also planning to raise funds by selling part of its stake in Life Insurance Corporation of India (LIC) through an initial public offer (IPO).
The government is also planning to raise funds by selling part of its stake in Life Insurance Corporation of India (LIC) through an initial public offer (IPO).
Moneycontrol News
first published: Feb 1, 2020 02:44 pm

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