Budget 2020 Highlights: No income tax for those with taxable income below Rs 5 lakh

Nirmala Sitharaman Budget 2020 Highlights: Finance Minister Nirmala Sitharaman presented the second budget of the BJP-led National Democratic Alliance (NDA) government on Saturday. Nirmala Sitharaman brought back with the 'Bahi-Khata' ahead of presentation of Union Budget 2020-21 in Lok Sabha. Watch it here:

Budget 2020 HIGHLIGHTS:

13:39 pm: Under Vivad Se Vishwas Scheme, taxpayer to pay only amount of disputed tax, will get complete waiver on interest and penalty, if scheme is availed by March 31, 2020. "I propose to impose a nominal health cess on imports of medical equipment," she added. 13:35 pm: Registration of charity institutions to be made completely electronic, donations made to be pre-filled in IT return form to claim exemptions for donations easily 13:30 pm: Govt to further ease process of allotment of PAN. Govt to launch system for instant allotment of PAN on basis of Aadhaar 13:27 pm: Concessional corporate tax cut to be extended to new domestic companies engaged in power generation. Income of charitable institutions fully exempt from taxation; Donation to such institutions allowed as deduction in computing taxable income of donor. 13:20 pm: She added, "In order to promote affordable housing projects, I propose to extend date of approval of affordable housing projects for availing tax holiday by one more year." "Dividend Distribution Tax to be removed, companies will not be required to pay DDT, dividend to be taxed only at the hands of recipients at applicable rates," she added. 13:15 pm: She said, "We propose to bring a personal income tax regime, where income tax rates will be reduced, so now, person earning between Rs 5-7.5 lakhs will be required to pay tax at 10% against current 20%. Those with income between Rs 7.5-10 lakhs to pay tax at 15% against current 20%. Those with income between Rs 10-12.5 lakhs to pay tax at 20% against 30%." "A person earning Rs 15 lakh per annum and not availing any deductions will now pay Rs 1.95 lakh tax in place of Rs 2.73 lakh," she added. 12:58 pm: Finance Minister Nirmala Sitharaman said "We have estimated nominal growth of GDP for the year 2020-21 on the trends available, at 10%." "We estimate a fiscal deficit of 3.8% in RE 2019-20 and 3.5% for BE 2020-21," she added. 12:53 pm: Government proposes to sell a part of its holding in LIC by initial public offer. 12:48 pm: "Deposit Insurance and Credit Guarantee Corporation has been permitted to increase deposit insurance coverage to Rs 5 lakh per depositor from Rs 1 lakh," Finance Minister added. 12:45 pm: "Robust mechanism is in place to monitor health of all schedule commercial banks and depositors money is absolutely safe," said Nirmala Sitharaman. 12:40 pm: India will host G-20 presidency in the year 2022; Rs 100 crores allocated for preparation. "Government is fully committed to supporting new UTs of J&K and Ladakh; Allocation of Rs 30,757 crores for 2020-21 for Jammu and Kashmir and Rs 5,958 crores for Ladakh," she added. 12:37 pm: Adding, she said "We wish to enshrine in the statutes a taxpayer charter through this Budget. Our govt remains committed to taking measures to ensure that our taxpayers are free from tax harassment of any kind." 12:34 pm: She also said that "Indian Institute of Heritage and Culture to be established under Ministry of Culture." "Clean air is a matter of concern in large cities, propose to encourage states to formulate and implement plans to ensure clean air. Allocation for this purpose is Rs 4,400 crores," she added. 12:32 pm: 85,000 crore rupees for Scheduled Castes and Other Backward Classes in 2020-21; 53,700 crore rupees for Scheduled Tribes. 12:30 pm: "I propose to provide Rs 2500 crores for promotion of tourism in the year 2020-21," she added. 12:26 pm: Five archaeological sites to be developed as iconic sites with on-site museums -Rakhigarhi, Hastinapur, Shivsagar, Dholavira and Adichanallur. 12:21 pm: Finance Minister Nirmala Sitharaman added "Enhance allocation of Rs 9500 crores for senior citizen, OBC and Divyang." 12:18 pm: "I propose to provide Rs 35,600 crores for nutrition related programmes for 2020-21," she added. 12:16 pm: "Over 6 lakh Anganwadi workers are equipped with smartphones to upload nutritional status of more than 10 crore households," she added. 12:14 pm: "'Beti bachao, beti padhao' has yielded tremendous results, gross enrolment ratio of girls across all levels of education now higher than boys," said Nirmala Sitharaman. 12:12 pm: 100 more airports to be developed by 2024 to support Udaan scheme. 12:10 pm: Finance Minister Nirmala Sitharaman announced that the government will soon bring out a policy to enable private sector to build Data Centre Parks in the country. 12:08 pm: High-speed train between Mumbai and Ahmedabad will be actively pursued. 12:06 pm: Nirmala Sitharaman added "I propose to provide Rs 22,000 crores to power and renewable energy sector in 2020-21." 12:04 pm: Finance Minister Nirmala Sitharaman said: "I propose to provide Rs 1.7 lakh crores for transport infrastructure in 2020-21." 12:03 pm: Setting up large solar panel capacity alongside the railway tracks on land owned by railways, a proposal is under consideration. More Tejas type trains will connect iconic destinations, Nirmala Sitharaman said. 12:02 pm: The Delhi-Mumbai Expressway will be completed by 2023. 12:01 pm: Nirmala Sitharaman said, "I propose to provide Rs 27,300 crore for development for industry and commence for year 2020-21." 11:56 am: She said that "Centre to announce new education policy soon. A degree-level full-fledged online education programme to be offered by institutes in top 100 in National Institutional Ranking Framework." 11:54 am: "Entrepreneurship is strength of India. I propose to set up an investment clearance cell that will provided end to end facilitation and support including pre-investment advisory, info on land banks and facilitate clearance at state level," FM said. 11:52 am: Viability gap funding window to be set up to cover hospitals, with priority given to aspirational districts that don't have hospitals empanelled under Ayushman Bharat scheme. 11:50 am: Finance Minister said, "We propose Rs 99,300 crores for education sector in 2020-21 and Rs 3000 crores for skill development." 11:47 am: Nirmala Sitharaman said, "There is a shortage of qualified medical doctors both general practitioners and specialists; it is proposed to attach a medical college to a district hospital in PPP mode; details of the scheme to be worked out soon." 11:46 am: Youth and fishery extension work to be enabled by rural youth as 'Sagar Mitras', forming 500 fish farmer producing organizations. 11:44 am: Allocation of Rs 12,300 crores for Swachh Bharat Mission for year 2020-21. 11:40 am: "My Budget 2020 is woven around three themes- aspirational India to boost the standard of living; economic development for all; and building a humane and compassionate society," said Nirmala Sitharaman. 11:38 am: Village Storage Scheme run by Self Help Groups, will provide holding capacity for farmers, women in villages can regain their status as 'Dhaanya Lakshmi'. 11:36 am: For sector comprising agriculture, allied activities, irrigation and rural development, an allocation of Rs 2.83 lakh crores has been made for 2020-21. 11:34 am: "To build a seamless national cold supply chain for perishables, Indian Railways will set up Kisan Rail through PPP model so that perishable goods can be transported quickly. Krishi Udaan will be launched by MoCA on international and national routes," she said. 11:31 am: She added "Pradhan Mantri Kisan Urja Suraksha avem Utthan Mahabhiyan (PM KUSUM) to be expanded to provide 20 lakh farmers in setting up standalone solar pumps." 11:28 am: FM Nirmala Sitharaman said that Budget 2020 is to boost the income of people and enhance their purchasing power 11:26 am: Finance Minister added, "Our government is committed to the goal of doubling farmers income by 2022." 11:24 am: FM Nirmala Sitharaman recited a verse in Kashmiri and translates it in Hindi, 'Humara watan khilte hue Shalimar bagh jaise, humara watan Dal lake mein khilte hue kamal jaisa, nau jawanon ke garam khoon jaisa, mera watan tera watan, humara watan, duniya ka sabse pyara watan'. 11:20 am: Three key points of Budget-aspirational India, economic development for all and that ours shall be a caring society. 11:18 am: Finance Minister added "Central government's debt has come down to 48.7% in March 2019 from 52.2% in March 2014." 11:15 am: While talking about GST, Nirmala Sitharaman said "GST has resulted in efficiency gains in the transport and logistics sector, inspector raj has vanished, it has benefitted Micro, Small & Medium Enterprises(MSME). Consumers have got an annual benefit of 1 lakh crore rupees by GST." 11:14 am: She added that "I pay homage to visionary leader Late Arun Jaitley, the chief architect of Goods and Services Tax. GST has been the most historic of the structural reforms. GST has been gradually maturing into a tax that has integrated the country economically." 11:08 am: "Our people should be gainfully employed, our businesses should be healthy; for all minorities, women and people from SCs and STs, this Budget aims to fulfill their aspirations," FM Nirmala Sitharaman added. 11:07 am: "With renewed vigour, under PM's leadership, we commit ourselves to present the people of India with all humility and dedication. People have reposed faith in our economic policy," said Finance Minister. 11:00 am: FM Nirmala Sitharaman presents Union Budget 2020-21. 10:52 am: Union Cabinet approves Budget 2020, Finance Minister Nirmala Sitharaman to present the budget in Lok Sabha shortly 10:34 am: Finance Minister Nirmala Sitharaman's family including her daughter Parakala Vangmayi arrive in Parliament. 10:27 am: Home Minister Amit Shah arrives at the Parliament. 10:23 am: Prime Minister Narendra Modi arrives at the Parliament, ahead of presentation of Union Budget 2020-21. 10:15 am: Union Cabinet meeting begins in the Parliament ahead of Budget 2020 presentation. 10:13 am: Copies of Budget 2020 have been brought to the Parliament. Nirmala Sitharaman will present the Budget in Lok Sabha at 11 am. 10:05 am: Union Ministers Prakash Javadekar and Jitendra Singh arrive at the Parliament, to attend the Cabinet meeting at 10:15 am. 10:02 am: Finance Minister Nirmala Sitharaman and MoS Finance Anurag Thakur arrive at the Parliament, to attend Cabinet meeting at 10:15 am. 9:55 am: Union Cabinet Secretary Rajiv Gauba arrives at the Parliament. https://www.ptcnews.tv/budget-2020-nirmala-sitharaman-is-back-with-red-coloured-bahi-khaata-en/ 9:47 am: Finance Minister Nirmala Sitharaman to proceed to the Parliament House to attend the Cabinet meeting Updating... -PTC News