Major Change In Income Tax Slab; Check All Highlights Of Budget 2020

Publish On: 01 Feb, 2020 01:48 PM | Updated   |   Sj Desk  

New Delhi: Finance Minister Nirmala Sitharaman, on Saturday, presented the 15th Finance Commission report in the parliament, stating that Budget 2020 aims to address hopes and aspirations of all.

"Fundamentals of the economy are strong and inflation has been well curtailed. This Budget will boost income and enhance purchasing power. Our people should be gainfully employed, our businesses should be healthy. For every member of the scheduled caste and schedule tribe, for every woman, for every individual from minority section, this Budget aims to give wings to your aspirations," Sitharaman said after laying the Budget in the Lok Sabha.

Reciting the verse in Kashmiri, she translated it in Hindi as: "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.. (Our nation is like Shalimar Bagh, our nation is like the lotus in the Dal Lake, our nation is like the energy of the youth, my nation your nation, our nation, the most adorable nation in the world."

Major Change In Income Tax Slab

- No tax for income up to Rs 5 lakh

- Tax on income of Rs 5-7.5 lakh reduced to 10% from 20%

- Tax on income of Rs 7.5-10 lakh reduced to 15% from 30%

- Tax on income of Rs 10-12.5 lakh reduced to 20%

- Tax on income of Rs 12.5-15 lakh reduced to 25%




- No penalty, no interest if tax disputes settled by March 31, 2020

- Fiscal deficit 3.8% in RE 2019-20 vs 3.3% target

- FY21 fiscal deficit target enhanced to 3.5%

- FY21 nominal GDP growth pegged at 10%

- Push for transportation; Rs 1.7 lakh cr allocated

- Govt asks RBI to extend loan recast window for MSMEs

- Deposit insurance cover up from Rs 1L to Rs 5L

- Rs 100 cr for hosting G20 summit in India in 2022

- National recruitment agency for non gazetted posts in PSBs

- Taxpayers' charter will be part of law

- Rs 6,000 cr for BharatNet in FY21

- Gas grid to be expanded to 27,000 km

- Rs 22K cr for power, renewable sector in FY21

- Policy to build data centre parks across country soon

- 100 new airports to be developed by 2024

- More Tejas-like trains to connect iconic destination

- Rs 1.75L cr for transportation sector

- 12 highway bundles of 6K km to be monetised by FY24

- Railways target electrification of 27K km of tracks

- Digital refund of state, central taxes to exporters

- Rs 27,300 cr for development of industry, commerce

- India to encourage manufacturing of mobile phones, parts

- FDI, ECB to be encouraged to boost education sector

- Govt to set-up Investment Clearance Cell

- Government to set up 5 new smart cities

- Rs 99,300 cr for education sector in FY21

- Rs 12,300 cr allocated for Sawachh Bharat

- Fresh engineers to get internship in urban local bodies

- Rs 2.83L cr for agri, irrigation, rural development

- Framework for developing marine fishery resources

- VGF mooted for setting-up hospitals on PPP model

- Rs 69,000 cr allocated to health sector

- Krishi Udan scheme to be launched by aviation ministry

- Railways to launch Kisan Rail to move perishable items

- Agri loan target at Rs 15 lakh cr in FY21

- NABARD scheme to be expanded to re-finance agri credit

- 6.11 cr farmers insured under Fasal Bima Yojana

- Farm markets need to be liberalised

- Comprehensive measures for 100 water stressed districts

- Govt to help 20 lakh farmers to set up solar pumps

- Farming sector needs copious investments

- Govt committed to doubling farmers' income by 2022

- GDP clocked 7.4% in 2014-19, inflation at 4.5%

- We are now the world's 5th largest economy

- Budget to enhance income and purchasing power

- Budget aims to address hopes, aspirations of all

- GST resulted in faster turnaround time of trucks

- Households saved 4% on monthly spends after GST rate cuts

- Centre's debt at 48.7% of GDP in Mar '19 from 52.2% in Mar '14