Live Updates of Budget 2020 with Only Key highlights and Important updates.
Key Highlights of Budget Impacting Tax Payers
10:55 AM – Cabinet approves Union Budget 2020
11:00 AM – Stock Markets are up and seems positive on Budget
11:02 AM – Finance Minister has started Talking on Budget 2020
11:08 AM – Benefits of GST being discussed
11:09 AM – 60 Lakhs new Taxpayers added under GST last year
11:10 AM – 20% reduction in turnaround time for trucks due to GST. Clearly visible in reduction in Commercial Vehicles Sales in last 6 months.
11:17 AM – Three themes of Budget – 1. Aspirational India 2. Economic Development for All 3. Caring Society (Antyodaya)
11:18 AM – Between 2006-2016 India was able to raise 271 million people out of poverty
11:20 AM – 1. Aspirational India: a) Includes Agriculture & Rural Development, b) Wellness, Water & Sanitation and c) Education
11:25 AM – 1(a) 16 Action points to double Farm Income by 2022.
11:30 AM – Action Points include benefits to farmer to use solar energy(PM Kusum Scheme), setup for cold storage warehouses, Kisan specific trains, Kisan specific Flights (Krishi Udan), reduction in overuse of fertilizers, Higher agriculture credit availability, increase in milk production. Rs 2.83 Lakhs Crore marked for this.
11:38 AM – 1(b) Jan Aushadhi Kendra in all districts by 2024, Setup of hospitals in Tier 2 & Tier 3 cities, End TB by 2025
11:42 AM – 1(c) New Education policy soon, Degree level full fledged online program announced by top 100 universities, INDSAT exam for Asian and African students who wants to higher education in India, Measures to increase medical seats, Rs 99,300 Cr marked for Education sector
11:48 AM – 2. Economic Development
11:52 AM – 2. One place Investment clearance cell, National Technical Textile Mission, Some benefits for Exporters are announced, Rs 27300 Cr marked for development of Industry & Commerce, 5 new smart cities.
11:58 AM – 2. Infrastructure – 1.07 Lakh crore Infra Pipeline, 12 lots of highway bundles planned to monetised, Solar power generation along railway line, More Tejas type trains, Bengaluru suburban railway, 100+ more airports by 2024, 1.7 Lakh cr marked for Transport Infra
12:05 PM – 2. Power – Prepaid smart meters in next 3 years, 22k Cr marked for Power & Renewal sector
12:07 PM – 2. Oil & Gas
12:09 PM – 2. Digital – Data center parks throughout the country, 1 Lakh gram panchayat to be connected to Fiber Optics, Mapping of genetic landscape of India, Rs 8000 Cr marked for Quantum Technology computing,
12:12 PM – 3. Caring Society a. Women, Children & Maternal Health, SC, ST & Backward Class improvement b. Tourism c. Environment & Climate Change
12:16 PM – 3a. 35600 Cr marked for Nutrition related program, Task force to increase marriage age for women, 53700 Cr budget for ST improvement, Rs 85600 Cr for SC & Backward class, Rs 28600 Cr budget for women linked programmes
12:18 PM – 3b. 5 Archaeology Sites to be developed with onsite museum, Tribal Museum in Ranchi, Maritime museum near Ahmedabad, Rs 2500 Cr for Tourism in FY 2021, Rs 3150 Cr marked to Culture Ministry
12:23 PM – 3c. Rs 4400 Cr budget for clean air in FY 2021.
12:33 PM – Tax Payer Charter will be part of statute
12:35 PM – Proposed National Recruitment Agency for conduct of computer based exams for non-gazetted jobs.
12:39 PM – Deposit Insurance coverage to be increased to Rs 5 Lakhs. Big One!!
12:40 PM – Proposed to sell govt holding in IDBI Bank to retail and institutional investors through stock exchange. Big!
12:46 PM – FY21 fiscal deficit target at 3.5% and FY20 may be at 3.8%
12:47 PM – Increase of FPI investment limit in Bond securities to 15% from current 9% of outstanding. Deepening Bond Market. New Debt ETF with GOI Bonds announced. Certain G-Secs will be available for NRIs to invest. International Bullion exchange in GIFT city announced.
12:52 PM – IPO of LIC proposed. Very Big.
12:59 PM – Govt to amend Banking Regulation Act to strengthen co-op banks
1:01 PM – New Income Tax Regime proposed. Very Very Big. New Income Tax Regime proposed. New Slab – Upto 5L: 0% Tax , Rs. 5L – 7.5L: 10% Tax , Rs. 7.5L – 10L: 15% Tax , Rs. 10L – 12.5L: 20% Tax , Rs. 12.5L – 15L: 25% Tax , >15 L: 30% Tax
Old Tax Regime still applicable
New Income Tax regime – 70 deductions and exemptions are removed.
Removed DDT and adopt classical system of Dividend. Dividend will be taxed at the hands of the individuals.
1:17 PM – Startups: ESOP taxation on vesting will be deferred for five years or till exit!
1:22 PM – No audit requirement for MSME with turnover of Rs 5 crore
1:25 PM – Tax sops on Affordable housing extended by 1 more year
1:28 PM – Vivaad se Vishwas Scheme – Waiver of Interest & Penalty on disputed tax amount by March 31st, 2020
1:30 PM – Tax on Co-op societies to be reduced to 22% plus surcharge, as against current 30%
1:31 PM – Instant allocation of PAN based on Aadhaar information is proposed.
1:42 PM – Speech over. Longest Budget Speech on record.