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BUDGET 2020 : Highlights

Finance Minister Nirmala Sitharaman on Feb 1, 2020 presented Budget for 2020 in the Parliament. A Brief note of important points have been discussed in this blog by A & S Jurisprudentia Ltd.

Tax: A new tax regime has been announced. Those who want to be in the old regime with exemptions, can continue to pay at the old rates.


Income Tax

  1. Between ₹5 lakh and ₹7.5 lakh: Reduced to 10% from the current 20%

  2. Between ₹7.5 lakh to ₹10 lakh: Reduced to 15% from the current 20%

  3. Between ₹10 lakh to ₹12.5 lakh: Reduced to 20% from the current 30%

  4. Between ₹12.5 lakh to ₹15 lakh: Reduced to 25% from the current 30%

  5. Above ₹15 lakh: Continue at 30%, but without exemptions

  • Over 70 deductions have been removed.

  • Companies will no longer be required to pay Dividend Distribution Tax (DDT).

  • Aadhaar-based verification for GST compliance to be introduced.

  • Aadhaar-based quick issuance of PAN announced.


Economy and Finance:

  • Bank deposit insurance cover had been increased from ₹1 lakh to ₹5 lakh per depositor.

  • Government plans to amend the Companies Act to decriminalise civil offences.

  • Government to sell part of its stake in LIC via public offering.


Agriculture:

  • A budget allocation of ₹2.83 lakh crore for the sector comprising agriculture and allied activities.

  • Doubling farmers incomes by 2022.

  • Agri-credit availability set at ₹15 lakh crore for 2020-21.

  • Comprehensive measures for 100 water stressed districts.

  • Provide 20 lakh farmers to set up standalone solar pumps. Help another 15 lakh farmers to solarise their power grid.

  • Village storage scheme proposed to be run by women SHGs.

  • Indian Railways to have refrigerated coaches capability in ‘kisan trains’ to carry perishables and milk.

  • Krishi UDAN on international and national routes.


Health and Sanitation:

  • An allocation of ₹69,000 crore for the health sector.

  • ₹12,300 crore for Swachh Bharat this year.

  • Proposal to set up hospitals in Tier-II and Tier-III cities with the private sector using PPP.

  • Expand Jan Aushadhi scheme to provide for all hospitals under Ayushman Bharat by 2025.


Education:

  • ₹99,300 crore for education sector in 2021 and about ₹3,000 crore for skill development.

  • Urban local bodies to provide internship to young engineers for a year.

  • Degree-level full fledged online education programmes by institutions ranked in top 100 in NIRF rankings, especially to benefit underprivileged students.

  • A national police university and a national forensic science university is proposed to be setup.

  • IND SAT exam for students of Asia and Africa to promote “study in India” programme.


Infrastructure:

  • Budget proposes to provide ₹1.7 lakh crore for transport infrastructure in 2021

  • National Logistics Policy to be released soon.

  • Chennai-Bengaluru Expressway to be started.

  • Aim to achieve electrification of 27,000 km of lines.

  • Plan to have a large solar power capacity for Indian Railways.

  • The government also proposes a Bengaluru suburban rail project at a cost of ₹18,600 crore.

  • Govt to monetise 12 lots of national highways by 2024.

  • 100 more airports will be developed by 2024 to support UDAN.

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CIN No: U74999DL2016PLC302708

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