#Budget2020 #UnionBudget
#UnionBudget2020
Covered Topics in The Video:
1): Union Budget 2020-21 Highlights
2): How Beneficial Is the New Tax Regime
3): Union Budget 2020 Highlights
4): Budget 2020 India Highlights
5): Budget 2020 Summary
The Union Budget has based on three Themes
1. Aspirational India
2. Economic Development for all
3. Caring Society
The Finance Minister said the fiscal deficit estimated at 3.8 percent (revised estimate for 2019-20) of the gross domestic product in the current financial year, and the government aims to lower it to 3.5 percent (budget estimate for 2020-21) in the financial year ending March 2021.
She proposed to allocate Rs 69,000 crore to the healthcare sector and Rs 12,300 crore to Prime Minister Narendra Modi's flagship cleanliness program Swachh Bharat Mission.
The Finance Minister also earmarked another Rs 3.6 lakh crore towards the supply of piped water to households.
Highlights Of Union Budget 2020
Direct Tax Proposals of Indian Finance Bill,2020
The FM has proposed a new tax regime for those individuals who forego exemptions and deductions.
New slab rates are as below
Taxable Income Slabs Tax Rates
0 – 2.5 Lakh Nil
2.5 - Rs 5 lakh 5%
5 - 7.5 Lakh 10%
7.5 - 10 Lakh 15%
10 - 12.5 Lakh 20%
12.5 - 15 Lakh 25%
15 Lakh and above 30%
Tax exemptions and deductions reduced to 70. Details to follow.
Dividend distribution tax abolished. Dividends now taxable in the hands of the taxpayer.
Income tax audit limit increased to Rs. 5 Crores for those businesses who have less than 5% cash business.
Concessional rate of 15% introduced in Sept 2019 to manufacturing companies also extended to power companies.
The income of Foreign Sovereign Wealth Fund from their investments in India has been exempted for investments made till 2024 for a period of 3 years.
Taxation of ESOPs deferred to 5 years from the date of exercising of option, sale of shares, or leaving the company, whichever is earlier.
Tax holiday available to startups extended to startups having turnover upto Rs. 100 Crores from the current limit of Rs. 25 Crores. The tax holiday extended to 10 years from 7 years.
The tax rate of cooperative societies reduced to 22% plus a 10% surcharge.
Vivaad se Vishwas scheme introduced to allow all taxpayers in litigation at any level of appeal. A taxpayer could pay the disputed tax amount with full relief from interest and penalty if the amount paid till March 31, 2020.
Faceless appeals to introduced for greater transparency and accountability.
Additional Interest deduction of 1.5 lakhs available to buyers of affordable houses now available for loans sanctioned upto March 31, 2021 (from the earlier date of March 31, 2020).
Tax holiday of developers of affordable housing extended by another one year upto March 31, 2021.
The difference in value allowed upto 10% of stamp duty value for sale or purchase of the immovable property.
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