Union Budget 2020 Highlights (Pdf Download)

Finance Minister Nirmala Sitharaman today (1st Feb 2020) presented the Union Budget 2020-21 in ‘bahi khata‘. This is her sec budget inward 8 months. Before presenting the budget, she paid homage to her predecessor Arun Jaitley and described him equally the ‘Architect of GST‘. She said GST has helped inward formalisation of the economic scheme as well as an average solid saves 4% on monthly spending afterward implementation of GST. Sitharaman added that GST has helped inward vanishing ‘inspector raj’ of the past.
While presenting the Budget 2020, the Finance Minister has highlighted 3 Themes of the budget. They are- “Aspirational India“, “Economic evolution for all” as well as “Caring society“. 
In this budget, sitaraman introduced a novel optional personal income taxation system, a novel tax dispute short town scheme and unveiled a 16-point conception to revive growth in the country. The Union Budget 2020-21 has allocated ₹2.83 lakh crore for its 16-point activity conception to double farmers’ income by 2022. The conception includes raising fish as well as milk production. Of this, ₹1.6 lakh crore volition become towards agriculture, irrigation as well as allied fields as well as ₹1.23 lakh crore for rural evolution as well as Panchayati Raj.

The Finance Minister besides announced that Indian Railways volition gear upward ‘Kisan Rail‘ amongst refrigerated freight trains nether a PPP model as well as thus that perishable goods such equally milk, fish as well as meat tin locomote easily transported. The Civil Aviation Ministry volition outset ‘Krishi Udaan‘ on international as well as national routes for the shipping of agricultural produce. Sitharaman besides announced that 5 novel smart cities volition locomote developed inward the country. The cities volition locomote developed amongst states inward private partnership mode.Here are the major highlights of Union Budget 2020-21. You tin download PDF version of Union Budget 2020 from HERE.

Key Highlights of Union Budget 2020

Budget 2020 inward Numbers

  • List of telephone substitution Budgetary Allocations :
  • Agriculture resources allotment : ₹1.38 lakh crore
  • Rural evolution allocation  : ₹1.23 lakh crore
  • Agriculture as well as rural allocation  : ₹2.83 lakh crore
  • Agriculture credit target  : ₹15 lakh crore
  • Education allocation  : ₹99,300 crore
  • Healthcare allocation  : ₹69,000 crore (out of the total amount, ₹6,400 crore volition locomote sanctioned for Ayushman Bharat Yojna)
  • Transport infra allocation  : ₹1.7 lakh crore
  • Welfare of senior citizens : ₹9,000 crore
  • Uplift of Scheduled Tribes : ₹53,700 crore
  • Welfare of Scheduled castes as well as Other Backward Classes : ₹85,000 crore

New income taxation slabs

  • 0 – 2.5 lakh – exempted
  • ₹2.5 lakh – ₹5 lakh – 5%
  • ₹5 lakh – ₹7.5 lakh – 10% (20% earlier)
  • ₹7.5 lakh – ₹10 lakh – 15% (20% earlier)
  • ₹10 lakh to ₹12.5 lakh – 20% (30% earlier)
  • ₹12.5 lakh – ₹15 lakh – 25% (30% earlier)
  • No modify inward taxation rates higher upward ₹15 lakh

Major Highlights of Union Budget 2020 (Quick Review)

  • Budget 2020 is based on 3 themes – Aspirational India, economical evolution for all, as well as caring society
  • Budget 2020 presents mega 16-point activity conception for farmers.
  • 10% taxation for those earning betwixt Rs 5 to seven lacs
  • 100% taxation concession to sovereign wealth funds on investment inward infra projects
  • 15% taxation for those earning betwixt Rs 7.5 to 10 lacs
  • 60 lakh taxpayers added inward the terminal two years
  • Aadhaar-based verification of taxpayers is existence introduced
  • Additional Rs 1.5 lakh taxation attain goodness on affordable housing loans
  • Allocation of Rs 8,000 cr for National Mission on Quantum Computing as well as Technology
  • Budget proposes deferment of taxation payment past times employees on ESOPs from startups past times 5 years
  • Budget to boost income, heighten purchasing power    
  • Concessional corporation taxation charge per unit of measurement for electricity generation companies inward place
  • Customs duty raised on footwear as well as furniture
  • Date of approving of affordable housing projects for availing taxation vacation on turn a profit earned past times developers extended past times 1 yr
  • Degree marking full-fledged online instruction organisation to locomote laid up
  • Dividend Distribution Tax shifted to individuals instead of companies
  • Double farmers’ income past times 2022
  • Estimated nominal gross domestic product growth charge per unit of measurement for 2020-21 at 10 per cent.
  • From Apr 2020, authorities to innovate simplified render for GST
  • Government to sell role belongings inward LIC
  • Govt proposes deferment of taxation payment past times employees on ESOPs from startups past times 5 years
  • Govt to launch organisation for minute allotment of PAN on terra firma of Aadhaar
  • Govt to gear upward national recruitment means for recruitment of non-gazetted posts
  • Health cess on import of medical equipment imposed inward Budget
  • High-speed prepare betwixt Bombay as well as Ahmedabad volition locomote actively pursued.
  • Housing made to a greater extent than affordable, taxation vacation to affordable housing developers
  • Income higher upward fifteen lakh rupees volition maintain to locomote taxed at 30%
  • Income taxation rates cut, 10% for income of Rs 5-7.5 lakh against before 20%.
  • Income taxation rates volition locomote significantly reduced for those who forego reliefs.
  • Income taxation rates volition locomote significantly reduced for those who forego reliefs, exemptions
  • India uplifted 271 1000000 people out of poverty
  • Insurance encompass for banking concern depositors to locomote raised to Rs 5 lakh from Rs 1 lakh.
  • Manufacturing sector Corporate Tax for novel companies at 15%; for existing companies at 22%
  • Medical college to locomote attached to a district infirmary inward PPP mode
  • More Tejas-like trains betwixt telephone substitution stations, Kisan runway for farmers
  • National Education Policy coming soon
  • National Police University as well as National Forensic Science University proposed past times Sitharaman
  • New might generation companies to locomote taxed at 15%
  • Nominal gross domestic product growth for FY21 revised to 10%
  • Nominal wellness cess on import of medical equipment to locomote introduced
  • Parameters as well as incentives for states who accept measures for cleaner air
  • Rs 12,300 crore allocated for Swachh Bharat Mission this year
  • Rs 30,757 cr for Jammu as well as Kashmir; Rs 5,958 for Ladakh for financial 2020-21
  • Rs 4,400 crore to struggle Delhi air pollution
  • Rs 40,000 cr per annum volition locomote revenue foregone from novel income taxation rates for individuals
  • Scheme to render subordinated debt for entrepreneurs of MSMEs to locomote introduced
  • Sitharaman proposes ‘Kisan Rail’ inward her 16-point conception to amend farm sector
  • Tax on Co-op societies to locomote reduced to 22% summation surcharge, equally against electrical current 30%
  • Universal pension coverage to stimulate got auto-enrolment
  • Zero-budget farming may non locomote a skilful motion for fertiliser companies

Sectorwise Highlights of Union Budget 2020

Tax

  • A novel taxation regime has been announced. Those who desire to locomote inward the onetime regime amongst exemptions, tin maintain to pay at the onetime rates.
  • For Income Between ₹5 lakh as well as ₹7.5 lakh : Tax Reduced to 10% from the electrical current 20%
  • For Income Between ₹7.5 lakh to ₹10 lakh : Tax Reduced to 15% from the electrical current 20%
  • For Income Between ₹10 lakh to ₹12.5 lakh : Tax Reduced to 20% from the electrical current 30%
  • For Income Between ₹12.5 lakh to ₹15 lakh : Tax Reduced to 25% from the electrical current 30%
  • For Income Above ₹15 lakh : Tax Continue at 30%, but without exemptions
  • Over seventy deductions stimulate got been removed.
  • Companies volition no longer locomote required to pay Dividend Distribution Tax (DDT).
  • Aadhaar-based verification for GST compliance to locomote introduced.
  • Aadhar-based quick issuance of PAN announced.

Economy as well as Finance:

  • Bank deposit insurance encompass 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 role of its stake inward LIC via world offering.

Agriculture :

  • A budget resources allotment of ₹2.83 lakh crore for the sector comprising agriculture as well as allied activities.
  • Doubling farmers incomes past times 2020.
  • Agri-credit availability laid at ₹15 lakh crore for 2020-21.
  • Comprehensive measures for 100 H2O stressed districts.
  • Provide twenty lakh farmers to gear upward standalone solar pumps. Help or as well as thus other fifteen lakh farmers to solarise their might grid.
  • Village storage scheme proposed to locomote run past times women SHGs.
  • Indian Railways to stimulate got refrigerated coaches capability inward ‘kissan trains’ to behave perishables as well as milk.
  • Krishi UDAN on international as well as national routes.

Health as well as Sanitation :

  • An resources allotment of ₹69,000 crore for the wellness sector.
  • ₹12,300 crore for Swachh Bharat this year.
  • Proposal to gear upward hospitals inward Tier-II as well as Tier-III cities amongst the private sector using PPP.
  • Expand Jan Aushadhi scheme to render for all hospitals nether Ayushmann Bharat past times 2025.

Education :

  • ₹99,300 crore for instruction sector inward 2021 as well as virtually ₹3,000 crore for science development.
  • Urban local bodies to render internship to immature engineers for a year.
  • Degree-level total fledged online instruction programmes past times institutions ranked inward top 100 inward NIRF rankings, specially to attain goodness underprivileged students.
  • A national law academy as well as a national forensic scientific discipline academy is proposed to locomote setup.
  • IND SAT examine for students of Asia as well as Africa to promote “study inward India” programme.

Infrastructure :

  • Budget proposes to render ₹1.7 lakh crore for carry infrastructure inward 2021
  • National Logistics Policy to locomote released soon.
  • Chennai-Bengaluru Expressway to locomote started.
  • Aim to accomplish electrification of 27000 km of lines.
  • Plan to stimulate got a large solar might capacity for Indian Railways.
  • The authorities besides proposes a Bengaluru suburban runway projection at a terms of ₹18,600 crore.
  • Govt to monetise 12 lots of national highways past times 2024.
  • 100 to a greater extent than airports volition locomote developed past times 2024 to back upward UDAN.

Indian Railways

  • 4 station re-development projects inward railways via PPP models
  • To develop solar capacity inward Indian railways
  • Plan to a greater extent than Tejas similar trains to connect tourist locations
  • Govt to launch ₹18,600 crore worth Bengaluru Suburban Transportation project

Swachh Bharat Mission

  • The Finance Minister announced that the total resources allotment proposed for Swachh Bharat Mission is ₹12,300 crore
  • Nirmala Sitharaman said the NDA authorities is “committed to Open Defecation Free (ODF) summation inward monastic enjoin to sustain ODF demeanour as well as to ensure no i is left behind.”

To Clean Air as well as Pollution complimentary cities

  • Power plants amongst emissions higher upward prescribed limits volition locomote asked to unopen down.
  • India’s commitment towards tackling climate modify made at Paris conference boot starts from Jan 1, 2021.
  • FM said ₹4,400 crore has been allocated for states that operate towards build clean air.

Connecting India

  • Finance Minister Nirmala Sitharaman said ₹6,000 crore allocated for BharatNet programme
  • Around 1 lakh gram panchayats to locomote linked amongst BharatNet this year
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