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UNION BUDGET 2020 | Saturday February 01, 2020
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NEWS FLASH
NCCD on Cigarettes & tobacco products proposed + Health Cess of 5% proposed on imports of certain medical equipment

Import duty hiked on inputs used by footwear and furniture MSMEs

Govt invites suggestions to guillotine Customs exemptions by September

Provisions to be amended to strengthen safeguard duty regime

Customs Act being amended to neutralise misuse of FTA provisions

PAN to be instantly issued if Aadhaar data is available

FM announces dispute resolution scheme like SVS for income tax cases; No interest + no penalty if tax paid prior to March 31; Scheme to end in June 2020

I-T Act to be amended to faciliate e-appeal

Income tax exemption for charitable bodies - Registration to be made online

Tax holiday announced for developers engaged in affordable housing for one more year

Tax audit - Turnover threshold raised to Rs 5 Crore

New tax regime of 22% announced for Cooperative Societies

Start-up turnover threshold raised to Rs 100 Crore

ESOPs - Five-year relief granted from taxation

TDS rates reduced for FPIs + municipal bonds + interest on listed bonds

Tax exemption granted to foreign sovereign fund investment in infra sector with 3 yrs lock-in period

Concessional corporate tax rate extended to power generation companies also

FM abolishes DDT + dividend to be taxed in hands of recipients

FM announces new slab rates for income tax; 30% rate to apply above Rs 15 lakh income

FM pegs fiscal deficit to 3.8% in 2019-20 and 3.5% for next fiscal

Govt hikes expenditure in next fiscal to over 30 lakh crore

FM projects 10% nominal growth for next fiscal

Govt accepts FinCom Interim recommendations

Govt to disinvest partly in LIC

Govt securities to be made available to non-resident investors + new debt-ETF to be floated

Govt to provide hand-holding support to auto & pharma sectors

Banks to provide subordinate debt facility to MSMEs

Govt to provide insurance for sum of Rs 5 lakh for every depositor in commercial banks

India to host G-20 Summit in 2022; Rs 100 Cr allocated

Govt to set up National Recruitment Agency for online common tests

Companies Act - Criminal liabilities to be substituted by civil liabilities

Taxpayer charter to be a part of tax laws: FM

Govt to provide Rs 4400 Cr to States for providing cleaner air in cities of over 1 million population

Tourism gets Rs 2500 Cr budget for current fiscal

Budget provides Rs 9500 Cr for Senior Citizens related schemes

FM allocates Rs 8000 Cr for National Quantum Computing Mission

Budget provides Rs 6000 Cr to Bharat Net Scheme

Govt to announce scheme for setting up Data Centre Parks across India

Govt to introduce pre-paid electric meters in three years

Govt allocates Rs 1.7 lakh crore for developing transport sector in current fiscal

Govt to encourage every district to set up an export hub

Govt to unfold scheme to promote mobile, electronics, semi-conductor and medical devices manufacturing

Govt to set up investment clearance cell to entrepreneurs

Govt proposes to set up National Police Univ + Forensic University

States to be allowed to access ECB and FDI for Education

Budget earmarks Rs 12300 Crore for Swachch Bharat Mission

FM allocates Rs 69000 Cr for health sector

FM allocates Rs 2.83 lakh crore for agriculture in current fiscal

Budget sets Rs 15 lakh crore as agri credit target for current fiscal

Govt to enable 22 lakh farmers to set up solar-based pumps

FM announces 16 Action Points to give boost to Agriculture Sector

Govt to focus on three pillars - aspirational India + economic well being + caring society

FM claims Central Govt debt down to 48.7% from over 52%

Budget 2020 - FM claims fundamentals of economy are strong + Inspector Raj guillotined + Consumers save 4% more on account of lower GST rates

FM says 16 lakh more taxpayers joined GST tax base

Budget 2020 - FM claims fundamentals of economy are strong

 
UNION BUDGET 2020 - 21

Key to Budget Documents

Budget Highlights (Key Features)

Budget Speech by Finance Minister

Budget at a Glance

Annual Financial Statement

Finance Bill 2020

Memorandum

Receipt Budget

Expenditure Budget

Customs and Central Excise

The Macro Economic Framework Statement

Medium Term Fiscal Policy cum Fiscal Policy Strategy Statement

Output Outcome Framework 2020-2021

 
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