Key Highlights of Budget 2020 (Announcements)
Budget Income Tax Announcements
- Income Tax Rate
- 10% income tax rate for Income between 5,00,000.00 -7,50,000 Rupees
- 15% income tax rate for Income between 7,50,000 -10,00,000.00 Rupees
- 20% income tax rate for Income between 10,00,000.00 -12,50,000.00 Rupees
- 25% income tax rate for Income e between 12,50,000.00-15,00,000.00 Rupees
- Incomes above 15,00,000.00 Rupees remain at 30%
- No tax for income up to 5,00,000.00 Rupees
2.Income Tax Slab
|
New Income Tax Rate |
Income |
Old Income Tax Rate |
|
10% |
Income between 5,00,000.00 -7,50,000 Rupees
|
20% |
|
15% |
Income between 7,50,000 -10,00,000.00 Rupees |
20% |
|
20% |
Income between 10,00,000.00 -12,50,000.00 Rupees |
30% |
|
25% |
Income e between 12,50,000.00-15,00,000.00 Rupees |
30% |
|
30% |
Incomes above 15,00,000.00 Rupees |
30% |
- Proposed 100% tax concession to sovereign wealth funds on investment in infra projects.
- Concessional tax rate of 15% extended to power generation companies.
- Dividend Distribution Tax shifted to individuals instead of companies
- Section 44AB Turnover threshold for audit increased to 5 crore from 1 crore rupees (Condition for businesses carrying out less than 5% business transaction in cash
Budget GST Announcements
- Simplified Returns from April 1st
- GST Taxpayers verification based on Aadhaar
Budget Customs duty Announcements
- Customs duty raised
- Footwear to 35% from 25%
- Furniture goods to 25% from 20%
Budget Healthcare Announcements
- 690 billion Rupees will be spent toward healthcare spending
Budget Transport Announcements
- 100 more airports are planned by 2024
- Over 6,000 km of highways in 12 lots will be monetized by 2024
- One major airport will be privatized
Budget Banking Announcements
- Bank deposit insurance cover increased from 1 lakh Rupees to 5 lakh Rupees
Budget Infrastructure Announcements
- 5 new smart cities in public-private partnership mode
- Delhi-Mumbai Expressway to be completed by 2023
- 100 and more airports to be developed by 2024
Budget Agriculture/Irrigation and Rural Announcements
- 1.60 Lakh Cores Rupees Agriculture/Irrigation and Rural and allied activities Development
- 1.23 Lakh crore for Rural development and Panchayati raj
Download Copy of Union Budget
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Posted By: Advocate Birbal Sharmaon: November 29, 2019In:Tags:
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