Budget of India Full Highlights For 2020-21 Financial Year.


The India budget of 2020-21 fullUnion Budget is the Annual Financial Statement, the Statement of the Estimated Receipts and Expenditures of the central government before the beginning of each financial year in India, The Finance Minister presents the Finance Budget on 1 February to the Lok Sabha on such day as the President might direct. The Union finance minister (Current: Nirmala Sitaram) reads out a ‘Budget Speech’ on 1 Feb in the Lok Sabha. The Budget Speech highlights these all salient points of the entire Budget that may run into several thousand pages. 

Finance Minister of India Nirmala Siharaman announced the budget of India on Saturday. The center of the 2020-21 budget is to help India's farm sector.

The finance minister revised the fiscal deficit target to 3.8 percent for the current fiscal year, from an earlier target of percent. She pegged the fiscal deficittarget for 2020-21 at 3.5 percent of the GDP.

Income tax rates for the earning up to Rs 15 lakh have been slashed and no tax will be applied on earnings up to Rs 5 lakh, but no exemptions will be allowed if the taxpayer options for the new rates, she said in the Budget 2020-21.

Here are Some Main Highlights of Budget  2020-21.

CTT on commodity indices and options in goods proposed in India.

A CTT (Commodity Transactions Tax) is introduced in the 2020 Budget which will become into effect from 1 April 2020.

Recently, the NCDEX and the MCX launched commodity indices but it till yet not been allowed by markets regulator Sebi. On January 16, Sebi had allowed stock exchanges to launch opportunities in the field of goods in the commodity derivatives segment.

Revised Tax Rates

Here is a list of new tax Structures for incomes.

10% for income of Rs. 5 - 7.5 lakhs.
15% for income of Rs. 7.5 - 10 lakhs.
20% for income of Rs. 10 - 12.5 lakhs.
25% for income of Rs. 12.5 - 15 lakhs.
30% for income of above Rs. 15 lakhs.

Schemes Launched

'Vivad se Vishwas' scheme launched in which interest and penalty would be waived for those willing to settle tax deposits till the date of 31 March 2020.

Bank Deposit Insurance 

Bank deposits insurance increases from Rs. 1 lakh to Rs. 5 lakhs per deposit. This is one of the unwanted scheme placed on this budget that will affect citizens of India who are in the conditions of Insurance from the banks.

Rs. 69,000 crore allocated in the field of Healthcare sector.

Amount of Rs. 69,000 crore is allocated to increase the quality of the Healthcare sector. This scheme will surely help those who are needed to develop the Healthcare sector. This scheme is to increase the quality and conditions of Government Hospitals.

Rs. 100 lakh crore for Infrastructure.

Scheme of Rs. 100 lakh crore is designed to invest in the field of the infrastructure of India. This is most and one of the main Highlights in the Budget speech of Finance Minister Nirmala Sitaram. This big amount will be invested in the infrastructure sectors.
This scheme will be active for the next 5 years to invest in the development of India and the economy and GDP.

The government is expected to get the mark of around Rs. 1.90 trillion for the food subsidies in the next financial year 2021-22, though the food ministry has sought more than Rs. 2 trillion to run the world's biggest food welfare program.

Budget of India Full Highlights For 2020-21 Financial Year. Budget of India Full Highlights For 2020-21 Financial Year. Reviewed by Kuldeep Chaudhary on February 01, 2020 Rating: 5

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