Budget 2020 of India highlights are explained in Hindi. Union budget for FY 2020 – 21 was presented on 1 Feb 2020 by Finance Minister of India Smt Nirmala Sitharaman. Following are highlights of the Union Budget 2020 India:
Budget was made under 2 themes:
1. Aspirational India
2. Economic Development
3. Caring Society
Further under Aspirational India, following sectors were allocated budgets:
1.1 Agriculture, Irrigation and Rural Development
1.2 Wellness, Water & Sanitation
1.3 Education & Skill Development
Under Economic Development, following sectors were allocated budgets:
2.1 Industry & Commerce
2.2 Infrastructure – Transportation, Housing, Healthcare, Piped Water, Power, Oil & Gas etc.
2.3 New Economy – Artificial Intelligence, Datacenter Parks, Machine Learning, Quantum Computing etc.
Under Caring Society. following sectors were allocated budget:
3.1 Women & Child Social Welfare, Scheduled Castes & OBC Welfare, Scheduled Tribes Welfare
3.2 Culture & Tourism
3.3 Environment & Climate Change
Other than these few measures were taken for the common man for eg:
1. Insurance on Bank Deposits will be increased from current Rs. 1 lakh to Rs. 5 lakh per depositor.
2. New Tax Slabs for FY 2020-21 were introduced but without deductions. People will have option to either adopt new Tax Slabs without deductions or Old Tax Slabs with deductions.
3. Filing of tax returns will be simplified with pre filled forms.
4. Dividend Distribution Tax will not be taxed at the hands of company but wil be taxed at the hands of Individual as per his income tax slab
5. Tax Holiday duration increased for Startups
6. Capital Gains Tax on Property will be applicable only if difference between Circle Rate and actual Transaction Price is more than 10%
7. People will be able to do faceless appeals with Income Tax Department
8. Measures will be taken to reduce tax litigations
There were few misses also in the Union Budget 2020 of India. For instance:
1. Long Term Capital Gains Tax (LTCG Tax) was not removed for profits on equities and mutual funds
2. No increase in Tax Deductions on home loan, which could have given boost to real estate sector
