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Highlights of Union Budget 2020

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TNI Bureau: On the second day of the Budget session of the Parliament, Finance Minister Nirmala Sitharaman presented the Union Budget 2020-21 on Saturday.

Here are the Key Highlights:

Agriculture

  • Rs 2.83 lakh crore for Farm Action Plan
  • PM KUSUM to be expanded to provide 20 lakh farmers in setting up stand-alone solar pumps
  • 6 lakh crore rupees has been approved for Jal Jeevan Mission
  • 83 lakh crore rupees allocated for agriculture and allied activities, irrigation and rural development
  • Sagar Mitras to enable Youth and Fishery extension work; 500 fish farmer producing organisations to be set up
  • Govt proposes comprehensive measures for 100 water-stressed districts
  • Proposed supporting measures in horticulture- One Product, One District
  • 16 Action Points for farmers’ welfare
  • Village Storage Scheme run by SHGs, will provide holding capacity for farmers, women in villages
  • Krishi UDAN will be launched by the Ministry of Civil Aviati Aviation on international and national routes, improving value realization in North East and tribal districts
  • Kisan Rail for Farmers
  • Will encourage balanced use of all fertilizers
  • Comprehensive measures for 100 water-stressed districts being proposed

Education

  • Rs 99,300 crore outlay for education sector in 2020-21
  • Degree-level full-fledged online education programme to be offered by institutes in top 100 in National Institutional Ranking Framework
  • INDSAT aptitude test to be introduced for students from Asian and African countries to Study in India on scholarships.
  • Special bridge courses to be designed for teachers, nurses, para medical staff, caregivers
  • A medical college to be attached to a district hospital in PPP mode, viability gap funding to be set up for setting up such medical colleges

Health

  • Additional Rs 69,000 crore for the health sector
  • 35,600 crore allocated for nutrition-related programme for 2020-21
  • Special Task Force for nutritional policy

Social

  • Rs. 28,600 cr allocated for women-specific programmes
  • Rs. 85,000 cr allocated for SCs and OBCs
  • Rs. 53,700 cr allocated for STs
  • Rs. 9,500 cr allocated for senior citizens and divyangs

Housing

  • Govt extends additional Rs 1.5 lakh tax benefit on interest paid on affordable housing loans to March 2021
  • Date of approval of affordable housing projects for availing tax holiday on profit earned by developers extended by 1 yr

Infrastructure

  • 100 more airports to be developed by 2024 to support the UDAN scheme
  • 7 lakh crore rupees to be provided for transport infrastructure in the coming financial year
  • More Tejas-type trains to connect iconic destinations

Finance

  • Fiscal deficit pegged at 3.8% for 2019-20 & 3.5% for 2020-21
  • Nominal GDP growth for 2020-21 estimated at 10%
  • Government proposes to sell a part of its holding in LIC by initial public offer
  • Aadhaar-based verification of taxpayers being introduced
  • PAN will be issued instantly through online application with Aadhaar card
  • Insurance Cover for Depositors in Banks increased to Rs 5 lakh from Rs 1 lakh

Tax

  • No Tax for Income up to Rs 5 lakh
  • 10% tax for income between Rs 5-7.5 lakh who would forego Chapter VI-A deductions and similarly:
  • 15% tax for income between Rs 7.5-10 lakh
  • 20% tax for income between Rs 10-12.5 lakh
  • 25% tax for income between Rs 12.5-15 lakh
  • 30% tax for Income above Rs 15 lakh
  • Tax rates for new manufacturing companies at 15% lowest in the world
  • DDT abolished in the hands of the companies
  • Dividends will be taxed in the hands of shareholders at normal rates.
  • Cooperatives have an option to be taxed at 22% with no deductions.
  • Tax audit limit raised to Rs 5 crores.
  • Limit of 5% raised to 10% – Circle rate in case of real estate.
  • 12A registration for new Institutions completely electronic.
  • Faceless appeals introduced.
  • Vivaad se Vishwas scheme. 483000 cases pending at various forums. Tax payer to pay only the tax demands by 31 March 2020. No penalty, no interest.
  • Instant PAN based on Aadhaar.
  • Startup turnover limit hiked to ₹ 100 crores from Rs 25 crores.

Miscellaneous

  • Natural gas pipeline grid to be expanded to 27,000 km from over 16,000 km now
  • Total allocation Rs.12,300 crore proposed for Swachh Bharat
  • Indian Railways will set up Kisan Rail through PPP arrangement
  • Govt proposes comprehensive measures for 100 water-stressed districts
  • Rs. 2,500 cr allocated for promotion of tourism
  • Rs. 4,400 cr allocated for cities to ensure clean air
  • 550 wi-fi facilities have been commissioned at railway station
  • 5 archaeological sites to be developed as Iconic Sites with on-sight museums
  • Tribal Museum will be set up in Ranchi
  • Rs. 3,150 crore for Ministry of Culture
  • Rs.22,000 crore for Power and renewable energy
  • 8,000 crore rupees for quantum technologies and applications

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