- After Indira Gandhi, Nirmala Sitharaman will be the first Finance Minister to present the budget for the second consecutive time.
- In 1970, Indira Gandhi had charge of the Finance Ministry as Prime Minister.
- Tax can reduce from 20% to 10% on income from 10 lakh rupees to 20 lakhs.
- Deduction under 80C can increase from Rs 1.5 lakh to Rs 2.5 lakh
Union finance minister Nirmala Sitharaman is presenting Union Budget for the financial year 2020-21 in Parliament on Saturday. This is the minister’s second budget.
Like last year, the finance minister arrived at the Parliament in the morning with the traditional ‘bahi-khata. She was accompanied by her deputy, minister of state Anurag Thakur.
In the Economic Survey, released on Friday, the government predicted that economic growth would pick up to 6.0% to 6.5% in the fiscal year beginning April 1, but also warned that it may have exceeded its deficit target to revive growth.
The first general budget of this decade is going to presented today. Finance Minister Nirmala Sitharaman will deliver the budget speech in the Lok Sabha at 11 am. She will be the first woman Finance Minister to present the budget for the second consecutive time. Before this there will be a cabinet meeting, in which the budget will be approved. Before that, Indira Gandhi once presented the budget in February 1970.
The first general budget of this decade is going to be presented today
In her budget speech, a 60-year-old Nirmala can announce a change in the income tax slab. According to the pre-budget survey by tax consultancy firm KPMG, 82% of the 219 companies in 18 sectors feel that the deduction limit of Rs 1.5 lakh can increase under 80C. The National Logistics Policy may also announce in the budget.
Copies of budget reached parliament house
Printed copies of the budget for the General Budget 2020-21 have been brought to Parliament House. These copies are given to MPs to read.
Delhi: The printed copies of the Union Budget 2020-21 have been brought to the Parliament pic.twitter.com/06Nb7Gl8Wn
— ANI (@ANI) February 1, 2020
Income Tax
Current Rate: Taxable income up to Rs 5 lakh is tax-free as per the announcement of the interim budget last year. This rebate is available through a rebate, but the tax slab is starting from Rs 2.5 lakh only.
Demand: they should increase the Income-tax exemption limit from the current Rs 2.5 lakh to Rs 5 lakh. That is, such income should be completely out of the income tax. They do not even have to fill returns. After this, there is also a demand to reduce the tax on income from 5 lakh to 10 lakh rupees from 20% to 10%. If this happens, the taxable income of up to 10 lakh will save Rs 46,800 annually.
National Logistics Policy can announce
To make business transportation in the country easier, the government may announce a National Logistics Policy in the budget. The news agency quoted the sources on Monday. The Logistics Division of the Ministry of Commerce has worked on the policy. Its purpose is to reduce freight costs for traders. For this, a central portal can be proposed, so that companies can get solutions related to logistics.
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