Non-Filers Monitoring System (NMS) – All your transaction are under watch

On saturday Union Finance minister Nirmala Sitharaman presented the Budget 2020. This is one of the most crucial time for the government to present the budget , as GDP is struggling and government has to keep lots of things in mind before making any decesion.Finance minister started the budget by paying homage to her predecessor, the late Arun Jaitley, and went on to announce key reforms that sought to address both economic and social aspects of the country. The three prominent themes of Union Budget 2020-21 were: Aspirational India , Caring Society Economic Development.Central government to provide ₹99,300 crore for educational sector in FY21. New education policy will be revealed soon, said Sitharaman.She had took 2 hour 30 minutes to complete her speech and broke her earlier record of a 2-hour-17-minute-long maiden Budget speech in July 2019.Some of the important Budget Highlights are below

Income tax rules announced in Budget 2018-19

1. The new income tax slabs and rates are as under:
NIL tax for income upto 5 lakhs
Rs 5-7.5 lakh per annum: 10 percent from 20 percent earlier.
Rs 7.5-10 lakh per annum: 15 percent from 20 percent earlier.
Rs 10-12.5 lakh per annum: 20 percent from 30 percent earlier.
Rs 12.5-15 lakh per annum: 25 percent from 30 percent earlier.
Above Rs 15 lakh per annum: 30 percent without any exemptions.
Note : Around 70 exemptions removed under the new regime
Note:New tax rates optional for those not availing any exemption


2. Dividend Distribution Tax is removed and dividends are taxable. Earlier in Budget 


3. Bank Deposit insurance cover : Earlier this cover is upto 1 lakhs only i.e. in case of lender collapse governemt is liable to pay only Rs 1 lakhs.This limit is now increaed to 5 lakhs.


4. vivad Se Vishwas: Amnesty Scheme To Reduce Direct Tax Litigation :No interest or penalty will be charged if tax defaulter pay there tax before March 31 , 2020


5. Tax on Cooperative societies proposed to be reduced to 22 per cent plus surcharge and cess, as against 30 per cent at present


6. Tax Audit threshold limit increased Rs. 5 cr from 1cr.


7. Section 50C and 45CA limit extended to 10% from 5%.


8. Section 80G -Donations allowed as a deduction will be pre-filled in ITR forms now onwards.


9. Additional Rs 1.5 lakh tax benefit on interest paid on affordable housing loans to March 2021.


10. Custom duty on fan upped to 20% vs 10%. Custom duty on specified goods used in refrigerators & ac hiked to 12.5% vs 10%.


11. Infra sector: ₹100 lakh crore to be invested on infrastructure over the next 5 years
    National Infrastructure Pipeline:
    -Rs. 103 lakh crore worth projects; launched on 31st December 2019
    
    -More than 6500 projects across sectors, to be classified as per their size and stage of development
    


12. Excise duties: Tax on cigarettes and other tobacco products to be increased


13. Ayushman Bharat Yojna -Union Budget 2020 allocated ₹69,000 crore for healthcare sector. Out of the total amount, ₹6,400 crore will be sanctioned for Ayushman Bharat Yojna.Ayushman Bharat scheme provides health assurance cover of up to ₹5 lakh per family and is targeted to cover over 10 crore poor and vulnerable families.


14. Bharat Net program - 6,000 crore allocated for BharatNet programme.Around 1 lakh gram panchayats to be linked with BharatNet this year


15. Government plans to sell stake in LIC through IPO.

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Non-Filers Monitoring System (NMS) – All your transaction are under watch