Union Finance Minister Nirmala Sitharaman presented the Budget for the year 2020-21 on 1st February ‘20 in the Parliament. During her announcement she said the Budget focused on 3 themes- aspirational India , economic development for all, and caring society. She added that the Budget 2020-21 is for boosting the economy thus improving the purchasing power of India. Here are the key points from her speech.
The finance minister has unveiled a new income tax regime
As per as the new budget , 70 tax exemptions will be removed and the income between Rs 5 and Rs 7.5 lakh will be taxed at 10% down from current 20%, income between Rs 7.5 lakh and Rs 10 lakh per year will be taxed at 15% down from current 20%, income between Rs 10 lakh and Rs 12.5 lakh per year will be taxed 20% down from the current 30%. Income between Rs 12.5 lakh and Rs 15 lakh per year will be taxed 25% from current 30%. Income above Rs 15 lakh will continue to be taxed at 30%.
Rs 30,757 crores will be allocated for the state of J&K
She said the Centre has proposed allocation of Rs 30,757 crore for Jammu & Kashmir, and Rs 5,958 crore for Ladakh for the year 2020-21. There’s going to be a new process for instant allotment of PAN Card.
There will be a system soon to be launched for instant online allotment of PAN on the basis of Aadhaar, without the need for filling any application form. A fresh PAN will be allotted on the basis of an OTP sent over the “active mobile number” linked with the valid Aadhaar number of a person. The marriageable age for women in India will also be increased . A separate Committee to look into raising marriageable age for women will be formed. She also allocated Rs 28,600 crore for programmes specific to women. “Women’s age of marriage was increased from 15 to 18 in 1978,” she stated. She further added on Saturday said that the govt of India will build 100 new airports by 2024 to support the regional connectivity scheme UDAN. The airline fleet of India will grow to 1,200 planes from the present 600 by 2024. Five archaeological sites are going to be developed as iconic sites to boost tourism in the country. A budget will be allocated for the the scheduled castes and other backward classes too.
surjitt sahani
