Budget 2020: 8 Highlights of the Union budget you need to know

BusinessBudget 2020: 8 Highlights of the Union budget you need to know

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Indian finance minister Nirmala Sitharaman presented Union Budget for 2020-21 today at the Parliament. Presenting the budget, the minister said that as Prime Minister Narendra Modi had received an immense support from the public to form the government again in May 2019, this budget has been prepared to improve the income and purchasing power for the people of India.

Sitharaman announced the introduction of a new personal income tax regime for the benefit of middle-class income groups to save taxes and also scrap dividend distribution tax.

Here are the highlights of Union Budget 2020-21:

1) Reduction in income tax rates:
There will be no tax for income up to Rs. 5 lakh, which gives a huge relief to common public.
The tax rate between Rs. 5 lakh to Rs. 7.5 lakh has been reduced to 10% from the current 20%.
The rate of tax between Rs. 7.5 lakh to 10 lakh has been reduced to 15% from the current 20%.
The tax rate from Rs. 10 lakh to Rs. 12.5 lakh has been reduced to 20% from the present 30%.
The rate of tax between Rs. 12.5 lakh to Rs. 15 lakh has been reduced to 25% from the current 30%.
It continues to be 30% tax rate for income above Rs. 15 lakh but with no exemptions.

2) Launch of Aadhaar-based verification for GST compliance has been done.

3) Announcement of Aadhaar-based issuance of PAN on a quick note has been done.

4) Each depositor will get a bank deposit insurance cover from Rs. 1 lakh to Rs. 5 lakh.

5) The government plans to double the income of farmers by 2022.

6) For the health sector, the government plans to allocate Rs. 69,000 crore.

7) Rs. 99,300 crore for education sector in 2021 and about ₹3,000 crore for skill development has been announced.

8) 100 more airports will be launched by 2024 to support UDAN.

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