Individual income tax Rate Reduction! ” – Key Features of Federal Budget #Budget2020-2021
The reduction of the personal income tax rate will also result in a loss of Rs 40,000 crore income tax per year.
“There is no change in the income tax for personal income up to Rs 5 lakh. If you have an income of Rs 5 lakh to Rs 7.5 lakh, there is no need to pay 20% income tax. 10% is enough to build.
Similarly, those earning between Rs. 7.5 lakh to Rs. 15% is enough to build. 10 lakhs to 12.5 lakhs of income are not required to pay a 30% tax. No more than 20% tax.
Similarly, those earning between Rs 12.5 lakh and Rs 15 lakh will have to pay a 30% tax and 25% tax. 30% income tax is unchanged if you have income above Rs 15 lakh.
Stock markets slump! Individual income tax
SENSEX and Nifty markets are declining rapidly as Nirmala Sitharaman announces in the Budget for the financial year 2020-21. At 1:32 pm, the Sensex fell 547 points to 40,192, while the Nifty traded 164 points lower at 11,776.
100% trade tax exemption from profits for those who trade annually up to Rs. 100 crores. So far, the tax exemption for businesses.
Interest subsidy for low-cost housing loans extended by one more year.
No change in corporate tax!
Corporate tax is 15% for new start-ups and 22% for other companies. India has the lowest tax for big corporations in the world.
This means tax deductions such as Foot card Allowance and Gift Allowance are eliminated.
`New Stock Issue LIC!”
A portion of the state-owned shares of LIC will be sold on the stock exchange through the issue of new equity. Shares of state-owned IDBI Bank will also be sold.
Economic growth will be 10 percent in 2020-21. The country’s capital expenditures will increase. The government’s expenditure is Rs 30.42 lakh crore. The deficit is forecast to be 3.5 percent.
The government will raise funds through bonds. Foreign nationals can also invest in government securities.
Budget speech announces Rs 2.1 trillion in the sale of public sector stocks.
Increase the amount of insurance!
Nirmala Sitharaman has announced that problems with banking and non-banking financial institutions will be eliminated. An increase of Rs 5 lakh to the sum of Rs. 1 lakh for bank deposits. With this, the bank can repay a maximum of Rs 5 lakh in bankruptcy.
In cities with a population of over 10 lakhs, the government has allocated Rs 4,400 crore to control air pollution. Environmental pollution-causing plants will be closed.
Reforms will be made in the selection of public servants. The National Staff Selection Agency will be set up to select start-up Government employees.
Private Medical Colleges
“New education policy will be announced soon. Direct FDI in education is permitted. The university will be set up by the National Police and the National Institute of Forensic Sciences.
Budget 2020-21: Special Pooja!
“The budget has been received from all over the country. It will be a budget for all people. ”