Tax on income of Rs 5-7.5 lakh reduced to 10% from 20%

This will also be the second budget for Sitharaman, who became the second woman finance minister after Indira Gandhi to do so in the history of independent India.

Nirmala Sitharaman during the Budget Session. Photo- ANI Twitter

New Delhi: Finance Minister Nirmala Sitharaman began the budget presentation for 2020-21, the second term of the Narendra Modi government on Saturday in the parliament. This is also the second budget for Sitharaman, who became the second woman finance minister after Indira Gandhi to do so in the history of independent India. The Budget speech began at around 11 am today with Sitharaman beginning it with an address to the speaker of Lok Sabha. Sitharaman had presented her maiden budget in July last year, shortly after the BJP-led government came back to power in the Centre in the 2019 Lok Sabha elections.

  • 11.00 am - Budget Session Begins in Parliament
  • FM says Budget is for boosting income, purchasing power of people
  • During 2014-19, govt brought paradigm shift in governance: FM
  • 11.12 am - Simplified return for GST is being introduced from April 2020, says FM
  • 11.15 am - FM Nirmala Sitharaman: GST has resulted in efficiency gains in the transport and logistics sector, inspector raj has vanished, it has benefitted Micro, Small & Medium Enterprises(MSME). Consumers have got an annual benefit of 1 lakh crore rupees by GST
  • 11.24 am - FM Nirmala Sitharaman : Our government is committed to the goal of doubling farmers income by 2022
  • 11.26 am - FM: Three key points of Budget-aspirational India, economic development for all and that ours shall be a caring society
  • 11.32 am - FM: Pradhan Mantri Kisan Urja Suraksha avem Utthan Mahabhiyan (PM KUSUM) to be expanded to provide 20 lakh farmers in setting up standalone solar pumps
  • 11.38 am - FM: For sector comprising agriculture, allied activities, irrigation and rural development, an allocation of Rs 2.83 lakh crores has been made for 2020-21
  • 11.40 am - FM: Comprehensive measures for 100 water-stressed districts being proposed in this budget; agricultural credit target has been set at Rs 15 lakh crore.
  • 11.44 am - FM: Allocation of Rs 12,300 crores for Swachh Bharat Mission for year 2020-21
  • 11.47 am - FM: There is a shortage of qualified medical doctors both general practitioners and specialists; it is proposed to attach a medical college to a district hospital in PPP mode; details of the scheme to be worked out soon.
  • FM says that viability gap funding window to be set up to cover hospitals, with priority given to aspirational districts that don't have hospitals empanelled under Ayushman Bharat scheme
  • 11.48 am - FM: We propose Rs 99300 crores for education sector in 2020-21 and Rs 3000 crores for skill development.
  • 11.54 am - FM: Entrepreneurship is strength of India. I propose to set up an investment clearance cell that will provided end to end facilitation and support including pre-investment advisory, info on land banks and facilitate clearance at state level
  • 12.00 pm - FM: I propose to provide Rs 27300 crore for development for industry and commerce for year 2020-21
  • 12.04 pm - FM: Delhi-Mumbai Expressway to be completed by 2023, Chennai-Bengaluru Expressway to be launched.
  • 12.06 pm - FM: I propose to provide Rs 1.7 lakh crores for transport infrastructure in 2020-21.
  • 12.09 pm - FM: I propose to provide Rs 22000 crores to power and renewable energy sector in 2020-21
  • 12.14 pm - FM: 'Beti bachao, beti padhao' has yielded tremendous results, gross enrolment ratio of girls across all levels of education now higher than boys.
  • 12.20 pm - FM: Enhance allocation of Rs 9500 crores for senior citizen and OBC
  • 12.24 pm - FM: 5 archaeological sites to be developed as iconic sites with on-site museums -Rakhigarhi, Hastinapur, Shivsagar, Dholavira and Adichanallur
  • 12.26 pm - FM: I propose to provide Rs 2500 crores for promotion of tourism in the year 2020-21.
  • 85,000 crore rupees for Scheduled Castes and Other Backward Classes in 2020-21; 53,700 crore rupees for Scheduled TribeS, says FM.
  • 12.31 pm - FM: Clean air is a matter of concern in large cities, propose to encourage states to formulate and implement plans to ensure clean air. Allocation for this purpose is Rs 4,400 crores.
  • 12.35 pm - FM: We wish to enshrine in the statutes a taxpayer charter through this Budget. Our govt remains committed to taking measures to ensure that our taxpayers are free from tax harassment of any kind.
  • 12.40 pm - FM: Government is fully committed to supporting new UTs of J&K and Ladakh; Allocation of Rs 30,757 crores for 2020-21 for Jammu and Kashmir and Rs 5,958 crores for Ladakh
  • 12.43 pm - FM: Deposit Insurance and Credit Guarantee Corporation has been permitted to increase deposit insurance coverage to Rs 5 lakh per depositor from Rs 1 lakh.
  • 12.45 pm - FM: Need for greater private capital in banks
  • 12.50 pm: FM: Mechanism will be made to address liquidity constraints of NBFCs and Hosue finance corporations. Govt to offer support by guaranteeing securities floated to provide liquidity for NBFCs
  • 12.52 pm: FM: Government proposes to sell a part of its holding in LIC by initial public offer.
  • 1.07 pm - FM: For Income between Rs.5 lakhs to Rs. 7.5 lakhs, tax rate reduced to 10 percent. For income between Rs. 7.5 to Rs.10 lakhs, tax rate would be brought down to 15 percent. Rs.10 to Rs.12.5 lakhs, tax rate would be reduced to 20 percent. And for those income groups between Rs.12. 5 and Rs.15 lakhs, the tax rate would be brought down to 25 percent.
  • 1.15 pm - FM: Start-ups are engine of growth. Propose to increase turnover limit for startups from Rs 25 crores to 100 crores.
  • 1.25 pm: FM: In order to promote affordable housing projects, I propose to extend date of approval of affordable housing projects for availing tax holiday by one more year.
  • 1.26 pm - FM: Concessional corporate tax cut to be extended to new domestic companies engaged in power generation

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