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    Published On : Sat, Feb 1st, 2020

    Budget 2020 Big Announcements

    Tax

    New/amended law to ensure taxpayers are not harassed
    Income tax cut to 10% from 20% for Rs 5-7.5 lakh band
    Income tax cut to 15% from 20% for Rs 7.5-10 lakh band
    Income tax cut to 20% from 30% for Rs 10-12.5 lakh band
    Income tax cut to 25% from 30% for Rs 12.5-15 lakh band
    30% tax rate still applicable for above Rs 15 lakh
    No tax for income up to Rs 5 lakh

    Companies

    Companies Act to be amended to reconsider criminal liability for acts that are civil in nature

    Start-ups

    Tax deferred on employee stock ownership plan for start-ups

    Banking/Insurance

    Insurance cover for bank depositors to be raised to Rs 5 lakh from Rs 1 lakh

    Social Welfare

    Rs 85,000 crore for Scheduled Castes and Other Backward Classes

    Agri/Farmers

    ‘Kishan Rail’ network to ferry perishable goods faster, will have refrigerated coaches
    ‘Krishi Udan’ flights for farmers to be launched, north-east to benefit

    Healthcare

    Rs 69,000 crore allocated for healthcare sector

    Railways

    More Tejas type trains will connect tourist destinations

    Infrastructure

    5 new smart cities in public-private partnership mode
    Delhi-Mumbai Expressway to be completed by 2023
    100 more airports to be developed by 2024

    Disinvestment

    Government will sell part holding in LIC via initial public offering (IPO)

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