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)