Budget 2020: Relief For Tax Payers To Controlling Early Marriage Of Women, Says Nirmala Sitharaman

Indian Finance Minister Nirmala Sitharaman presents the second Union Budget for the current government also called Modi government 2.0. Staring with paying her respect to Arun Jaitley. She said: "With renewed vigour, Under PM's leadership, we commit suicide, we commit ourselves to present the people of India with all humility and dedication. People have reposed faith in our economic policy.

"Our people should be gainfully employed, our business should be healthy for all minorities, women and people from SCs and STs, this budget aims to fulfill their aspirations," said Sitharaman.

Sitharaman announces major income tax relief: In her Budget speech, FM Nirmala Sitharaman announces major tax rebates. We propose to bring a personal income tax regime, where income tax rates will be reduced, so now, person earning between Rs 5-7.5 lakhs will be required to pay tax at 10% against current 20%.

Here are the new tax slabs announced by the Finance Minister:

For income upto Rs 5 lakh: No tax

• Rs 5-7.5 lakh: 10% (reduced from previous 20%)
• Rs 7.5-10 lakh: 15% (reduced from previous 20%)
• Rs 12-15 lakh: 25%
• Rs 15 lakh: 30%

"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."

Sitharaman on Saturday said that the insurance behemoth LIC will be listed as part of the government disinvestment initiative.

She also said that the "listing brings in more financial discipline among the entities." The government has proposed to "sell a part of its holding in LIC through initial public offer."

The Finance Minister announced that 16 lakh new taxpayers have been added to the system. She also shared that "GST has resulted in efficiency gains in the transport and logistics sector, inspector raj has vanished, it has benefitted MSME. Consumers have got an annual benefit of Rs 1 lakh crore by GST."

As per the latest update, Sitharaman declared that Beti Bachao, Beti Padhao scheme was a success, but the Opposition protested.

A lot of schemes have been introduced for women. A provision of Rs 28,600 crore will be on women's schemes. Tasks will be taken up to control child Marriage or early marriage of women in their early age. A task force will work on this within 6 months."

The Finance Minister also announced that "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 crore."

Fot the tax payers, Sitharaman announced that "Taxpayer charter to be introduced under law. 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."

Speaking on the current slowed down GDP growth, Sitharaman announced: "We have estimated nominal growth of GDP for the year 2020-21 on the trends available, at 10%."

For the archaeological sector India, a country full of so many sites that make us proud of our heritage, "5 archaeological sites to be developed as iconic sites with on-site museums - Rakhigarhi, Hastinapur, Shivsagar, Dholavira and Adichanallur," announced the Finance Minister.

For the SC & ST in India, Sitharaman announced "Rs 85,000 crore for welfare of Scheduled Castes (SC) and Rs 53,700 crore for Scheduled Tribes (ST)."

For the senior citizens, Sitharaman announced that there will be an enhanced allocation of Rs 9500 crore for senior citizens and Other Backward Castes (OBC).

"Rs 100 crore allocated for hosting G-20 Summit."

Pension Scheme for government employees: "Robust mechanism in place to monitor health of banks, depositors' money is absolutely safe. Govt proposes amendments to facilitate separation of govt pension trust from PFRDA."

The Finance Minister announced an allocation of Rs 8,000 crore for National Mission on Quantum Computing and Technology.

She also underlined the paradigm shift in governance saying that inflation is well contained, bank recapitalised, steps were taken for the formalisation of economy, GST was historic though its chief architect (Arun Jaitley) is not with us, which abolish numerous taxes.

Right after saying that Central government's debt has come down to 48.7% in March 2019 from 52.2%, Sitharam was crystal clear in saying that the "Budget aims to fulfil the aspirations of people."

In terms of proliferation of tech and analytics, Sitharaman said that "Proliferation of technologies such as analytics, machine learning, AI, bioinformatics. The number of people in the productive age group is at its highest."

She said that the "Average household now saves 4% in monthly expenses after rollout of GST. GST resulted in Rs 1 lakh crore gains to consumers, removed inspector raj and helped transport sector. Simplified return for GST is being introduced from April 2020."

Interestingly, Sitharaman also announced that "India uplifted 271 million people out of poverty". She added: "This Budget has been woven around 3 prominent themes, aspirational India, economic development and caring society."

On the plight of the farmers, Sitharaman shared that "Comprehensive measures for 100 water-stressed districts being proposed. Farmers to be allowed to set up solar units on barren/fallow lands; supply power to grids. Farm markets need to be liberalised, farming need to be made more competitive, hand-holding of farm-based activities need to be provided, sustainable cropping patterns and more tech needed.

For people like you and me who are the taxpayers and get a regular income, Sitharaman said that "Budget 2020 is to boost the income of people and enhance their purchasing power."

She said that the government has "insured 6.11 crore farmers under Pradhan Mantri Fasal Bima Yojna."

In the first theme of Aspirational India, Sitharaman is focussing on skills, education, and agriculture. she said: "The government is committed to double the farmer income by 2022. Farmers with barren land can set up solar power units so that they can get a living out of it,' she said, presenting a 16-point action plan for this purpose."

For sector comprising agriculture, allied activities, irrigation and rural development, an allocation of Rs 2.83 lakh crores has been made for 2020-21.

Speaking on the Indradhanush machine, Sitharaman spoke of the "TB haarega Desh Jeetega" campaign. There are further budgets alloted to increase the Ayushmaan Bharat and Jann Aushadhi Yojna. Rs 69, 000 crores have been allotted to the health sector.

"Proceeds from taxes on medical devices would be used to support setting up of hospitals. Viability gap funding for setting up hospitals in those districts with no impanelled hospitals under Ayushman Bharat," she added.

Sitharaman added: "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."

The government has allocated Rs 12,300 crore for Swachh Bharat Mission for the year 2020-21.

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Speaking on the education sector, she said: "We propose Rs 99,300 crore for the education sector in 2020-21 and Rs 3000 crore for skill development."

Centre will also announce a new education policy soon as the government has received over 2 lakh suggestions on it.

Speaking for the entrepreneurs of India, Sitharam said thatEntrepreneurship is the strength of India. She proposed to set up an investment clearance cell that will provide end to end facilitation and support including pre-investment advisory, info on land banks and facilitate clearance at the state level.

Rs 3.6 lakh crore allocated for Jal Jeevan Mission to ensure piped water in every household. Rs 2.83 lakh crore allocated for agriculture and allied activities, irrigation and rural development.

The government also announced Rs 27, 000 crores for the development of industry.

For the National Textile Mission, the government has proposed with a Rs 1,480 cr allocation.

In the education sector, according to the Budget proposed by Sitharaman, "A degree-level full-fledged online education programme to be offered by institutes in top 100 in National Institutional Ranking Framework."

New institutes were announced including aNational Police University and National Forensic University.

"A degree-level full-fledged online education programme to be offered by institutes in top 100 in National Institutional Ranking Framework.," she said.

For the nurses, teachers, paramedical staff and caregivers, she announced: "Special bridge courses will be designed".

One news to boost education in India, Sitharaman announced "IND-SAT test proposed for foreign students wishing to pursue higher education in India.

"The Delhi-Mumbai Expressway will be completed by 2023."

Sitharaman said that 100 more airports will be developed by 2022 under Udan scheme. More Tejas-type trains to connect tourist destinations. Delhi-Mumbai Expressway to be completed by 2023, Chennai-Bengaluru Expressway to be launched.