Budget 2020 LIVE | Latest from The FM on Union Budget 2020 on MapsofIndia

Budget LIVE | Latest from The FM on Union Budget 2020 on MapsofIndia
Finance Minister Nirmala Sitharaman presents her second Union Budget in the Parliament.
Budget LIVE | Latest from The FM on Union Budget 2020 on MapsofIndia
Finance Minister Nirmala Sitharaman presents her second Union Budget in the Parliament.

Here is the latest point by point updates from the mouth of Finance Minister Nirmala Sitharaman on Union Budget 2020.

Union Budget 2020 Live Updates

13:50 (IST)

Nirmala Sitharaman has concluded presentation of Union Budget 2020-21.

13:48 (IST)

Aadhaar-based verification of taxpayers is being introduced.

13:44 (IST)

Under Vivad Se Vishwas Scheme, taxpayer to pay only amount of disputed tax. He will get complete waiver on interest and penalty if scheme is availed by March 31, 2020.

13:42 (IST)

Turnover threshold for audit of MSMEs to be increased from Rs 1 crore to Rs 5 crore, to those businesses which carry out less than 5% of their business in cash.

13:40 (IST)

Option to be provided to cooperative societies to be taxed at 22% plus 10% surcharge and 4% cess, with no exemptions or deductions. They will also be exempted also from Minimum Alternative Tax.

13:39 (IST)

To boost startups, tax burden on employees due to tax on Employee Stock Options to be deferred by five years or till they leave the company or when they sell, whichever is earliest.

13:37 (IST)

I propose to impose a nominal health cess on imports of medical equipment

13:36 (IST) NIRVIK Scheme launched for exporters to enable:

• Higher insurance cover
• Reduction in interests for small exporters
• Simplified Procedure for claim settlements

13:35 (IST)

The new personal income tax regime entails an estimated revenue foregone amounting to Rs 40,000 crore per year.

13:34 (IST)

Under Vivad Se Vishwas Scheme, taxpayer to pay only amount of disputed tax, will get complete waiver on interest and penalty, if scheme is availed by March 31, 2020.

13:32 (IST)

Registration of charity institutions to be made completely electronic, donations made to be pre-filled in IT return form to claim exemptions for donations easily.

13:30 (IST)

Income Tax of 10% (instead of 20%) for income between Rs 5 – 7.5 L.
Tax of 15% (instead of 20%) for income between Rs 7.5 – 10 L.
Tax of 20% (instead of 30%) for income between Rs 10 -12.5 L.
Tax of 25% (instead of 30%) for income between Rs. 12.5-15 L.

13:28 (IST)

Income of charitable institutions fully exempt from taxation; Donation to such institutions allowed as deduction in computing taxable income of donor.

13:26 (IST)

Concessional corporate tax cut to be extended to new domestic companies engaged in power generation.

13:24 (IST)

Dividend Distribution Tax to be removed, companies will not be required to pay DDT, dividend to be taxed only at the hands of recipients at applicable rates.

13:22 (IST)

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.

13:20 (IST)

Dividend Distribution Tax to be removed, companies will not be required to pay DDT, dividend to be taxed only at the hands of recipients at applicable rates

13:18 (IST)

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.

13:16 (IST)

A person earning Rs 15 lakh per annum and not availing any deductions will now pay Rs 1.95 lakh tax in place of Rs 2.73 lakh.

13:15 (IST)

Around 70 of more than 100 income tax deductions and exemptions have been removed, in order to simplify tax system and lower tax rates.

13:12 (IST)

In this new personal income tax regime, income tax rates will be significantly reduced for the individuals who forgo certain exemptions and deductions.

13:10 (IST)

Certain specified categories of government securities will be open fully for NRIs, apart from being open to domestic investors.

13:06 (IST)

Those with income between Rs 7.5-10 lakhs to pay tax at 15% against current 20%. Those with income between Rs 10-12.5 lakhs to pay tax at 20% against 30%.

13:04 (IST)

Receipts for 2020-21 estimated at Rs. 22.46 lakh crore. Expenditure at Rs 30.42 lakh crore.

13:02 (IST)

We have, in substantial measure, accepted the recommendations of 15th Finance Commission.

12:59 (IST)

We estimate a fiscal deficit of 3.8% in RE 2019-20 and 3.5% for PE 2020-21

12:58 (IST)

Govt proposes to increase investment limit of FPIs in corporate bonds from 9% to 15%.

12:57 (IST)

We have estimated nominal growth of GDP for the year 2020-21 on the trends available, at 10%.

12:56 (IST)

Finance Minister Nirmala Sitharaman: Government proposes to sell a part of its holding in LIC by initial public offer.

12:55 (IST)

Scheme to provide subordinate debt for entrepreneurs of MSMEs to be introduced.

12:54 (IST)

Govt has asked RBI to extend Debt restructuring window for MSMEs by a year to March 31, 2021.

12:52 (IST)

Deposit Insurance Coverage to be increased from Rs 1 lakh to Rs 5 lakh.

12:50 (IST)

We would like to reassure taxpayers that we remain committed to taking measures to eliminate tax harassment.

12:48 (IST)

Robust mechanism in place to monitor health of all commercial banks.

12:47 (IST)

Amendments to Banking Regulation Act proposed for strengthening cooperative banks.

12:45 (IST)

National Recruitment Agency to be set up for conducting common online eligibility tests for recruitment to these posts. Govt to introduce major reforms in recruitment of non-gazetted posts in PSBs.

12:42 (IST)

Govt proposes amendments in Companies Act to decriminalise civil offences.

12:39 (IST)

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.

12:38 (IST)

Conventional energy meters to be replaced by prepaid smart meters in the next 3 years. Pre-paid meters will give consumers freedom to choose energy suppliers.

12:37 (IST)

India will host G-20 presidency in the year 2022; Rs 100 crores allocated for preparation.

12:36 (IST)

Incentives to be provided to states to take measures for cleaner air in cities that have over 1 million population. Rs. 4,400 crore allocated for this.

12:35 (IST)

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. India’s commitment towards tackling climate change made in Paris conference kickstarts from January 1, 2021. Power plants with emissions above prescribed limits will be asked close down.

12:34 (IST)

Rs 53,700 crore for Scheduled Tribes proposed.

12:33 (IST)

To boost culture and tourism, Govt allocates Rs 3,150 crore for Ministry of Culture, and Rs 2,500 crore for Ministry of Tourism.

12:32 (IST)

Indian Institute of Heritage and Culture to be established under Ministry of Culture.

12:31 (IST)

Rs 85,000 crore allocated for SCs and OBCs in Budget 2020-21.

12:30 (IST)

Task force to be set up to recommend a revised marriageable age for women.

12:29 (IST)

Gross enrollment ratio of girls across all levels of education is now higher than boys.

12:28 (IST)

I propose to provide Rs 2500 crores for promotion of tourism in the year 2020-21.

12:27 (IST)

Rs 28,600 crore provided for programmes specifically for women.

12:26 (IST)

5 archaeological sites to be developed as iconic sites with on-site museums -Rakhigarhi, Hastinapur, Shivsagar, Dholavira and Adichanallur

12:25 (IST)

Rs 8,000 crore to be provided over five years for quantum technologies and applications.

12:24 (IST)

Central Govt’s debt has come down to 48.7% in March, 2019 from 52.2% in March, 2014.

12:23 (IST)

Fibre to Home connections under Bharat Net will be provided to 1 lakh gram panchayats this year itself. Rs 6000 crore allocated to Bharat Net.

12:22 (IST)

Finance Minister Nirmala Sitharaman: Enhance allocation of Rs 9500 crores for senior citizens and ‘Divyang’.

12:21 (IST)

Natural gas pipeline grid to be expanded to 27,000 kms from 16,000 kms.

12:20 (IST)

I propose to provide Rs 35600 crores for nutrition related programmes for 2020-21

12:19 (IST)

Rs 22,000 crore to Power and Renewable Energy sector proposed in 2020-21.

12:19 (IST)

Delhi-Mumbai Expressway to be completed by 2023. 12 highway bundles to be monetised before 2024.

12:18 (IST)

Over 6 lakh Anganwadi workers are equipped with smartphones to upload nutritional status of more than 10 crore households

12:17 (IST)

Rs 1.7 lakh crore to be provided for transport infrastructure in the coming financial year.

12:16 (IST)

To soon bring out a policy to enable private sector to build Data Centre Parks in the country.

12:15 (IST)

National Logistics Policy will soon be released creating single window e-logistics market.

12:14 (IST)

More TEJAS-type trains will connect iconic tourist destinations.

12:12 (IST)

100 more airports will be developed by 2024.

12:11 (IST)

National Technical Textiles Mission to be introduced with a four-year implementation period. It will have an outlay of Rs 1,480 crore.

12:10 (IST)

Rs 27,300 crore for development of industry and commerce proposed.

12:08 (IST)

Rs 99,300 crore outlay for education sector in 2020-21 and Rs 3,000 crore for skill development proposed.

12:05 (IST)

Setting up large solar panel capacity alongside the railway tracks on land owned by railways, a proposal is under consideration. More Tejas type trains will connect iconic destinations.

12:02 (IST)

This Budget provides an additional Rs 69,000 crore for the health sector.

12:00 (IST)

The Delhi-Mumbai Expressway will be completed by 2023.

11:59 (IST)

New Education Policy to be announced soon. External commercial borrowings and FDI to be leveraged to improve the education system.

11:57 (IST)

I propose to provide Rs 27300 crore for development for industry and commence for year 2020-21.

11:55 (IST)

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

11:52 (IST)

Rs 3.6 lakh crore has been approved for Jal Jeevan Mission.

11:49 (IST)

Our government is committed to ODF Plus to sustain ODF behaviour.

11:45 (IST)

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.

11:42 (IST)

Allocation of Rs 1.60 lakh crore given for agriculture, irrigation and allied activities.

11:40 (IST)

Allocation of Rs 2.83 lakh crore given to irrigation and rural development.

11:38 (IST)

Total allocation proposed for @swachhbharatis Rs. 12,300 crore.

11:37 (IST)

Milk processing capacity to be doubled by 2025.

11:35 (IST)

Youth and fishery extension work to be enabled by rural youth as ‘Sagar Mitras’, forming 500 fish farmer producing organizations.

11:30 (IST)

NABARD Refinancing Scheme to be further expanded, agri-credit target for the year 2020-21 has been set at Rs 15 lakh crore.

11:28 (IST)

Indian Railways to set up Kisan Rail in PPP mode for cold supply chain to transport perishable goods.

11:27 (IST)

Village Storage Scheme to be run by Self-Help Groups (SHGs); we want to restore women in villages as ‘Daanya Lakshmis.

11:26 (IST)

A complete 16-point action plan for farmers have been proposed so that the goal of doubling farmers’ income by 2022 is achieved.

11:25 (IST)

Village Storage Schemes run by SHGs will provide holding capacity for farmers.

11:24 (IST)

We will encourage balanced use of all fertilisers, a necessary step to change the incentive regime which encourages excessive use of chemical fertilizers.

11:23 (IST)

Farmers who have fallow or barren land will be helped to set up solar power generation units and also sell surplus power to the solar grid.

11:22 (IST)

Stress related to water is a serious concern across the country. Comprehensive measures for 100 water-stressed districts are being proposed.

11:21 (IST)

To build a seamless national cold supply chain for perishables, Indian Railways will set up Kisan Rail through PPP model so that perishable goods can be transported quickly. Krishi Udaan will be launched by MoCA on international and national routes.

11:20 (IST)

We have insured 6.11 crore farmers under Pradhan Mantri Fasal Bima Yojana.

11:19 (IST)

Farm markets need to be liberalised, farming needs to be made more competitive and hand-holding of farm-based activities need to be facilitated.

11:18 (IST)

Our government committed to doubling farmers’ income by 2022.

11:17 (IST)

The three big themes of this Budget are: aspirational India, economic development for all and a caring society.

11:16 (IST)

Risk mitigation through disaster resilience.

11:15 (IST)

An average household now saves about 4% of its monthly spend on account of reduced #GST rates.

11:14 (IST)

Digital revolution has placed India in a unique leadership role.

11:12 (IST)

Over 60 lakh taxpayers have been added in the last 2 years.

11:10 (IST)

Our people should be gainfully employed, our businesses should be healthy, for all minorities, women and people from SCs and STs, this Budget aims to fulfill their aspirations.

11:08 (IST)

Two cross cutting stream kept in the backdrop – tech and health.

11:06 (IST)

We are now the 5th largest economy in the world.

11:05 (IST)

Our government brought a paradigm shift in governance between 2014 and 2019

11:02 (IST)

Smt Nirmala Sitharaman says the govt has added 60 lac tax payers through GST.

11:00 (IST)

Smt Nirmala Sitharaman pays homage to Arun Jaitley. The Union Budget 2020-21 presentation in the Parliament has started.