Union Budget 2020 LIVE Updates
Union Budget 2020 LIVE Updates: Finance Minister Nirmala Sitharaman is back with a red cloth bahi khata to present the budget. The Narendra Modi government is likely to increase state spending on infrastructure and offer some income tax incentives when Nirmala Sitharaman reads her Budget 2020 speech in Parliament at 11am, aiming to get growth back up from its lowest in a decade
In its Economic Survey 2020 released on Friday, the Union government predicted that the economic growth would pick up to 6.0% to 6.5% in the fiscal year beginning April 1, but warned that it may have to exceed its deficit target to revive growth
Hoping to reduce tax slabs
The tax slabs are expected to be modified in the budget this time around. Demand for taxation to be reduced from 20% to 10% in slabs up to 5-10 lakhs. The tax rate has been reduced from 30 per cent to 10 per cent on incomes ranging from 1 lakh to 20 lakh, and a tax of 30 percent has been sought on incomes above Rs 20 lakh. The middle class and especially the working class are expected to reduce taxes at this time.
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New Tax slab (without exemptions):
No tax: 0-2.5
5% between 2.5-5 lakh
10% tax between 5-7.5 lakh
15% between 7.5-10 lakh
20% between 10 lakh-12.5 lakh
25% between 12.5-15 lakh
30% between above 15 lakh
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