Union Budget 2020 Live Updates: Income Tax Changes, New Smartphone Price, Car Price Updates & More

Checkout live Budget 2020 updates, right here!

(Newest update on the top)

• Concessional corporate tax cut to be extended to new domestic companies engaged in power generation
• Govt proposes 100% tax concession to sovereign wealth funds on investment in infra projects
• A person earning Rs 15 lakh per anum and not availing any deductions will now pay Rs 1.95 lakh tax in place of Rs 2.73 lakh: FM
• No income tax for individuals earning below Rs 5 lakh
• Reduced Income tax slabs: 10% for income between Rs 5-7.5 lakh; 15% for Rs 7.5-10 lakh; 20% for Rs 10-12.5 lakh; 30% for Rs 15 lakh and more
• Senior citizens’ related schemes will get Rs 9000 crore
• Five archaeological sites to be developed at iconic sites with on-site museums
• Proposal to set up a national recruitment agency to conduct computer-based online common eligibility test for recruitment to non-gazetted post
• FM: A robust mechanism is in place to monitor the health of all scheduled commercial banks. The deposited money of individuals is absolutely safe
• Non-residents can invest in certain government securities: FM Sitharaman
• An IPO for LIC can be launched, wherein Govt will offload some of its stake.
• Won’t tolerate harassment of taxpayers: FM Nirmala Sitharaman
• FM: Subordinate debt for entrepreneurs of MSMEs will be provided and will be treated as quasi-equity
• Deposit insurance raised to Rs 5 lakh; FY21 fiscal deficit target pegged at 3.5% of GDP
• Govt will bring a national policy on official statistics
• IP protection: 1. digital platform will be promoted that will capture IPRs 2. Complexity and innovation in start-up economy to be protected through knowledge centres
• Mapping India’s DNA landscape: 2 national level science schemes to create a database.
• Conventional energy meters to be replaced by prepaid ‘smart meters’ in the next three years. Pre-paid meters (smart meters) will give consumers freedom to choose suppliers
• FM: Over 6 lakh anganwadi workers have been equipped with smartphones to upload the nutrition status of 10 crore households
  Rs 36,500 cr allocated to nutritional programmes
• An allocation of Rs 8,000 crore has been set up for the National Mission on Quantum Computing and Technology
• FASTags: Govt proposes to monetise 12 highway bundles, 6,000 KMs before 2024
• 5 new smart cities under PPP mode Manufacture networked products to attract global investment Electronics manufacturing: Scheme to promote manufacturing of semiconductor packaging, mobile phones, can be improved to include medical devices too.
• Government e-marketplace: 3.24 lakh vendors on the platform. Funds allocated to GeM: Rs 27,300 crores
• National logistics policy to be announced soon, will have a single window e-logistics clearance for boosting ecommerce
• FM proposes Rs 27,300 crore for the development and promotion of industry and commerce in 2020-21
• FM: 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
• Degrees can be taken online soon and will be offered by the Top 100 NIRF ranked institutes: FM
• Rs 99,300 cr allocated for education in FY21
• INDSAT exam for students in Asian African countries to study in India. New Universities proposed: National Police University; National Forensic Science University, and Cyberforencis university
• Govt to start scheme where Urban Local Bodies would provide internships to fresh engineers for 1 year
• FM: We have approved Rs 3.6 lakh crore for Jal Jeevan Mission to provide safe drinking water to rural India
• Rs 69,000 crore allocated for healthcare initiatives in India
• FM: A very focused safe water ‘Jal Jeevan Mission’ and sanitation programme ‘Swachh Bharat Yojna’ has been launched to tackle health concerns
• FM: We will encourage balanced use of all fertilizers, a necessary step to change the incentive regime which encourages excessive use of chemical fertilizers
• Rs 2.83 lakh crores allocated for the agriculture sector, which includes: irrigation, rural development, Panchayati Raj. 
• Govt will build a seamless national cold supply chain for perishable agricultural products
• Big focus on providing credit for farmers: Agricultural credit target for 2020-21 is set at Rs 15 lakh crore.
• Special Kisan Rail trains will be launched, to help farmers transport their products quickly and efficiently
• Govt will help solarise 15 lakh grid-connected pump sets; 20 lakh farmers will be provided help to establish standalone solar pumps
• 16 lakh farmers will be connected with Solar Power revolution. Barren land will be converted into solar power generation hubs
• Farmers’ income will be doubled by 2022; Farm sector will be liberalized to get more investments
• Three themes of this budget are: 1) Aspirational India -2) Economic development for all with more space for private sector 3) Compassionate governance
• Central government debt reduced to 48.7% of GDP in 2019 from 52.2%
• FM Nirmala Sitharaman: Central government’s debt has come down to 48.7% in March 2019 from 52.2% in March 2014
• Key achievements & reforms of the Govt: Insurance protection, digital penetration, affordable housing and Ayushman Bharat
• Govt will overhaul GST system.. A new, simplified GST return system will be launched from April onwards.
• FM: An average household saves 4% on account of monthly expenditure due to GST rate cuts. 16 lakh new taxpayers added.
• FM Nirmala Sitharaman has started #UnionBudget2020. Pays homage to late Arun Jaitley. Says budget will give wings of aspirations to every section of the society.
• Finance Minister Nirmala Sitharaman and her family have arrived at the Parliament. She will shortly present the Union Budget 2020.