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Budget 2020 LIVE Updates: In a televised address after the budget, Prime Minister Narendra Modi said that the Budget 2020 has vision and action and the new reforms announced by Finance Minister Nirmala Sitharaman will give a push to the economy. Former finance minister and senior Congress leader P Chidambaram slammed the finance ministry during a post-budget press conference on Saturday saying that the govt has given up on reviving economy or accelerating growth rate or creating jobs. “People did not deserve such a budget, but will have to live with it until govt is forced to revisit it, as in 2019,” Chidambaram said, expressing his disappointment over the budget. Finance Minister Nirmala Sitharaman addresses the media, clarifying queries over the Union Budget 2020. Reacting to Sensex crashing 1,000 points post the budget announcement on Saturday, the finance minister said that she would wait a full working day at the stock market. Speaking about the new Income Tax regime unveiled in this Budget, she said it will especially benefit the people from low-income groups who were not using the rebates and concessions. Indicating that the government is serious about the taxpayers’ right, Finance Minister Nirmala Sitharaman said that the government will come up with a taxpayers’ charter and make it a part of the statute. Sitharaman says gross enrollment of girls under Beti Bachao Beti Padhao is higher than boys. Here, she says that gross enrollment of girls is 94.32 percent in elementary levels, 81.32 percent in secondary level and 59.7 percent in higher secondary level. Degrees can be taken online soon and will be offered by the Top 100 NIRF ranked institutes, says Nirmala Sitharaman. IND-SAT exam will be held for Asian and African students for scholarships to ‘Study in India’. Police Academy and Forensic Sciences will be set up, she added. “We are committed to double farmer income by 2022,” Finance Minister Sitharaman said. She said, “A total of 6.11 crore farmers are insured under Fasal Bima Yojna and said that hand-holding of farm-based activities needs to be done. This, she said, can be done in cooperation with states. She presented a 16-point action plan for this purpose. Social sector schemes such as rural electrification, MGNREGA, healthcare, education and skill training may find mention in the Budget but government is unlikely to expand budgetary allocation by a lot. Meanwhile, realtors’ body CREDAI expects the government to allow debt restructuring of cash-starved developers and tax incentives for homebuyers as part of measures to boost housing demand. The market has open weak ahead of the Budget 2020, with the Sensex and Nifty down 0.48 percent each. The Nifty Bank has fallen below its 100-Daily Moving Average (DMA), which is a bearish indicator. It is currently trading down 0.59 percent. Union finance minister Nirmala Sitharaman arrived at the Ministry of Finance. Sitharaman will present Budget 2020 today - 1 February. This will be Sitharaman’s second budget as finance minister. Sitharaman will present the Budget for fiscal 2020-21 in the Lok Sabha at 11 am. This is the second Budget of the Narendra Modi government after it retained power for the second time in a row in the May 2019 general elections. Sitharaman was appointed the first full-time finance minister of the country. Indira Gandhi is the only woman who presented the Union Budget before her and that was in 1970. [caption id=“attachment_7679911” align=“alignleft” width=“380”] File image of Union Finance Minister Nirmala Sitharaman. PTI[/caption] Till 2016, the Union Budget was presented on the last day of February every year. The Modi-led National Democratic Alliance (NDA) government changed that practice in 2017 and started presenting the Budget from 1 February since then. Under the new practice, then finance minister Arun Jaitley had presented the Budget. When and where to watch Union Budget 2020 Live? The Union Budget 2020 live-stream can be watched online on
Firstpost Live from the morning. Apart from this, the Budget Live is available on the
Lok Sabha website as well. Doordarshan will also webcast the
Union Budget Live on it’s
YouTube channel. Expectations from Budget Entire eyes are on Sitharaman when she will present the Budget on Saturday as the country is passing through a tough time in the wake of the ongoing economic slowdown that gripped the country nearly one year ago. It is expected that the government will declare measures that will accelerate economic growth and create employment, another area of major concern. Adding the concerns of the government, the unemployment rate hit a 45-year high last year drawing flak from all sections of the country. The salaried class expects that the finance minister will hike the ceiling of the personal income tax limit Rs 5 lakh this time. It is a prolonged demand from the employees. At present, the income tax limit is Rs 2.5 lakh and Rs 3 lakh for the senior citizens. Corporate India is expecting effective measures from the government that will boost demand and consumption, which is also under the grip of slow demand for the past around one year. In September last year, the government slashed the income tax rate for companies by almost 10 percentage points to 25.17 percent. It also offered a lower rate to 17.01 percent for new manufacturing firms to boost the economic growth rate from a six-year low by incentivising investments to help create jobs. Another sector that is reeling under crisis is the auto sector. Slump in demand has not only hit the automobile sector but the ancillary industry also. Several carmakers retrenched workers besides suspended operations several units to tide over the crisis situation in the past one year. What is the Union Budget? According to Article 112 of the Constitution of India, the Union Budget is the annual financial statement of the estimated receipts and expenditure of the Central government for that particular financial year. The receipts and disbursements are shown under three parts in which the Government Accounts are kept, viz., (i) The Consolidated Fund of India, (ii) The Contingency Fund of India, and (iii) The Public Account of India. The finance minister’s Budget presentation speech has many parts. They pertain to various categories: Annual Financial Statement (AFS), Demand for Grants (DG), Appropriation Bill, Finance Bill, Macro-economic framework for the relevant financial year, Medium-Term fiscal policy and a strategy statement, Expenditure Profile, Expenditure Budget, Receipts Budget. Follow full coverage of Union Budget 2020-21 here
Budget 2020 LIVE Updates: Budget has vision and action, says Narendra Modi; govt has given up on reviving economy, claims Chidambaram
Budget 2020 LIVE Updates: In a televised address after the budget, Prime Minister Narendra Modi said that the Budget 2020 has vision and action and the new reforms announced by Finance Minister Nirmala Sitharaman will give a push to the economy.
 "Budget 2020 LIVE Updates: Budget has vision and action, says Narendra Modi; govt has given up on reviving economy, claims Chidambaram")
‘Budget speech a missed opportunity to revive a floundering economy’
In her record 160-minute long speech, Union Finance Minister Nirmala Sitharaman presented the Budget for fiscal 2020-21 that made all the right noises but lacked a solid action plan. The Union Budget fell way short of expectations at a time when investors were waiting for a substantial fiscal stimulus to help an early recovery in the economy projected to grow 5 percent this year.
Read the full article here .
Taxpayers opting for new tax regime will have to forego deductions on PF, tuition fee, insurance
A taxpayer opting for new income tax slabs and rates will have to forego a host of exemptions and deductions, including a standard deduction of Rs 50,000, tuition fee of children, and contribution towards insurance premium and the provident fund. A taxpayer, however, can choose to remain in the existing regime with exemptions and deductions.
Parties in Andhra Pradesh dub budget as disappointing
The ruling YSR Congress and the opposition Telugu Desam Party in Andhra Pradesh on Saturday dubbed the Union budget 2020-21 as disappointing for the state.
Both parties decried non-allocation of grants that were overdue to the state.
“There was no mention of the special category status to the state or various incentives. Neither was there a mention of the special grant for backward districts development nor promises made in the AP Reorganisation Act, 2014,” said YSRC Parliamentary Party leader V Vijayasai Reddy.
— PTI
Taxpayer charter announced in Budget will clarify rights of taxpayers: Modi
Prime Minister Narendra Modi said that the budget has further strengthened govt’s commitment of minimum government, maximum governance while stating that the taxpayer charter will clarify rights of taxpayers.
Tourism has more possibility of employment: Modi
The goal to develop 100 airports in the country is very important for the tourism sector of the country. In tourism, there is more possibility of employment/income generation with lesser investment, said Prime Minister Narendra Modi
Prime Minister Narendra Modi on #Budget2020: The goal to develop 100 airports in the country is very important for the tourism sector of the country. In tourism, there is more possibility of employment/income generation with lesser investment. pic.twitter.com/wn7TRdwqgZ
— ANI (@ANI) February 1, 2020
Budget 2020 has vision and action: Narendra Modi
In a televised address after the budget, Prime Minister Narendra Modi said that the Budget 2020 has vision and action and the new reforms announced by Finance Minister Nirmala Sitharaman will give a push to the economy.
Govt proposes 11% hike in farm credit for FY21; announces Krishi Udaan & Kisan Rail
The government on Saturday proposed 11 per cent increase in the farm credit target to 15 lakh crore for 2020-21 and announced special rail and flight services for the transportation of farm produce as its seeks to double farmers’ income by 2022.
The government also proposed promoting ‘one product one district’ for better marketing and export of horticulture crops.
— PTI
BSNL, MTNL to get Rs 37,640 cr from govt in FY21
State-owned telecom firms BSNL and MTNL will get fund infusion of around Rs 37,640 crore mainly for 4G spectrum and implementation of a voluntary retirement scheme, according to Budget document 2020-21.
The government will infuse Rs 14,115 crore in BSNL and Rs 6,295 crore in MTNL for 4G spectrum. Besides, Rs 2,541 crore and Rs 1,133 crore will be provided to BSNL and MTNL, respectively as grant in aid for payment of GST.
— PTI
Govt’s claim of 6-6.5% growth astonishing and irresponsible, people didn’t deserve such a budget: Chidambaram
Former finance minister and senior Congress leader P Chidambaram slammed the finance ministry during a post-budget press conference on Saturday saying that the govt has given up on reviving economy or accelerating growth rate or creating jobs.
“People did not deserve such a budget, but will have to live with it until govt is forced to revisit it, as in 2019,” Chidambaram said, expressing his disappointment over the budget.
“Govt does not believe in reforms, the finance minister has rejected every idea in the Economic Survey,” Chidambaram said adding that there was no focus on generating employment in the budget.
Chidambaram that though the finance minister acknowledged that the Indian economy is demand-constrained and investment-starved, the govt in complete denial that the economy faces a grave macro-economic challenge.
The Congress leader also termed the finance minister’s claim of 6-6.5 per cent growth next year is not only “astonishing, even irresponsible”.
“The growth rate has declined in six successive quarters,” he added,
Speaking about the programmes announced during the budget, he said, “It’s a laundry list of old programmes; even most loyal BJP supporter cannot latch on to any idea in the Budget speech.”
Would wait for a full working day: Sitharaman on Sensex crashing 1,000 points
Finance Minister Nirmala Sitharaman said that she would wait a full working day at the stock market when asked about the Sensex crashing 1,000 points post the budget announcement on Saturday.
“I would wait for a full working day at the stock market. Not sure if every aspect of the market was open today. We will wait for Monday. I am confident that when the market opens on Monday, we will see a positive reaction,” she said.
Shocked at how govt planning to ambush heritage, legacy of public institutions: Mamata Banerjee
Reacting to the Finane Ministry’s announcement to sell part of its equity in the Life Insuranae Copration of India (LIC) in the Budget 2020, West Bengal chief minister Mamata Banerjee said that she is shocked at how the govt is planning to ambush the heritage and legacy of public institutions. She tweeted:
I am shocked & appalled to see how the Central Government plans to ambush the heritage & legacy of public institutions.
— Mamata Banerjee (@MamataOfficial) February 1, 2020
It’s the end of a sense of security.
Is it also the end of an era?#LIC #IndianRailways #AirIndia #BSNL
Hope to meet FY21 fiscal gap on higher revenue mop-up: FM Sitharaman
Finance Minister Nirmala Sitharaman said that the govt is hopeful of meeting FY21 fiscal gap on higher revenue mop-up.
“To improve consumption demand, private investment and public spending and since revenue side could not be pressed further, without violating FRBM, we had to relax the fiscal deficit target by 0.5 percent,” she said.
Sitharaman added that the corporate tax cut and benefit derived by new companies, as well as improved GST collections will improve revenue generation and give the comfort to bring down fiscal deficit next year, with disinvestment too improving.
Sensex closes at 39,735.53, down by 987.96 points
Sensex closes at 39,735.53, down by 987.96 points. pic.twitter.com/2Jbo5fMGlr
— ANI (@ANI) February 1, 2020
Benefits of disinvestment will be seen in FY20-21: Sitharaman
On divestment, Finance Minister Nirmala Sitharaman said the benefits of disinvestment will be seen next year.
“You will see successful divestments in the next few months. Between July (2019) and now, a lot of groundwork has happened. But the benefits will be seen in the next financial year,” she said.
Exemptions removed to offer simplified system: Revenue Secy Ajay Bhushan Pandey
Revenue Secy Ajay Bhushan Pandey: We took a comprehensive review of all exemptions&found close to 120 exemptions. We took a review of each item. In order to offer a simplified system, now the total exemptions which have been removed from the new system is, about 70. #Budget2020 https://t.co/h4wCRjGvbr pic.twitter.com/qtN3YH25QR
— ANI (@ANI) February 1, 2020
Tax charter is a step to respect honest taxpayers, prevent harassment: Sitharaman
“There are only three countries which have enshrined rights of taxpayers in the law. We hear comments of harassment of taxpayers all the time. The honest taxpayers need to be respected. And that’s why the tax charter,” Finance Minister Nirmala Sitharaman said at the post-budget press conference.
Want to bring down rates, remove complications in compliance: FM
“In India, the personal income tax rate regime should be simple and rates should be low,” says Nirmala Sitharaman at the post-budget press conference.
She said that the government eventually wants to bring down rates and remove complications in compliance
“Goal was to place money in hands of people:” Nirmala Sitharaman
Finance Minister Nirmala Sitharaman said that the finance ministry wanted to be sure that money is in the hands of the people. “We wanted to place money in the hands of the people, particularly the middle and lower-middle classes. Also wanted to simplify the income tax process, increase compliance,” she said.
Customs duty on imported footwear, furniture hiked
Finance Minister Nirmala Sitharaman on Saturday announced increasing customs duty on imported footwear and furniture. In her second Budget presentation, the finance minister also imposed health cess on import of medical equipment. Sitharaman cut short her Budget speech after feeling unwell towards the fag end.
Union Budget full of just platitude, says CPM
Slamming the Union Budget, the CPM said that it consisted of just “platitudes” and did not address the problems faced by the people. Reacting to the Budget presented by Finance Minister Nirmala Sitharaman, CPM general secretary Sitaram Yechury said that it did nothing to alleviate “people’s miseries”. “Just platitudes & slogans. Nothing substantial to alleviate peoples’ misery, the growing unemployment, rural wage crash, farmers’ distress suicides and galloping prices,” he tweeted.
All talk, no work; longest Budget speech was also hollow, says Rahul Gandhi
Congress leader Rahul Gandhi remained unimpressed with the Budget 2020. He said, “The main issue facing is unemployment. I didn’t see any strategic idea that would help our youth get jobs. I saw tactical stuff but no central idea. It describes govt well, lot of repetition,rambling-it is mindset of govt, all talk, but nothing happening. Maybe this was the longest Budget speech in history but it had nothing, it was hollow.”
Budget insipid, lacks stimulus for growth; no clear roadmap for job creation: Congress
“Fall in core sector growth is serious; Budget fails to layout roadmap on how to address it,” says Congress, news agency PTI has reported. The party’s leader, Anand Sharma, meanwhile, said that the Budget was “insipid, lacks stimulus for growth; no clear roadmap for job creation”.
Govt proposes cut in tax on cooperative societies to 22%
Finance Minister Nirmala Sitharaman on Saturday proposed reduction of tax on cooperative societies to 22 per cent plus surcharge and cess, from 30 per cent at present. Presenting the Budget for 2020-21, Sitharaman also announced extending by one year the date of approval of affordable housing projects for availing tax holiday on profit earned by developers. She also announced extension of additional Rs 1.5 lakh tax benefit on interest paid on affordable housing loans to March 2021.
Breaking Sensex tanks over 720 pts; Nifty slumps 200 pts
Sitharaman breaks off speech, tables last page after speaking continuosly for two hours forty minutes
Frank D’Souza, Partner and leader, Corporate & International Tax, PwC India
Abolishment of DDT will make equity investment more attractive and is overall a very welcome move.
Nirmala Sitharaman breaks own record, delivers longest-ever Budget speech
Finance Minister Nirmala Sitharaman presented India’s longest Budget speech for the fiscal year 2020-21 with two hours thirty seven minutes spent and the speech still underway. In doing so, Sitharaman breached own record of longest Budget speech for fiscal year 2019-2020 that lasted two hours and 17 minutes. Jaswant Singh’s 2003 speech was the third longest at two hour twelve minutes.
Turnover threshold for audit of MSMEs to be increased to Rs 5 cr: FM
The 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 percent of their business in cash, the FM said.
Vivek Gupta, Partner and National Head, M&A and Private Equity, Tax, KPMG in India
Infra investments up to March 2024 from foreign sovereign wealth funds to enjoy zero tax on interest, dividend and capital gains. Big step to boost infra investments in the short term.
Rajeshree Sabnavis, Founder, Rajeshree Sabnavis & Associates
Simplified personal tax regime is a measure towards boosting consumption by rationalising the tax rates and increasing the disposable income in the hands of the middle class
Good news for startup sector
Audit threshold for MSMEs raised to Rs 5 cr from Rs 1 cr: FM #NirmalaSitharaman #Budget2020 #BudgetWithCNBCTV18 #GoingForGrowth pic.twitter.com/LhV90Kes5t
— CNBC-TV18 (@CNBCTV18Live) February 1, 2020
SR Patnaik, Partner & Head-Taxation, Cyril Amarchand Mangaldas on Tax (DDT) announcement by FM:
The FM has accepted the demand of the industry to reverse the taxability of dividends back to the recipients. Now, dividends will be taxed in the hands of recipients.
Sitharaman also referred to the deductibility of dividends received by a holding company.
Sensex nosedives over 600 points, Nifty below 12,000-mark
Two hours after Finance Minister Nirmala Sitharaman’s budget announcement speech, the markets reacted strongly.
Sensex plunged 663 points to 40,059.92. The Nifty dipped 193 points at 11769.
Major losers in the Sensex pack were Hero MotoCorp (down 4.15 percent), L&T (4 percent), SBI and ICICI Bank 3 percent each and ONGC 2.75 percent. Tata Steel was trading 2.63 percent lower.
Govt to grant 100% exemption for sovereign wealth funds in infrastructure
Corporate tax cut will be available for power generation companies as well. Government will grant 100% exemptions for sovereign wealth funds in infrastructure and other notified sector with minimum lock-in of three years. The rate of withholding tax has been extended to 2023 for FPIs.
Ajay Sawhney, Partner, Cyril Amarchand Mangaldas on agri infra and logistics announcement
Krishi Udaan and Kisan Rail schemes are a welcome change in the Budget presentation. These schemes will play a pivotal role in the proposed 16 point action plan to boost agriculture and farmer welfare.
If formulated and implemented well, these schemes will be the ‘different set of solutions’ that the agriculture sector has been longing for. Our policies have traditionally failed to recognise many essential issues in the agriculture sector including those of efficient storage and transportation. Lack of adequate scientific and technical facilities to store and transport perishable commodities has been plaguing the sector.
The announcement is atleast evident of the fact that the Government acknowledges that issues being faced by agriculture sector are intertwined and not independent. It may take some time to evolve an efficient agri-based storage and logistics solution, but if both the railway and ministry of civil aviation back this initiative well, we could see a very meaningful and positive impact on the agriculture sector in the near future.
Relief for lower, middle-income groups
Big tax relief for lower and middle-income groups. Except for those earning above Rs 15 lakhs a year, the tax burden has come down considerably. This will be a boost for individuals and help to boost consumption.
On the corporate side, government scraps Dividend Distribution Tax (DDT) for companies. But, long term capital gains tax stays; markets don’t appear to be too excited.
Govt to set up investment clearance cell for entrepreneurs
Finance Minister Nirmala Sitharaman proposed to set up an investment clearance cell for entrepreneurs to provide pre-investment advisory, information related to land banks and facilitate clearances.
“I propose to set up an investment clearance cell that will provide end-to-end facilitation and support including pre-investment advisory, information related to land banks and facilitate clearances at Centre and also at the state level,” Sitharaman said while presenting the Budget for 2020-21 here.
She said that the cell will work through a portal.
The minister said that entrepreneurship has always been the strength of India. “Even today young men and women have given greener pastures elsewhere to contribute to India’s growth,” Sitharaman said, adding that they take risks and come up with disruptive solutions to festering challenges.
FM indicates taxation rebates will be done away with soon
Finance Minister Nirmala Sitharaman has said that currently, more than 100 exemptions provided in I-T Act. Now around 70 of them have been removed in the simplified regime. The remaining will be reviewed over the coming years to simplify the system, Sitharaman said.
She also introduced an optional new taxation regime, sans rebates and concessions, but with lower tax rates. This may eventually become the norm given the government has said it will review the rebates to simplify the taxation regime.
Chennai Ranks #1 in Challan Checks: ACKO Insights for Smarter Car and Two Wheeler Insurance Decisions
Chennai leads India in challan checks, with drivers checking their e-challans over 5 times a month on average. Helmet non-compliance is the most broken rule, accounting for 34.8% of all traffic offences in Chennai. Regular digital challan checks help drivers avoid hefty fines, promote safe driving, and improve insurance premiums.
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