LIVE UPDATES : UNION BUDGET 2020

BUDGET 2020 WILL BE PRESENTED BY NIRMALA SITHARAMAN TODAY, CATCH LIVE NEWS UPDATES FROM CLEARTAX

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Budget 2020 Expectations

When will the Union Budget 2020 be announced?

Union Budget 2020 will be presented on the 1st February, 2020.

Who will present the Budget 2020 in the Parliament?

Budget 2020 will be presented by the Finance Minister Nirmala Sitharaman in the Parliament.

What is making Budget 2020 challenging?

The government has been continuously trying to aid sectors facing challenges for revenue growth and cost reduction. One of the key reforms introduced last year was the corporate tax rate cut. However, the experts and industrialists feel more reforms should be made to lift the economic growth to its potential as the government has planned to reach the $5 trillion mark by the year 2024.
Since the economic growth has stalled to just 5% in the current FY, all eyes will be on Nirmala Sitharaman on the day of the Union Budget 2020. The new upcoming Budget 2020 is expected to create jobs and raise consumption and demand in the economy.

Where do you fit in this budget?

All individuals, corporates, banks, MSMEs, and other organisations are looking at demand revival to steer the economy back in progress. There might be a reduction in the tax rates for individuals, an increase in the limit for tax benefit under section 80C, and so on.

What are the expectations from the Union Budget 2020?

Here are some of the expectations from the upcoming Budget 2020:

  1. Relaxation of the income tax rate for individuals:Presently, there is a significant tax outgo of 20% for an individual earning between Rs 5 lakh and Rs 10 lakh. A tax rate cut from 20% to 10% would increase the disposable surplus in the hands of the middle-class.
  2. Boost to tax-saving for individuals: The government could increase the limit under section 80C to give a much-needed boost for public savings.
  3. Lower tax rate for partnership and LLPs:There are MSMEs consisting of partnership firms and LLPs who pay a tax of 30%. While the government has recently conferred a tax cut on corporates and manufacturing companies, the other forms of business enterprises still pay a high tax of 30%. The government could reduce the tax rate for these businesses to create a level playing field among MSMEs.
  4. Re-introduction of LTCG exemption:The government might re-introduce the exemption on the long-term capital gains earned from the transfer of equity shares.

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