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Budget 2020 Live updates: BJP hails Budget, opposition says it lacks vision to revive economy

THE TIMES OF INDIA | Feb 02, 2020, 12:51:16 IST

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Budget 2020 Live updates: BJP hails Budget, opposition says it lacks vision to revive economy

Finance minister Nirmala Sitharaman promised to put more money in people's pockets and announced measures to boost the income of farmers as she delivered her longest-ever Budget speech today. Stay with TOI for live updates

13:20 (IST) Feb 01

Concessional tax rate of 15% extended to power generation companies

13:20 (IST) Feb 01

Govt proposes 100% tax concession to sovereign wealth funds on investment in infra projects

13:20 (IST) Feb 01

Dividend Distribution Tax shifted to individuals instead of companies, says FM

13:17 (IST) Feb 01

Read: Government reduces income tax slabs sharply

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13:15 (IST) Feb 01

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

13:15 (IST) Feb 01

Rs 40,000 crore per annum will be revenue foregone from new income tax rates for individuals, says FM

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13:14 (IST) Feb 01

Those earning up to Rs 5 lakh in a year will pay no tax: FM

13:13 (IST) Feb 01

The new income tax rates will be optional: FM

13:08 (IST) Feb 01

Those earning above Rs 15 lakh will continue to pay taxes at existing rate of 30%: FM

13:07 (IST) Feb 01

FM Sitharaman announces major relief for taxpayers

13:06 (IST) Feb 01

Similarly, for income between Rs 10-12.5 lakh, the tax rate is currently 30%. This has now been bought down to 20%. Whereas, income between 12.5-15 lakh will be taxed at 25%: FM

13:06 (IST) Feb 01

For income between Rs 7.5-10 lakh, the tax rate has been reduced to 15%: FM

13:05 (IST) Feb 01

Under the new regime, an individual will be required to pay tax at a reduced rate of 10% between income of Rs 5-7.5 lakh

13:05 (IST) Feb 01

To provide significant relief to individual taxpayers, I propose to bring a new simplified personal income tax regime wherein I-T rates will be decreased: FM

13:04 (IST) Feb 01

Presently, an individual pays 20% of tax on income between Rs 5-10 lakh and 30% on income beyond Rs 10 lakh

13:04 (IST) Feb 01

Tax proposals in this budget will introduce further reforms to stimulate growth, among other things: FM

13:01 (IST) Feb 01

Our govt has spearheaded radical fiscal measures to ensure high growth: FM

13:00 (IST) Feb 01

RE (Revised Estimates) expenditure for FY20 at Rs 26.99 lakh crore, receipts at Rs 19.32 lakh crore: FM Sitharaman

12:59 (IST) Feb 01

We estimate a fiscal deficit of 3.8%: Sitharaman

12:57 (IST) Feb 01

GDP nominal growth has been estimated at 10%: FM