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New Income Tax Rates Will Be Optional, Says Nirmala Sitharaman

Sitharaman’s Second Budget, To Be Presented Today, Is Expected To Announce Measures To Restore Economic Growth.

News Nation Bureau | Edited By : Raghwendra Shukla | Updated on: 01 Feb 2020, 01:18:53 PM
Income Tax

Cut in Tax Rate is expected to be announced today. (Photo Credit: PTI)

New Delhi:

Presenting the Union Budget in the Parliament on Saturday, Finance Minister Nrimala Sitharaman said the fundamentals of Indian economy are strong and inflation has been contained. The finance minister said that that 60 lakh new taxpayers have been added to the system and several steps on formalisation of economy have also been taken up. "Fundamentals of the economy are strong and inflation has been well curtailed. This Budget will boost income and enhance purchasing power. Our people should be gainfully employed, our businesses should be healthy. For every member of the scheduled caste and schedule tribe, for every woman, for every individual from minority section, this Budget aims to give wings to your aspirations," Sitharaman said after laying the Budget in the Lok Sabha.

Check Live Updates Here:

Tax holiday for affordable housing extended by 1 year: FM

Income tax rates will be significantly reduced for those who forego reliefs, exemptions: FM

Personal Income tax

10% tax on income of 5 to 7.5 lakh

15% tax on income of  7.5 to 10 lakh

20% tax on on income of 10 to 12.5 lakh

30% tax on on income of 12.5 to 15 lakh

We propose to bring a personal income tax regime, where income tax rates will be reduced, so now, person earning between Rs 5-7.5 lakhs will be required to pay tax at 10% against current 20%: Sitharaman 

Significant tax reforms undertaken, however expected tax buoyancy will take time: FM

Corporate tax at 15% lowest in the world: FM

Government proposes amendments in Companies Act to decriminalise civil offences: Nirmala Sitharaman.

Government won't tolerate tax harassment. Our govt remains committed to taking measures to ensure that our taxpayers are free from tax harassment of any kind: Nirmala Sitharaman

Wish to enshrine tax payers' charter in statute: Sitharaman

Budget 2020 is to boost the income of people and enhance their purchasing power: FM

105 crore e-way bills generated, simplified new return being introduced from April 1 2020.

40 crore returns filed, said Finance Minister.

800 crore invoices were uploaded and extensive engagement with stakeholders: FM

Over 60 lakh taxpayers have been added in the last 2 years: Nirmala Sitharaman

GST has resulted in efficiency gains in transport and logistics sector, inspector raj has vanished, it has benefitted MSME: Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman presents Budget 2020 in Parliament.

Finance Minister Nirmala Sitharaman's family including her daughter Parakala Vangmayi arrive in Parliament.

Prime Minister Narendra Modi arrives at the Parliament, ahead of presentation of Union Budget 2020-21.

Home Minister Amit Shah arrives at the Parliament, ahead of the presentation of Budget 2020.

Finance Minister Nirmala Sitharaman and MoS Finance Anurag Thakur arrive at the Parliament, to attend Cabinet meeting; Presentation of Union Budget 2020-21 at 11 am.

Union Cabinet Secretary Rajiv Gauba arrives at the Parliament.

Sensex opens 200 points down, Nifty below 11,900 ahead of Budget 2020.

Finance Minister Nirmala Sitharaman and her team to meet President Ram Nath Kovind, ahead of presentation of Budget.

In last year's budget, home-owners having more than one self-occupied property were exempted from the notional rent on the second -self-occupied house.

For salaried individuals and pensioners, the standard deduction was hiked to Rs 50,000 from Rs 40,000.

To benefit non-working spouses and small depositors, TDS threshold limit was proposed to be hiked to Rs 40,000 from the current of Rs 10,000.

People with gross taxable income up to Rs 6.5 lakh were given tax rebate if they utilise the maximum benefit of Rs 1.5 lakh available under section 80C.

In last year's budget, individuals having income up to Rs 5 lakh were given full tax rebate.

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First Published : 01 Feb 2020, 07:28:40 AM