A new tax regime has been announced for taxpayers.
Please note:- Those who want to be in the old tax regime with exemptions, can continue to pay the old rates.
- Companies not required to pay ‘Dividend Distribution Tax’ i.e. DDT.
- Aadhaar verification for GST compliance will be introduced.
- Aadhaar-based prompt issuance of PAN has been announced.
Economy and Finance:
- Bank deposit insurance cover has been increased from ₹1 lac to ₹5 lac per depositor.
- Plans to improve the ‘Companies Act’ to decriminalize civil offenses.
- To put up for sale part of its stake in ‘LIC’ through ‘Public Offering’.
- Proposes to provide ₹1.7 lac crore for ‘Transport Infrastructure’ by 2021.
- ‘National Logistics Policy’ to be released shortly.
- ‘Chennai-Bengaluru Expressway’ to start.
- Plans to achieve electrification of 27,000 km of lines.
- Plans to have a large solar power capacity for ‘Indian Railways’.
- Proposes ‘Bengaluru Suburban Rail Project’ of ₹18,600 crore.
- To monetize 12 lots of ‘National Highways’ by 2024.
- 100 new ‘Airports’ to be developed by 2024.
- ₹99,300 crore for ‘Education Sector’ in 2021
- Approx. ₹3,000 crore for ‘Skill Development’.
- Urban local bodies to offer ‘Internship’ to young engineers for a year.
- Degree level full-fledged online programs by Top100 NIRF rankings Institutions, to help underprivileged students.
- ‘National Police University’ along with ‘National Forensic Science University’ have also been proposed.
- IND SAT exam for Asia & Africa students, to promote ‘Study In India’ program.
- Budget allocation of ₹2.83 lac crore for Agriculture sector and allied activities.
- Doubling Farmers Incomes by 2022.
- Agri-credit availability set at ₹15 lac crore for 2020-21.
- Comprehensive actions for 100 water-stressed districts.
- Provide 20 lac farmers to set up standalone solar pumps. Assist another 15 lac farmers to solarise their power grid.
- ‘Village Storage Scheme’ proposed to run by ‘Women Self Help Groups’.
- Indian Railways to have refrigerated coaches facility in ‘Kisan Trains’ to carry perishables and milk.
- Krishi UDAN on international and national routes.
Health and Sanitation:
- Allocation of ₹69,000 crore for health sector.
- ₹12,300 crore for Swachh Bharat this year.
- Proposal to set up hospitals in Tier-II & Tier-III cities with the help of private sector using PPP.
- Expand ‘Jan Aushadhi Scheme’ for all hospitals under ‘Ayushman Bharat’ by 2025.