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2020 Budget Highlight: Online Home loan advisor Bangalore

MoneyTez: Online Home loan advisor Bangalore

Money Tez, we provide one of the Online Home loan advisor Bangalore. In today’s blog, we will discuss some of the highlights of the present budget.

For the 20-21 budgets, there were lots of criticisms from oppositional party although let’s go through some of the highlighting points spoke out by our finance minister Smt. Nirmala Sitharaman. The budget was announced on February 1, with highlighting announcements such as deposit insurance coverage will be increased from ₹1 lakh to ₹5 lakh, as well as the government, will increase educational infrastructure by providing financial support of ₹99,300.

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Let’s discuss the highlight of Budget 2020

Smt. Nirmala Sitharaman presented the central budget 20-21 in Lok Sabha. This is the second budget presented by the central government led by Prime Minister Narendra Modi. This year’s Central Budget was based on 3 ideas –

  1. Aspirational India
  2. Economic development
  3. Caring society

The finance minister also said about new income tax slabs and lower rates. Income tax rates are optional and also available to those who are willing to accept some exemptions and deductions.  

The present year’s economic survey shows the economic growth to hit 6%-6.5% in next FY starting from April 1.

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Allocation

In 2020-21 central budget, ₹12,000 crores were allocated for construction of new lines, for gauge conversion ₹2,250 crores were allocated, for doubling ₹700 crores, for rolling stock ₹5,786.97 crores and for signalling and telecom ₹1,650 crores was allocated. 

Indian Railways

Indian railways were allocated with ₹70,000 crores and an outlay of ₹1.61 lakh crore for capital expenditure. FM also proposed to set up a huge solar power plant along the railway tracks on the land owned by railways. Redesigning of 4 stations and operation of 150 passenger trains can be done by PPP (public-private-partnership) model. The budget also announced to bring more trains like ‘Tejas’ that will connect most of the tourist places.

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New income tax slabs

FM Smt. Nirmala Sitharaman introduces a new set of income tax rates for those who ears up to ₹15 lakh a year. The finance minister proposed a 10% tax on income between ₹5 and ₹7.5 lakh i.e., from 20 per cent now. Person or business earning an income between ₹7.5 lakh to ₹10 lakh will also attract a tax of 15%. For a person or business with an annual income of 10 lakh to ₹12.5 lakh, the income rate has been reduced to 20%. As well as, those earning ₹12.5 lakhs to ₹15 lakhs will pay 25% tax. The FM said that those earning over ₹15 lakh will not have any change in the current rate of tax i.e. 30%. As an individual taxpayer, you can choose the structure that is an advantage for you.

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The central government source finds that there are lots of people who are not able to spend money from their income to invest on various savings schemes such as PF, Pension schemes, interest on home loans, insurance etc. therefore they are unable to have full advantage of these benefits.

New income tax regime provides gains to pensioners, job starters, entrepreneurs

The budget proposed a new tax rate that is promoting more people such as job-starters, pensioners, entrepreneurs and other taxpayers to avail deductions and exemptions under the current tax structure.

On income tax

Income tax rates have been slashed that would help in saving ₹1,820 to ₹20,300 a year in tax for the person with annual income above ₹10 lakh. Nirmala Sitharaman Finance Minister also introduced new income tax slabs for individuals, abolished dividend tax for enterprises and claimed a record spending in infrastructure and agriculture sectors.

Manufacturing

Central government budget announces on introducing new schemes that focuses on encouraging manufacturing industries such as mobile phones, electronic equipment and semiconductor. The government on behalf also bring ideas to encouraging the private sector to build Data Centre Parks throughout the country. For the next 5 years, the central government will provide ₹80 billion for quantum technologies and application development. Dairy processing capacity will be increased to double by 2025.

Subsidy

Subsidy on food is said to be increased to ₹1.15 trillion. Subsidy on petroleum also said to be increased to ₹409.15 billion. Likewise, Subsidy on fertiliser also said to be increased to ₹713.09 billion.

Power sector

India plans to allocate ₹273 billion for encouraging commerce and industry. Old thermal power plants have been ordered to be shut down if the standard of emission is not met. The budget also plans to provide ₹44 billion for decreasing the air pollution in cities.

Airports & highways

India plans to develop over 100 more airports by 2024. Country also plans to monetize over 6,000 km of highways by 2024. India also plans to privatize one of the major Airports.

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Other things that will be beneficial

  • Walnuts customs duty to be raised from 30 to 100%
  • Autos and auto parts customs duty to be raised up to 10%.
  • Platinum and palladium customs duty is cut to 7.5% from 12.5% for certain purposes.
  • Import medical devices will have 5% nominal health cess.

Excise duties

Tobacco product and cigarettes taxes will be increased.

The government increased fiscal deficit target to 3.8% of the GDP from 3.3% due to revenue shortage.

Infra sector

The central government has allocated ₹100 lakh crore on infrastructure development for the next 5 years. As well as, the government has allocated Rs. 103 lakh crore worth projects for national infrastructure pipeline. More than 6500 projects have been planned for the development of infrastructure that is still been classified undersize and stage of construction.

Cities like Bangalore will have the opportunity for suburban rail. This will boost the multi-model connectivity and provides new economic opportunity.

Markets

A dividend distribution charge for organizations will be rejected, involving an income loss of ₹250 billion.

The central government is also planning to increase the tax of vehicle with at least 2% and 1% increase in tax for car and bikes respectively.

Money Tez, we provide one of the Online Home loan advisor Bangalore. For any queries related to the loan, come visit Money Tez.

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