Budget is always the most important topic that everybody talks about. The highlights of budget 2020 are presented on 1st February 2020 by Union Finance Minister, Nirmala Sitharaman in Lok Sabha. This recent union budget has its own significance in India, as it is the longest budget speech ever and the second presentation by Nirmala Sitharaman.
Spotlight on the Latest Budget
Of course, you might be interested to know about the core ideas of the budget that is the ease of living and focuses on Aspirational India, a caring society, and economic development. Take a look at the 2020 budget highlights here:
Education and Skills
Wellness, Sanitation, and Water
Agriculture, Irrigation and Rural Development
Culture and Tourism
Environment and Climate Change
Women and Child, Social Welfare
Industry, Commerce, and Investment
Go Through the Key Highlights
You might be interested to know more about the budget 2020 highlights. This post strives to bring you all the information on budget highlights 2020. Check out the best of budget highlights here.
- The budget for 2020 is important, as it is all about the amendments in the definition of India’s income tax residency.
- Taxpayers can choose to opt for either the existing tax regime or a new one.
- Taxpayers can opt for a new income tax regime by forgoing 70 tax exemptions.
Cost (In Crore) of Major Items: Allocation to Various Ministries
The government budget 2020 has its main focus on enhancing resources in society and aims at the development to ensure everything will fall in place. The new government budget is seen as the allocation of major items to various ministries and their expenditure. Have a look:
- Ministry of Railways- Rs. 72216
- Ministry of Health and Family Welfare- Rs. 67112
- Ministry of Housing and Urban Affairs- Rs. 50040
- Ministry of Consumer Affairs, Food, and Public Distribution- Rs. 124535
- Ministry of Agriculture and Farmers’ Welfare- Rs. 142762
- Ministry of Human Resource Development- Rs. 99312
- Ministry of Road Transport and Highways – Rs. 91823
- Ministry of Rural Development- Rs. 122398
- Ministry of Home Affairs- Rs. 167250
- Ministry of Defense- Rs. 471378
In fact, NCLP’s new budget is also quite popular among the masses. Moreover, India’s defence budget 2020 experienced a hike of around 5.8%.
Positives of 2020 Budget
2020 budget highlights have pros and cons too. If you are keen to know more about the pros of the final budget, then you have come to the right place. Let’s focus on the positives of India’s budget 2020 first.
The tax benefits on a new budget home loan would be extended by a year to sectioned loans till March of 2021. It will drag the first time home buyers into the market.
Concession on Real Estate Transactions
In India, budget 2020 brings amazing benefits for those, who are willing to make transactions in real estate. Now, investors, who are facing hiccups due to cash crunches, can enter the market and get relief in the veil of concessions on real estate transactions.
Simplification of Taxation and Personal Income Tax
The latest budget simplifies the income tax laws wherein income tax rates will be reduced for taxpayers, who forgo exemptions and deduction. This way mass consumption and spending will be increased.
Cons of New Budget in a Glance
Hop on the following points to find the cons of budget 2020 in India. Here are the disadvantages:
One-time restructuring of housing loans is in demand in the industry.
No Single-Window Clearance Mechanism
It has become easier to get approval for real estate projects, as the single window clearance system is introduced. However, the latest budget has failed to address this issue.
The demand for industry status continues to elude the industry and this was clear with the budget day 2020. Real estate still has not earned the industry status.
The union budget 2020 highlights show a boost in healthcare, public transport, waterways, power generation, and roads. The construction industry also has a chance to embrace new skills in infrastructural developments. However, the real estate industry has nothing to gain. A few things are improved while others have enough space to experience betterment in this budget 2020 of India.