1. VIVAD SE VISHWAS SCHEME IN INCOME TAX - No interest & penalty if tax paid by 31st March 2020. Some additional amt. By 30th June.
2. India is now Fifth largest economy in the world.
3. GDP nominal growth has been estimated at 10%.
4. A fiscal deficit of 3.8% has been estimated.
5. The goal is double farmers income by 2022. Finance Minister lists 16 point action plan to boost farmer’s income.
6. GST resulted in ₹ 1 Lakh crore gains to consumers, removed inspector raj and helped transport sector.
7. Comprehensive measures for 100 water-stressed districts being proposed.
8. Set up of Kisan rail so that perishable farm goods can be quickly transported across the country.
9. Pradhan Mantri Kisan Urja Suraksha Evem Utthan Mahabhiyan (PM KUSUM) to be expanded to provide 20 lakh farmers in setting up standalone solar pumps.
10. Agricultural credit target has been set at ₹ 15 lakh crore.
11. A very focused safe water 'Jal Jeevan Mission' and sanitation programme 'Swachh Bharat Yojna' have been launched to tackle health concerns.
12. The total allocation for Swachh Bharat Mission is ₹ 12,300 crore in 2020-21.
13. By 2030, India is set to have the largest working age population in the world.
14. Over 5 lakh MSMEs have benefited from debt restructuring.
15. A robust mechanism is in place to monitor the health of all scheduled commercial banks.
16. There will be degree-level full-fledged online education programme to be offered by the top 100 institutions in the country.
17. Introduction of 'Ind-SAT', an exam for Asian and African countries to help make India a higher education destination.
18. An investment clearance cell will be set up that will provide end to end facilitation and support including pre-investment advisory, info on land banks and facilitate clearance at state level.
19. 100 more airports to be developed by 2024.
20. Task force is to be set up to recommend marriageable age for women.
21. Insurance cover for a depositor will be raised to ₹ 5 lakh from ₹ 1 lakh.
22. To provide significant relief to taxpayers, IT rates will be decreased. Under the new regime, tax rates will be as follows:
- Upto ₹ 2,50,000 - Nil
- From ₹ 2,50,001 to ₹ 5,00,000 - 5% (Rebate can be claimed if Total Income is upto ₹ 5,00,000, hence, NIL tax)
- From ₹ 5,00,001 to ₹ 7,50,000 - 10%
- From ₹ 7,50,001 to ₹ 10,00,000 - 15%
- From ₹ 10,00,001 to ₹ 12,50,000 - 20%
- From ₹ 12,50,001 to ₹ 15,00,000 - 25%
- Above ₹ 15,00,000 - 30%
The new tax rates will be optional. Option to Individual without around 70 exemptions/ Deductions (With 1.5L Chapter VIA Deductions)
23. Dividend Distribution Tax - scrapped for companies. Dividends to be charged to recipients.
24. Pre-filled tax return for individuals in new regime.
25. Turnover threshold for audit of MSME raised to ₹ 5 Crore from Rs. 1 Crore.
26. Options for Co-operative Societies: Co-operatives can choose a 22 percent tax with 10 percent surcharge and 4 percent cess with no exemptions. Date of approval of affordable housing projects for availing tax holiday on profit earned by developers extended by 1 year.
27. A scheme has been proposed to bring down litigation in direct taxation scheme.
28. Custom duty raised on footwear and furniture.
29. A health cess will be levied on import of medical equipment.
30. Income Tax Act to be amended to allow faceless appeals against tax orders on lines of faceless assessment.
31. To ease allotment of PAN, new process of instantly allotting PAN through Aadhaar will be brought.
32. New Electricity Generating Companies Corp Tax Rate 15%.
33. 100% Tax exemption to foreign investment in Priority Sector.
34. Start Ups - ESOPs to employees to be taxable after 5 years or sale or as per other conditions.
35. Turnover limit for exemption for Start Ups now 100 Cr.
36. TAX AUDIT THRESHOLD LIMIT - Increased to 5 Cr. But with business with cash transaction of not more than 5%.
37. Tax Holiday to developers of affordable housing extended by 1 year.
38. Limit of difference with circle can be 10% now (up from 5%)