Budget 2020 Highlights: How will it Benefit You?

Budget 2020
Reading Time: 2 minutes

On 1st February 2020, our FM Mrs. Nirmala Sitharaman, had presented the new budget cutting down income tax rates payable by individuals. Again a smart move by the brilliant FM meant for bringing relief to the salaried population and 40 million middle-class individuals.

Given below are 9-best highlights of the latest – Budget 2020:

  • New Income tax rates for individuals with earnings from Rs. 2.5 Lakh to Rs. 15 Lakh a year

Income tax rates for people falling under the income bracket of Rs. 2.5 Lakh and Rs. 5 Lakh increased to 5%.

Income tax rates for people falling under income bracket of Rs. 5 Lakh and Rs. 7.5 Lakh reduced to 10% (Old tax rates were 20%).

Income tax rates for people falling under income bracket of Rs. 7.5 Lakh and Rs. 10 Lakh reduced to 15%.

Income tax rates for people falling under income bracket of Rs. 10 Lakh and Rs. 12.5 Lakh reduced to 20%.

Also, income tax rates for people falling under income bracket of Rs. 12.5 Lakh and Rs. 15 Lakh got reduced to 25%.

  • New Tax Regime to benefit new job starters, entrepreneurs and pensioners
  • Abolished dividend distribution tax for companies benefiting the investors
  • Cover of Rs. 5 Lakh in health insurance ahead of Ayushman Bharat Scheme
  • Deducted 70 exemptions off personal Income Taxes
  • Old Audit Threshold of Rs. 1 Cr. Increased to Rs. 5 Cr. For MSME sector
  • Rs. 3000 Cr. Proposed ahead of Skill India Scheme
  • Additional Rs. 69k Cr. for the Health sector
  • Government to promote ‘Study in India’ move by 2021

These are some of the major highlights of the latest Union Budget 2020 proposed at the parliament, Delhi.

Disclaimer: All the views, opinions and information expressed in this write-up are of the authors and their respective web sources and in no way or the other reflect the views, objectives or principles of Pocket HRMS.

Source: livemint, ThePrint, Business Standard, & The Economic Times (wealth)

Related Post

HR Update

Reading Time: 3 minutes Introduction HRs can update the employee’s details in Pocket HRMS. Additionally, whenever the employees request any change or new data update, it is the responsibility

Read More »
Pocket HRMS Guide - Facial Recognition System

Facial Recognition System

Reading Time: 3 minutes Introduction The objective of this module is to capture the facial features necessary to recognise an employee so that they can be identified correctly while

Read More »

Contact Us

Name(Required)
Company Name(Required)
This field is for validation purposes and should be left unchanged.

Contact Us

Name(Required)
Company Name(Required)
This field is for validation purposes and should be left unchanged.

We value your privacy

We use cookies on our website to provide you with the best experience. If you continue browsing, you consent to our use of these cookies. If you like to know more, take a look at our “privacy policy”.