Budget 2020

FinMin to kick-start budgetary exercise from 16 October

• The budget will have to address critical issues pertaining to growth contraction and subdued revenue collection triggered by the covid-19 pandemic
• It will be the third budget of the Modi 2.0 government and Finance Minister Nirmala Sitharaman

No timeline to remove I-T exemptions: Nirmala Sitharaman

• The budget 2020-21 has introduced more tax slabs and offers higher limits provided the taxpayer is ready to forego all the existing exemptions
• Addressing a post-budget press conference on 1 February, Sitharaman had said the government intended to remove all I-T exemptions in the long run

Opposition tries to corner govt in Rajya Sabha over budget FY21

• Opposition parties accused the administration of presenting a directionless budget for FY21
• P. Chidambaram accused the government of 'living in denial'

Nirmala Sitharaman says sorry for marathon budget address

• Nirmala Sitharaman said she did not speak for such a long duration during Budget presentation to create any record
• The finance minister said she had a need to speak for such a duration and it became inevitable

Finance ministry makes a budget case for small investors

• No relook at dividend distribution tax, said the FM; new direct tax regime seen benefitting 80% of assessees
• Sitharaman said DDT changes are conducive if you look at taxpayers whose applicable rate is below 15% or 20%

We're working on the FRDI Bill, but not sure of the timeline to table it: FM

• The FRDI Bill seeks to offer a bail-in clause to banks, which many fear will be detrimental to depositors
• Changes in laws governing cooperative banks don't affect the power of the cooperatives, said Nirmala Sitharaman

Dividend yields may climb on new income tax proposal

• The biggest EPS gains will be at Bharti Infratel, Oil India, BPCL, IOC, ICICI Bank, L&T, Gail India, ONGC and HDFC, said CLSA

Our aim has been to spend without being fiscally imprudent: T.V. Somanathan

PM-Kisan revised estimates is due to de-duplication and a smaller number of beneficiaries than estimated, says Expenditure secretary

Industry needs to shun hesitation and invest to drive growth: Sitharaman

• 'I don't think in today's condition it can be just government spending which can pull economy towards growth,' said the FM at a CII event
• Sitharaman said that she and her ministry officials will meet stakeholders of the economy in three cities to discuss the budget announcements

Your dream Europe holiday tour will soon be a bit more expensive. Here's why

• Money flowing out of India in the form of remittances or travel will be taxed
• The Budget 2020 has imposed a 5% tax on foreign travel packages bought from tour operators with effect from 1 April

Congress may oppose LIC listing if govt fails to convince: Chidambaram

• ''Why do you want to list LIC today. Is it because you think the management culture is bad ? The work culture is bad? Convince us,' the former FM asked the govt
• Sitharaman on Saturday proposed to sell a part of government stake in LIC through an initial public offer next fiscal

Centre rejects demands for changes in budget proposals

• Industry seeks tweaks in proposal relating to dividends being taxed in hands of investors
• The taxation of dividends at personal I-T rate will increase tax liability, officials say

Imported horses get a free ride as Union budget offers tax break

A day after the budget announcements, a customs duty notification issued on Sunday said the existing 30% duty on the import of pure-bred breeding horses, will be removed for 2020-21

Budget finds it tough to escape from fiscal hole

Finance minister Nirmala Sitharaman presented the budget for 2020-21 against the backdrop of acute fiscal stress. Mint examines if this budget has fully acknowledged the gravity of the fiscal situation or laid out a road map for corrections

We shall not repeat previous regime's mistakes of splurging: Sitharaman

• 'The money being spent now is for asset creation; such assets that can give greater connectivity to places from where produces reach markets,' the FM said at a Ficci event
• 'I see them being happy today. Monday is the true working mood,' said FM when asked why Sensex was not happy on budget day

Aramco-Like LIC IPO key to success of Nirmala Sitharaman's budget math

• Changes to a law and a buy-in from employees’ unions are some of the preparatory work needed for selling a stake in LIC
• Disinvestment targets have been missed several times in the previous years

Twitter recorded 11 lakh tweets around #UnionBudget2020

• Twitter provided updates during the presentation of Union Budget, allowing users to follow dialogue between policy makers, influencers, journalists, opinion-makers, and the general public

Income tax: 90% taxpayers claimed deduction of less than ₹2 lakh

• The new income tax slab allows you to forego all deductions, including those under 80C and standard deduction
• The new rules will benefit all those who do not want to make investments and expenses to save income tax