Budget 2020

Mint
Union Finance Minister Nirmala Sitharaman addresses a press conference after having a session with Traders and Industry Representatives on Budget 2020.
Union Finance Minister Nirmala Sitharaman addresses a press conference after having a session with Traders and Industry Representatives on Budget 2020.

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

Govt needs to revive aggregate demand and incentivize investment, said senior Congress leader and former Union finance minister P. Chidambaram during a debate in the Rajya Sabha on Monday (PTI)
Union Minister for Finance and Corporate Affairs Nirmala Sitharaman. (PTI)
Union Minister for Finance and Corporate Affairs Nirmala Sitharaman. (PTI)

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 minister Nirmala Sitharaman justified the change in DDT rules  saying  a vast  majority of small shareholders will benefit from it (Photo: PTI)
Finance minister Nirmala Sitharaman justified the change in DDT rules  saying  a vast  majority of small shareholders will benefit from it (Photo: PTI)

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%

Our commitment towards infrastructure investment is very clearly laid out, said Sitharaman (Photo: ANI)
Our commitment towards infrastructure investment is very clearly laid out, said Sitharaman (Photo: ANI)

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

Until now, companies paid as much as 20.6% tax on dividends or returns it distributed to shareholders
Until now, companies paid as much as 20.6% tax on dividends or returns it distributed to shareholders

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

Somanathan had the tough task of allocating resources in the Union budget (Photo: Ramesh Pathania/Mint)
Finance Minister Nirmala Sitharaman during Confederation of Indian Industry (CII) post-budget meeting, in New Delhi (Photo: PTI)
Finance Minister Nirmala Sitharaman during Confederation of Indian Industry (CII) post-budget meeting, in New Delhi (Photo: PTI)

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

Even if the buyer is being asked to pay the TCS upfront, his or her overall tax burden in a year will remain the same. Photo: iStock
Former finance minister P. Chidambaram speaks at an interactive meeting on 'Analysis of the Union Budget 2020 - 2021-- Implications for Industries and for Public', organised by South India Chamber Of Commerce And Industries (SICCI ), in Chennai, Monday (Photo: PTI)
Former finance minister P. Chidambaram speaks at an interactive meeting on 'Analysis of the Union Budget 2020 - 2021-- Implications for Industries and for Public', organised by South India Chamber Of Commerce And Industries (SICCI ), in Chennai, Monday (Photo: PTI)

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

Finance minister Nirmala Sitharaman said the government is giving technology a big role in tax administration and is monitoring the assessments made by officials. (PTI)
Finance minister Nirmala Sitharaman said the government is giving technology a big role in tax administration and is monitoring the assessments made by officials. (PTI)

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

The move will help Indian-bred horses be priced competitively in foreign markets.  (Photo: Reuters)
Finance Minister Nirmala Sitharaman presents the Union Budget 2020-21 in the Lok Sabha. (PTI)
Finance Minister Nirmala Sitharaman presents the Union Budget 2020-21 in the Lok Sabha. (PTI)

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

Finance Minister Nirmala Sitharaman (Photo: Pradeep Gaur/Mint)
Finance Minister Nirmala Sitharaman (Photo: Pradeep Gaur/Mint)

What’s in Budget for the people? Precious little

Showing foreigners love in the time of coronavirus may be the only idea India has

FM Nirmala Sitharaman speaking at a  Ficci event in New Delhi (Photo: @ficci_india on Twitter)
FM Nirmala Sitharaman speaking at a Ficci event in New Delhi (Photo: @ficci_india on Twitter)

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

Finance Minister Nirmala Sitharaman will be relying on the  ₹2.1 trillion she plans to raise by selling state-owned assets to bridge the budget gap
Finance Minister Nirmala Sitharaman will be relying on the 2.1 trillion she plans to raise by selling state-owned assets to bridge the budget gap

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

File photo shows a sign outside of the Twitter office building in San Francisco. (AP)
Finance Minister Nirmala Sitharaman. (Bloomberg)
The measures announced by Nirmala Sitharaman seeks to tap private capital to revive economic growth at a time when the government’s balance sheet is stretched. (HT)
The measures announced by Nirmala Sitharaman seeks to tap private capital to revive economic growth at a time when the government’s balance sheet is stretched. (HT)

Centre woos foreign portfolio investors to help revive growth

  • The various steps include abolition of DDT and withholding tax rate of 5% for FPIs investing in the bond market
  • Sovereign wealth funds such as Abu Dhabi Investment Authority and Singapore’s GIC have invested billions of dollars in India

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