Finance Act 2020

103 ViewsMINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 27th March, 2020/Chaitra 7, 1942 (Saka) The following Act of Parliament received the assent of the President on the27th March, 2020, and is hereby published for general information:— THE FINANCE ACT, 2020NO. 12 OF 2020 An Act to give effect to the financial proposals […]

DDT proposed to be removed; to lead to estimated annual revenue forgone of Rs. 25,000 crore

180 ViewsMinistry of Finance DDT proposed to be removed; to lead to estimated annual revenue forgone of Rs. 25,000 crore Tax Concessions Announced for Sovereign Wealth Funds of Foreign Governments, and other Foreign Investments in Priority Sectors Deadlines for relaxation for affordable housing extended by one year; Concessional Corporate Tax Rate of 15% to Extend […]

Increase in Customs Duty on Footwear and Furniture to promote domestic MSMEs| Budget 2020

165 ViewsMinistry of Finance Increase in Customs Duty on Footwear and Furniture to promote domestic MSMEs 5%  Health Cess proposed to give impetus to the Domestic Medical Equipment Industry; proceeds to be used for creating health infrastructure in aspirational districts Anti-dumping duty on PTA being abolished in the larger public interest Basic customs duty on […]

A Corruption-Free, Policy Driven good Governance and a Clean & Sound Financial Sector to Ensure Ease of Living to All Citizens

509 ViewsMinistry of Finance A Corruption-Free, Policy Driven good Governance and a Clean & Sound Financial Sector to Ensure Ease of Living to All Citizens National Recruitment Agency Proposed For Conduct of Computer-Based Online Common Eligibility Test for Recruitment to Non-Gazetted Posts New National Policy on Official Statistics to use Latest Technology to Enable Real […]

Finance Minister proposes wide-ranging facilitation measures in Direct Tax Regime | Budget 2020

204 ViewsMinistry of Finance Finance Minister proposes wide-ranging facilitation measures in Direct Tax Regime ‘Vivad Se Vishwas’ scheme proposed to reduce litigations in direct taxes; scheme to remain open till 30th June, 2020 Faceless appeals proposed to eliminate human interface for imparting greater transparency in dispute settlement CBDT to adopt a taxpayers’ charter; details to […]

‘Ease of Living’ – central Tenet of Union Budget 2020-21 | Budget 2020

170 ViewsMinistry of Finance ‘Ease of Living’ – central Tenet of Union Budget 2020-21 Budget interwoven around themes of Aspirational India, Economic Development and a caring society Backdrop of budget provided by proliferation of cutting edge technologies alongwith highest ever cohort of productive age population Aim to achieve seamless delivery of services, improve physical quality […]

Enhanced Insurance Cover for Exporters; Affordable and Accessible Credit; Reduction in Interest Rates; FM Announces NIRVIK Scheme for Exporters in Union Budget 2020-21

242 ViewsMinistry of Commerce & Industry Enhanced Insurance Cover for Exporters; Affordable and Accessible Credit; Reduction in Interest Rates; FM Announces NIRVIK Scheme for Exporters in Union Budget 2020-21 The Finance Minister, Nirmala Sitharaman, announced the NIRVIK scheme in the Union Budget 2020-21 in Parliament today. It will provide high insurance cover for exporters and […]

FM Announces Setting up of Investment Clearance Cell to Provide “End-To-End” Facilitation and Support to Youth #Budget2020

300 ViewsMinistry of Commerce & Industry Sovereign Wealth Fund of Foreign Governments in Priority Sectors to Get 100% Tax Exemption in Interest, Dividend and Capital Gains Income Encourages Manufacture of Mobile Phones, Electronic Equipment and Semi-Conductor Packaging The Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman, has said that entrepreneurship has always been the […]

Fiscal deficit at 3.8% in 2019-20 (Re) and 3.5% for 2020-21(Be); return path committed to Fiscal Consolidation without compromising on Investment | Budget 2020

224 ViewsMinistry of Finance Fiscal deficit at 3.8% in 2019-20 (Re) and 3.5% for 2020-21(Be); return path committed to Fiscal Consolidation without compromising on Investment Projected fiscal numbers are credible, transparent and compliant with FRBM act, assures Finance Minister 21% increase in capital expenditure for Fy 2020-21 Recommendation of XV finance commission’s first report accepted […]

Summary of Union Budget 2020-21 | Budget2020

6,467 ViewsMinistry of Finance PART-A Presenting the first Union Budget of the third decade of the 21st century, Finance Minister Smt. Nirmala Sitharaman, today unveiled a series of far-reaching reforms, aimed at energizing the Indian economy through a combination of short-term, medium-term, and long term measures. The Union Budget has been structured on the overall theme […]

National Logistics Policy will be Released Soon

238 ViewsMinistry of Commerce & Industry Policy to Create a Single Window E- Logistics Market Will Generate Employment and Make MSMES Competitive – Nirmala Sitharaman A National Logistics Policy will be released soon and it will clarify the roles of the Union Government, State Governments and key regulators said Finance Minister, Nirmala Sitharaman. She was […]

New Personal Income Tax Regime heralds significant relief, especially for Middle Class Taxpayers | Budget 2020

191 ViewsMinistry of Finance New Personal Income Tax Regime heralds significant relief, especially for Middle Class Taxpayers New tax regime to be optional for the taxpayers New rates entail estimated revenue forgone of Rs 40,000 Crore per year In order to provide significant relief to the individual taxpayers and to simplify the Income-Tax law, the […]

Macro-economic Framework Statement (MFS) 2020-21 predicts rebound in GDP growth from first quarter of 2020-21 | Budget 2020

271 ViewsMinistry of Finance Macro-economic Framework Statement (MFS) 2020-21 predicts rebound in GDP growth from first quarter of 2020-21 Government expected to return to glide path of Fiscal Consolidation in the Medium Term Focus on enhancing creation of Capital Assets, with Water Conservation and Sanitation as focus sectors MFS 2020-21 predicts Nominal Growth of the […]