Finance Minister Nirmala Sitharaman presented the first budget of the second term of the Modi government in Lok Sabha on Friday. The most important thing about this budget was that the finance minister usually used to take budget from the finance ministry in Briefcase, but this time the budget was wrapped in red cloth.
Finance Minister Nirmala Sitharaman first met President Ramnath Kovind after which the central cabinet passed the budget.
At 11 o'clock in the day, the finance minister started reading the budget and the budget was about 2 hours and 10 minutes. The most important thing about this budget was that no mention of how much money the money will be spent by the finance minister this time.
He praised the plans of the first tenure of the Modi government and pulled out a plan of what the plans are in the future.
He also mentioned the Chanakya policy, including the Tamil Tactics and also read Hashmi's lion.
Higher income tax
In the General Budget 2019-20, people with moderate income groups did not get much relief. In the interim budget, tax rebates have been retained for income up to Rs 5 lakh.
However, people earning from two to five crore rupees have imposed an additional tax on three percent while against the income of more than Rs 5 crore, additional seven percent additional tax has been imposed.
With this, till now, companies with turnover of Rs 250 crore had 25 per cent corporate tax which has been increased to Rs 400 crore.
Apart from this, after removing more than one crore rupees from the bank account in one year, two percent TDS will be charged.
Along with that, you will also be able to fill the income tax return PAN card as well as the Aadhaar card. The Finance Minister has said that the NRIs have given the Aadhaar card when they come to India. By now, it was necessary for India to stay 180 days in India.
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Insurance, media will also be FDI
Finance Minister Nirmala Sitharaman has said that in the general budget, there is a need to increase FDI for different sectors.
He said that there is a proposal to make 100% FDI in aviation, insurance, media and animation sector.
The government has also said that the expansion of one lakh 25 thousand kilometer stretch will be spent in the next five years with an expenditure of 11.6 billion dollars.
The Finance Minister has announced an increase in excise duty on petrol and diesel per liter.
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