Budget 2020: Union Finance Minister Nirmala Sitharaman would present the Budget 2020 at 11 AM in Lok Sabha on Saturday. This will be her second budget as Finance Minister.Also Read - Union Budget 2020: Government Tables Economic Survey, Pegs Growth Rate at 6-6.5% For FY 2020-21
Though, Lok Sabha TV, Rajya Sabha TV and many news channels would broadcast Sitharaman’s speech LIVE, one can also watch it on Zee News Live TV online from anywhere. Also Read - Union Budget 2020: Aluminium Industry Seeks Lower Import Duty on Key Raw Materials
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Expectations from Budget
In the wake of ongoing economic slowdown, the Budget 2020 is likely to contain a package of relief that would accelerate country’s growth and create employment opportunities. A tweaking of tax slabs is also on the Centre’s agenda and as part of the restructuring the government may raise the minimum exemption limit from the current Rs 2.5 lakh.
The panel on direct taxes code (DTC) had suggested the widening of the income tax slabs. It had suggested that the 10% tax slab should be extended up to Rs 10 lakh, which will bring a significant relief to a large chunk of taxpayers. Between Rs 10-20 lakh, the tax slab is pegged at 20 per cent while from Rs 20 lakh to Rs 2 crore it is 30 per cent and beyond Rs 2 crore it is 35 per cent.
If these recommendations were approved today, approximately 1.47 crore taxpayers would move from the 20% slab to the 10% slab.
Besides, the government is also expected to reduce allocation for the PM-KISAN scheme by 20 per cent to around Rs 60,000 crore in the Budget due to implementation hurdles in some states. In the interim Budget presented in February 2019, the government had launched the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN).
The Budget is also expected to bring a new policy to reduce the losses of power distribution company and revive them. Union Power Minister RK Singh had said that the Power Ministry has discussed and proposed the new scheme with the Finance Ministry and was hopeful that it would find place in the Budget 2020-21.