New Delhi: Presenting the Union Budget, Finance Minister Nirmala Sitharaman thanked taxpayers for being responsible citizens and for their valuable contribution through taxes which has helped all-round development of the country.
* Direct tax revenue has grown 78% from 2014 to 2019.
* Strategic divestment of select Central Public Sector Enterprises (CPSEs) will continue.
* New Rs 1, 5, 10 & 20 coins to be available for public use soon
* People will have to pay tax only if income is more than Rs 5 lakh.
* India’s sovereign external debt to GDP is among the lowest globally at less than 5%. Government will start raising a part of its gross borrowing program in external markets in external currencies.
* Only 25% tax rate is applicable to companies with an annual turnover of Rs 250 crore currently. This has been extended to companies with turnover of up to Rs 400 crore. Only 0.7% companies will remain outside of this 25% rate.
* Additional Income Tax deduction of Rs 1.5 lakh on interest paid on loans taken to purchase electric vehicle (EV).
* For loans borrowed under affordable housing, additional deduction of Rs 1,50,000 on interest.
* Custom duty on Petrol, gold hiked. For road and infrastructure, the government introduces special additional excise duty – Rs 1/Litre on petrol and diesel. Custom duty of precious metals increase to 12.5%.