Budget 2020 FAQs: Checkout allocation of funds in different sectors
Finance Minister Nirmala Sitharaman will present the annual
This is Sitharaman’s second Budget and is being defined as the ‘make or break’ budget with high expectations from the industry and taxpayers alike. It also comes as the country is struggling with slow growth, a burgeoning job crisis and a banking system that has been crumbling under pressure. The government itself is stressed to make headline changes in the taxation system as its tax revenues have been slipping, widening fiscal deficit -- which needs to be balanced with low consumer confidence across the country.
- What was the Defence budget of India in 2020?
Finance Minister Nirmala Sitharaman kept a ₹4.71 lakh crore budget for Defence for FY 2020-21.
- What was the Education budget in 2020?
Education sector was allocated ₹99,300 crore of the total budget for FY 2020-21. Finance Minister Sitharaman has proposed to launch Ind-SAT exam for Asian and African students. Out of the total share for Education, ₹3,000 crore is reserved for Skill Development.
- What was the income tax slab for 2020?
Budget 2020 laid down changes in the different tax slabs for FY 2020-21. There would be no tax levied on annual income upto ₹5 lakh. However, if you crossed that threshold, then tax would be charged for income above ₹2.5 lakh. Income upto ₹2.5 lakh : Nil, ₹2.5 to ₹5 lakhs : 5% ₹5 - ₹7.5 lakhs : 10%, ₹7.5 - ₹10 lakhs : 15%, ₹10 – ₹12.5 lakhs : 20%, ₹12.5 – ₹15 lakhs : 25%, ₹15 lakhs and above : 30%
- How much could we save under 80C in 2020?
Union budget 2020kept the deduction upto ₹1.5 lakh under section 80C. This meant the taxpayers could reduce upto ₹1.5 lakh from the total taxable income.
- What was the total budget of India in 2020?
The government proposed to spend a total of ₹30.42 lakh crore in FY 2020-21, the expenditure figure was ₹27.86 lakh crore in FY 2019-20.
- What is the Agriculture budget in 2020?
Agriculture, Irrigation and Farmers' welfare sectors have been allocated a budget of ₹1.60 lakh crore in FY 2020-21.
- What is the budget for Swachh Bharat Mission in 2020?
₹12,300 crore has been allocated to Swachh Bharat Mission for the FY 2020-21.
- What is the budget for Jal Jeevan Mission in 2020?
₹11,500 crore has been allocated to Jal Jivan Mission for FY 2020-21.
- What is the budget for Textile industry in 2020?
Union Budget 2020 allocates ₹1,400 crore to Textile industry for FY 2020-21.
- What is the budget for Dept. of Industry and Commerce in 2020?
₹27,300 crore has been allocated for Dept. of Industry and Commerce in FY 2020-21.
- What is the Railways budget for India in 2020?
The government has proposed to spend ₹72,216 crore on Railways & Transportation sectors in FY 2020-21. Railways budget has not been stated separately.
- What is the Power & Renewable budget in 2020?
₹22,000 crore has been allocated for Power & Renewable sector for FY 2020-21.
- What is the BharatNet Program budget in 2020?
₹6000 crore has been allocated to BharatNet Program during the Union Budget 2020 proposal. 1 Lakh Gram Panchayats to be linked with BharatNet in 2020.
- What is the budget for Nutrition related plans in 2020?
The government plans to spend ₹35,600 crore over Nutrition related plans in FY 2020-21.
- What is the Tourism budget in 2020?
₹2,500 crore has been allocated to Culture & Tourism sector for FY 2020-21.
- What is the budget for Women centric programs in 2020?
₹28,600 crore has been allocated to Women centric programs in FY 2020-21.
- What is the budget for Scheduled Tribes in 2020?
₹53,700 crore has been allocated for Scheduled Tribes in FY 2020-21.
- What is the budget for Scheduled Castes & OBCs in 2020?
The government plans to spend ₹85,000 crore for Scheduled Castes & OBCs in FY 2020-21.
- What is the Pollution control budget in 2020?
Union Budget 2020 proposes ₹4,400 crore for Pollution control during FY 2020-21. During the budget speech, Sitharaman advised to shut Thermal Power units if the emission levels went above limit.
- What is the Transport budget in 2020?
₹1.7 lakh crore has been allocated for Transport Infrastructure for the upcoming Financial year.
- What is the Senior Citizens' welfare budget in 2020?
Union Budget 2020 keeps a budget of ₹9,500 crore for Handicapped and Senior Citizens' and welfare for FY 2020-21.
- What is the Rural Development Budget in 2020?
₹1,22,398 crore have been allocated during this budget session to Rural Development and Panchayati Raj for FY 2020-21.
- What was the Health budget in 2020?
The Finance Minister announced a budget of ₹67,116 crore for Health sector during the Union Budget 2020 session.
Budget 2020 Highlights
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