Thread by @ithoughtadviser

Direct tax proposes a new optional #tax regime optional for taxpayers.
Under the new tax regime – tax rates are as follows
Up to 5 lakhs – 0%
5 lakhs to 7.5 Lakhs – 10%
7.5 Lakhs to 10 Lakhs – 15%
10 Lakhs – 12.5 Lakhs – 20%
12.5 Lakhs to 15 Lakhs – 25%
More than 15 Lakhs – 30%

DDT has been removed. #DDT will be taxed in the hands of individuals at their slab rate. With DDT scrapping, govt lets go of Rs 25,000 crore revenue.

Audit Turnover threshold has been increased from Rs. 1 crore to Rs. 5 crores. #Budget2020

Fiscal Deficit at 3.8% against target 3.5% for FY2019-20.
#Budget2020

Deposit insurance coverage increased to Rs 5 lakhs from Rs 1 lakh. #DepositInsurance

The nominal GDP growth for FY21 revised to 10%.
#GDP

Universal pension coverage to have auto-enrollment.
#Pension

Government to sell part holding in LIC.
#LIC

From April 2020, the government is to introduce a simplified return system for GST.

#GST

Focus to double farmers’ income by 2022.
#Farmers