Finance Minister Nirmala Sitharaman presented Union Budget 2020-21 on February 1. New tax slabs have been introduced. To learn more about this year’s budget and income tax changes, check out the video on ‘All about Union Budget 2020-21’ by IIFL.
Key Highlights –
1- A new tax regime has been proposed by the government. Taxpayers have an option to pay taxes as per the old regime or they can continue to pay taxes as per the old regime.
2- Insurance cover has been increased from Rs. 1Lakh to Rs. 5Lakh
3- New debt ETF announced mainly for government securities
4- Fiscal deficit increased from 3.3% to 3.8%
5- Budget allocation of Rs. 2.83 lakh crore for agriculture & allied, irrigation.
6- Budget allocation of Rs 99,300 crore for the education system
7- Budget allocation of Rs. 69,000 crores for the healthcare system
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