The budget proposal said that a seller of goods has to deduct TCS at the rate of 0.1% before making payments in excess of Rs 50 lakh. In cases where the buyer doesn’t have PAN or Aadhaar — which is the case with exports — the rate will be 1%.
Here's a weekly tracker of returns that will keep you updated on how the stock market index, gold prices and 10-year bond yields have performed.
To get to China’s current per capita income, India’s income will have to rise by 8.8% every year for 10 years and to reach US’s current level of income, India's per capita income needs to grow by 23% year-on-year for 10 years — an impossibility.
The set target for revenue collection (personal income tax, corporate tax and others) was Rs 13.35 lakh crore for the 2019-20 financial year that ends on March 31.
“The Deposit Insurance and Credit Guarantee Corporation has been permitted to increase deposit insurance coverage for a depositor, which is now Rs 1L, to Rs 5L per depositor,” said FM. “I wish to inform this august house that the robust mechanism is in place to monitor the health of all scheduled commercial banks & that depositors’ money is safe."
So, what did the FM actually give the common man — the consumer and the taxpayer — today?
The minister said additional capital will be provided to public sector banks as and when required.
Finance minister Nirmala Sitharaman in her budget speech today announced to float a new debt ETF comprising primarily of government securities.
Returns on investments in equity mutual funds held over a year are treated as long-term capital gains and taxed at 10% on gains of over Rs 1 lakh in a financial year.
She also said that the government will help ease in mobility while in jobs.
Currently, one has to pay 30 per cent capital gains on the sale of a property.
Here is a look at possible announcements the middle-class taxpayer can expect from Budget 2020.
Primary healthcare accounts for 52.1 per cent of India's current public expenditure on health as per the National Health Estimates, 2016-17. "Ayushman Bharat- Pradhan Mantri Jan Arogya Yojana (PM-JAY), the world's largest health insurance scheme, is a major step towards providing affordable healthcare to the identified poor," the Survey said.