Budget 2020: MSME Ministry allocated Rs 7,572 crore

Budget 2020: MSME Ministry allocated Rs 7,572 crore”

It also includes deduction under Section 80C (GPF, PPF, LIC Premium etc.,), Section 80D (Mediclaim insurance), Section 80CCD (1B) (Additional deduction of NPS), a deduction for housing loan interest and standard deduction. "An individual who is now availing more deductions and exemption under the Income Tax Act may choose to avail them and continue to pay tax in the old regime", the minister said.

It, therefore, means that less than 10 per cent of taxpayers claimed deduction more than Rs 2 lakh, they said. If they choose to file income tax as per the old tax regime, they will be able to claim rebates but will have to pay more taxes.

"Those (earlier) estimates have been revised in the budget and our new target would be about Rs 11.80 lakh crore which I am pretty confident that we will achieve it", CBDT chairman P. C. Mody said in a post budget interview.

For now, "Those who want to avail the benefits can follow the old method", the minister said at a press conference this afternoon, hours after she presented the union budget. Individuals earning between Rs 10-20 lakh and from Rs 20 lakh to 2 crore might be charged with 20 per cent and 30 per cent tax rates.

"Under the new personal income tax regime, individual taxpayers to pay tax at a reduced rate of 10 per cent for income between Rs 5 lakh and 7.5 lakh against the current rate of 20 per cent", Sitharaman said while presenting the Budget. "Those who wish to come into the new one are welcome to do so".

For those earning up to Rs 15 L and willing to forego exemptions and deductions, FM introduces reduced income tax rateThe government on Saturday introduced new tax slabs with reduced rates for an annual income of up to Rs 15 lakh for those foregoing exemptions and deductions under a simplifi ed tax regime. Goyal had said people with gross income of up to Rs 6.5 lakh will be kept out of the tax bracket if they make investments in provident funds and prescribed equities.

Last year, then Finance Minister Piyush Goyal had proposed to double the income tax exemption limit up to Rs 5 lakh.

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