Finance minister Nirmala Sitharaman proposed the introduction of a taxpayers' charter in the income tax act.

It has been done to ensure harassment of taxpayers by income tax officials does not take place.

The finance minister reiterated that tax harassment cannot be tolerated, as often it is the wealth generators who end up getting harassed.

Certain offences under the companies act will not be decriminalised, and other laws are being examined to make corrections.

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Key highlights of Budget 2020:

Mega 16-point action plan for farmers

India now fifth largest economy globally, says Sitharaman

Rs 12,300 crore allocated for Swachh Bharat mission this year

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India uplifted 271 million people out of poverty: Sitharaman

60 lakh taxpayers added in the last 2 years

Anti-TB campaign to be launched to eliminate TB by 2025

100 more airports to be developed by 2024

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Rs 69,000 crore allocated for the healthcare sector

More Tejas-type trains to connect tourist destinations

Rs 85,000 crore allocated for the employment of Scheduled Tribes

Rs 100 crore set aside for culture ministry

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Rs 4,400 crore dedicated for clean air projects

Taxpayers' charter to be&nbsp;institutionalized

Ayushman Bharat hospitals in 100 more districts&nbsp;

Rs 100 crore to be allocated for G20 preparations

Industrial Development Bank of India(IDBI) to be disinvested

LIC disinvestment to take place

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Government slashes tax rates

I-T rates slashed to 10 per cent for those earning between Rs 5-7.5 lakh

I-T rates slashed to 15 per cent for those earning between Rs 7.5-10 lakh

Finance minister Nirmala Sitharaman proposed the introduction of a taxpayers' charter in the income tax act. It has been done to ensure harassment of taxpayers by income tax officials does not take place.

Finance minister Nirmala Sitharaman proposed the introduction of a taxpayers' charter in the income tax act. It has been done to ensure harassment of taxpayers by income tax officials does not take place. The finance minister reiterated that tax harassment cannot be tolerated, as often it is the wealth generators who end up getting harassed. Certain offences under the companies act will not be decriminalised, and other laws are being examined to make corrections. Key highlights of Budget 2020: Mega 16-point action plan for farmers India now fifth largest economy globally, says Sitharaman Rs 12,300 crore allocated for Swachh Bharat mission this year India uplifted 271 million people out of poverty: Sitharaman 60 lakh taxpayers added in the last 2 years Anti-TB campaign to be launched to eliminate TB by 2025 100 more airports to be developed by 2024 Rs 69,000 crore allocated for the healthcare sector More Tejas-type trains to connect tourist destinations Rs 85,000 crore allocated for the employment of Scheduled Tribes Rs 100 crore set aside for culture ministry Rs 4,400 crore dedicated for clean air projects Taxpayers' charter to be institutionalized Ayushman Bharat hospitals in 100 more districts Rs 100 crore to be allocated for G20 preparations Industrial Development Bank of India(IDBI) to be disinvested LIC disinvestment to take place Government slashes tax rates I-T rates slashed to 10 per cent for those earning between Rs 5-7.5 lakh I-T rates slashed to 15 per cent for those earning between Rs 7.5-10 lakh

20 key Budget highlights you must know

Indian shares got off to a choppy start in a special trading session on Saturday ahead of the annual Budget with&nbsp;finance minister <a href="https://www.wionews.com/business-economy/latest-business-news-budget-likely-to-increase-spending-to-spur-growth-277909">Nirmala Sitharaman</a> expected to unveil a raft of measures to revive a sagging economy.

In early trade shares slipped in reaction to an overnight shakeout in global markets on growing concerns about the economic impact of the coronavirus outbreak in China, but the focus is set to shift to the domestic Budget.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/latest-business-news-budget-likely-to-increase-spending-to-spur-growth-277909">Budget likely to increase spending to spur growth</a>

"We opened negative in the aftermath of the correction in the US&nbsp;market due to concerns over the China virus," said A.K Prabhakar, head of research at IDBI Capital.

"But from here on, the domestic market might recover ahead of the budget since we have seen significant correction over the past few days and on good results from SBI and Hindustan Unilever."

With growth in Asia's third-largest economy languishing at its lowest in a decade, the government is likely to increase spending on infrastructure and offer some tax incentives in its 2020-2021 Budget.

The government estimates that economic growth in the year ending March 31 will slip to 5 per cent, the weakest pace since the global financial crisis of 2008-09. Growth is expected to recover to 6 per cent-6.5&nbsp;per cent&nbsp;in the following year.

Also read: <a href="https://www.wionews.com/business-economy/feel-good-budget-may-see-cut-in-tax-rate-sops-for-social-sectors-277884">'Feel good' budget may see cut in tax rate, sops for social sectors</a>

The Nifty and the benchmark Sensex were trading largely flat by 0426 GMT after falling as much as 0.7&nbsp;per cent&nbsp;each in early trade.

Mid-cap and small-cap shares, which were under pressure last year, have outperformed bluechip stocks in January in the run-up to the budget.

The Nifty 50 fell to 1.7&nbsp;per cent&nbsp;in January, while the Sensex slipped 1.3 per cent. However, the Nifty Midcap 50 Index climbed 4.6 per cent.

The blue-chip indexes have rallied over 12 per cent&nbsp;last year, riding on a large corporate tax cut from the government in September aimed at boosting the economy. The rupee was 2.3&nbsp;per cent&nbsp;weaker in 2019.

Shares of roadbuilders Sadbhav Engineering Ltd and IRB Infrastructure Developers Ltd surged 20-43&nbsp;per cent&nbsp;in January as investors bet on increased spending by the government in infrastructure.

Financial stocks were the biggest drag on Saturday, with private sector lenders HDFC Bank Ltd and Kotak Mahindra Bank Ltd slipping around 2 per cent&nbsp;each.

Power Grid Corporation of&nbsp;India&nbsp;Ltd was the biggest loser on the Nifty 50, falling as much as 5.3&nbsp;per cent&nbsp;to a near one-year low.

Consumer products giant Hindustan Unilever Ltd topped gains with a 2.6&nbsp;per cent&nbsp;jump after posting a rise in quarterly profit on Friday.

Indian shares got off to a choppy start in a special trading session on Saturday ahead of the annual Budget with finance minister Nirmala Sitharaman expected to unveil a raft of measures to revive a sagging economy.

Indian shares got off to a choppy start in a special trading session on Saturday ahead of the annual Budget with finance minister Nirmala Sitharaman expected to unveil a raft of measures to revive a sagging economy. In early trade shares slipped in reaction to an overnight shakeout in global markets on growing concerns about the economic impact of the coronavirus outbreak in China, but the focus is set to shift to the domestic Budget. Also read: Budget likely to increase spending to spur growth "We opened negative in the aftermath of the correction in the US market due to concerns over the China virus," said A.K Prabhakar, head of research at IDBI Capital. "But from here on, the domestic market might recover ahead of the budget since we have seen significant correction over the past few days and on good results from SBI and Hindustan Unilever." With growth in Asia's third-largest economy languishing at its lowest in a decade, the government is likely to increase spending on infrastructure and offer some tax incentives in its 2020-2021 Budget. The government estimates that economic growth in the year ending March 31 will slip to 5 per cent, the weakest pace since the global financial crisis of 2008-09. Growth is expected to recover to 6 per cent-6.5 per cent in the following year. Also read: 'Feel good' budget may see cut in tax rate, sops for social sectors The Nifty and the benchmark Sensex were trading largely flat by 0426 GMT after falling as much as 0.7 per cent each in early trade. Mid-cap and small-cap shares, which were under pressure last year, have outperformed bluechip stocks in January in the run-up to the budget. The Nifty 50 fell to 1.7 per cent in January, while the Sensex slipped 1.3 per cent. However, the Nifty Midcap 50 Index climbed 4.6 per cent. The blue-chip indexes have rallied over 12 per cent last year, riding on a large corporate tax cut from the government in September aimed at boosting the economy. The rupee was 2.3 per cent weaker in 2019. Shares of roadbuilders Sadbhav Engineering Ltd and IRB Infrastructure Developers Ltd surged 20-43 per cent in January as investors bet on increased spending by the government in infrastructure. Financial stocks were the biggest drag on Saturday, with private sector lenders HDFC Bank Ltd and Kotak Mahindra Bank Ltd slipping around 2 per cent each. Power Grid Corporation of India Ltd was the biggest loser on the Nifty 50, falling as much as 5.3 per cent to a near one-year low. Consumer products giant Hindustan Unilever Ltd topped gains with a 2.6 per cent jump after posting a rise in quarterly profit on Friday.

Sensex, Nifty shaky ahead of Budget

Union Finance Minister Nirmala Sitharaman on Saturday said that the 'Beti Bachao Beti Padhao'&nbsp;campaign has given tremendous results.

While presenting the Union Budget 2020-21 Sitharaman said, "Gross Enrollment Ratio&nbsp;is now higher for girls than for boys at all levels." She also announced Rs 28,600 crore programs that are specific to women.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/nominal-gdp-growth-for-2020-21-estimated-at-10-per-cent-says-fm-sitharaman-277995">Nominal GDP growth for 2020-21 estimated at 10 percent, says FM&nbsp;Sitharaman&nbsp;&nbsp;</a> 
 
The United Nations Educational, Scientific and Cultural Organization (UNESCO), describes 'Gross Enrollment Ratio' as the total within a country "in a specific level of education, regardless of age, expressed as a percentage of the population in the official age group corresponding to this level of education".

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/2020-budget-updates-union-budget-2020-sitharaman-allocates-rs-99300-crore-for-education-proposes-medical-colleges-with-district-hospitals-on-ppp-model-277987">Sitharaman allocates Rs 99,300 crore for education; proposes medical colleges with district hospitals on PPP model</a>

'Beti Bachao, Beti Padhao'&nbsp;is a campaign by the Government of India that aims to generate awareness and improve the efficiency of welfare services for girls in India.

Also see:<a href="https://www.wionews.com/photos/interesting-facts-about-the-budget-277967">&nbsp;</a><a href="https://www.wionews.com/photos/interesting-facts-about-the-budget-277967">Key facts about India's Budget</a>

Siting data, Sitharaman also told girl enrollment is currently at 94.32 per cent compared to 89.28 per cent for boys. She further added that Rs 35,600 crore has been approved for nutrition-related programs in 2020-21.

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Addressing a joint sitting of both houses of Parliament, Kovind said, "I am delighted to inform you that for the first time ever in the history of the country, the&nbsp;number of girls admitted in higher education has exceeded that of boys".

Union Finance Minister Nirmala Sitharaman on Saturday said that the 'Beti Bachao Beti Padhao' campaign has given tremendous results. While presenting the Union Budget 2020-21 Sitharaman said, "Gross Enrollment Ratio is now higher for girls than for boys at all levels.

Union Finance Minister Nirmala Sitharaman on Saturday said that the 'Beti Bachao Beti Padhao' campaign has given tremendous results. While presenting the Union Budget 2020-21 Sitharaman said, "Gross Enrollment Ratio is now higher for girls than for boys at all levels." She also announced Rs 28,600 crore programs that are specific to women. Also read: Nominal GDP growth for 2020-21 estimated at 10 percent, says FM Sitharaman The United Nations Educational, Scientific and Cultural Organization (UNESCO), describes 'Gross Enrollment Ratio' as the total within a country "in a specific level of education, regardless of age, expressed as a percentage of the population in the official age group corresponding to this level of education". Also read: Sitharaman allocates Rs 99,300 crore for education; proposes medical colleges with district hospitals on PPP model 'Beti Bachao, Beti Padhao' is a campaign by the Government of India that aims to generate awareness and improve the efficiency of welfare services for girls in India. Also see: Key facts about India's Budget Siting data, Sitharaman also told girl enrollment is currently at 94.32 per cent compared to 89.28 per cent for boys. She further added that Rs 35,600 crore has been approved for nutrition-related programs in 2020-21. Addressing a joint sitting of both houses of Parliament, Kovind said, "I am delighted to inform you that for the first time ever in the history of the country, the number of girls admitted in higher education has exceeded that of boys".

Union Budget 2020-21: Enrollment ratio for girls is now higher than boys at all levels, says Sitharaman

The government allocated Rs 30,757 crore for Jammu and Kashmir and Rs 5598 crore for Ladakh for 2020-21 in the Union Budget 2020.

Also read:<a href="https://www.wionews.com/business-economy/25-tax-for-individuals-annually-earning-between-rs-10-lakh-and-rs-125-lakh-sitharaman-in-budget-2020-277999">&nbsp;25% tax for individuals annually earning between Rs 10 lakh and Rs 12.5 lakh: Sitharaman in Budget 2020</a> 
 
Finance Minister Nirmala Sitharaman made the allocations for the two union territories while presenting the Budget for the coming fiscal.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/budget-2020-political-reactions-govt-calls-budget-reform-oriented-opposition-terms-it-rambling-says-no-focus-on-job-creation-278002">Govt calls Budget reform-oriented; Opposition</a><a href="https://www.wionews.com/business-economy/budget-2020-political-reactions-govt-calls-budget-reform-oriented-opposition-terms-it-rambling-says-no-focus-on-job-creation-278002">,</a><a href="https://www.wionews.com/business-economy/budget-2020-political-reactions-govt-calls-budget-reform-oriented-opposition-terms-it-rambling-says-no-focus-on-job-creation-278002"> says 'no focus on job creation'</a>

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Jammu and Kashmir are under the President's rule at present. Following the abrogation of Article 370 on August 5, 2019, the state of Jammu and Kashmir was converted into a UT. Ladakh, which was part of the state, was formed as a separate UT.

The government allocated Rs 30,757 crore for Jammu and Kashmir and Rs 5598 crore for Ladakh for 2020-21 in the Union Budget 2020. Also read: 25% tax for individuals annually earning between Rs 10 lakh and Rs 12.

The government allocated Rs 30,757 crore for Jammu and Kashmir and Rs 5598 crore for Ladakh for 2020-21 in the Union Budget 2020. Also read: 25% tax for individuals annually earning between Rs 10 lakh and Rs 12.5 lakh: Sitharaman in Budget 2020 Finance Minister Nirmala Sitharaman made the allocations for the two union territories while presenting the Budget for the coming fiscal. Also read: Govt calls Budget reform-oriented; Opposition, says 'no focus on job creation' Jammu and Kashmir are under the President's rule at present. Following the abrogation of Article 370 on August 5, 2019, the state of Jammu and Kashmir was converted into a UT. Ladakh, which was part of the state, was formed as a separate UT.

Budget 2020: Centre allocates Rs 30, 757 crore for J&K, Rs 5598 crore for Ladakh

Finance Minister Nirmala Sithraman proposed to allocate Rs 2,500 crore for the tourism sector and to construct eight new museums.

"To make India an attractive destination for both international and domestic tourists, we propose Rs 2,500 crore in 2020-21 for the tourism sector and Rs 3,150 crore for Ministry of Culture," said Sithraman while presenting the Union Budget 2020-21 in Parliament.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/union-budget-2020-21-news-updates-unwell-nirmala-sitharaman-cuts-short-longest-ever-budget-speech-of-independent-india-278009">Unwell Nirmala Sitharaman cuts short longest-ever Budget speech of Independent India</a>

While addressing the Parliament, Nirmala told about the improved tourism revenues due to better ranking.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/sensex-tumble-over-1000-points-after-budget-announcements-278007">Sensex&nbsp;tumbles over 1,000 points after Budget announcements</a> 
 
"India had moved up from rank 65 in 2014 to 34 in 2019 in the Travel and Tourism and due to tourism revenues and foreign exchange earnings grew 7.4 percent to Rs 1.88 lakh crore for the period January 2019 from Rs 1.75 lakh crore," she said.&nbsp;

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She further proposed 8 new museums, which include building infrastructure around 5 iconic sites, besides proposing the renovation of 5 major museums across the length and breadth of India and setting up of a tribal museum in Ranchi, Jharkhand.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/latest-india-news-finance-minister-nirmala-sitharaman-breaks-record-of-longest-budget-speech-278005">In the&nbsp;longest Budget speech, Sitharaman recites Kashmiri poem, a couplet in Tamil</a>

The 5 archaeological sites to be developed as iconic sites with on-site museums are situated at 'Rakhigarhi' Haryana, 'Hastinapur' Uttar Pradesh, 'Shivsagar' Assam, 'Dholavira' Gujarat and 'Adichanallur' Tamil Nadu.

Finance Minister Nirmala Sitharaman on Saturday also proposed the setting up of an Indian Institute of Heritage and Conservation,&nbsp;under the Ministry of Culture.

While the fund for the Tourism Ministry was Rs 2,150 crore in the 2018-2019 Budget, it rose to Rs 2,189.22 crore in 2019-2020. The allocation for the Culture Ministry, which was Rs 2,843.32 crore in 2018-2019, increased to Rs 3,042.35 crore for 2019-2020.

Finance Minister Nirmala Sithraman proposed to allocate Rs 2,500 crore for the tourism sector and to construct eight new museums. "To make India an attractive destination for both international and domestic tourists, we propose Rs 2,500 crore in 2020-21 for the tourism sector and Rs 3,150 crore for Ministry of Culture," said Sithraman while presenting the Union Budget 2020-21 in Parliament.

Finance Minister Nirmala Sithraman proposed to allocate Rs 2,500 crore for the tourism sector and to construct eight new museums. "To make India an attractive destination for both international and domestic tourists, we propose Rs 2,500 crore in 2020-21 for the tourism sector and Rs 3,150 crore for Ministry of Culture," said Sithraman while presenting the Union Budget 2020-21 in Parliament. Also read: Unwell Nirmala Sitharaman cuts short longest-ever Budget speech of Independent India While addressing the Parliament, Nirmala told about the improved tourism revenues due to better ranking. Also read: Sensex tumbles over 1,000 points after Budget announcements "India had moved up from rank 65 in 2014 to 34 in 2019 in the Travel and Tourism and due to tourism revenues and foreign exchange earnings grew 7.4 percent to Rs 1.88 lakh crore for the period January 2019 from Rs 1.75 lakh crore," she said. She further proposed 8 new museums, which include building infrastructure around 5 iconic sites, besides proposing the renovation of 5 major museums across the length and breadth of India and setting up of a tribal museum in Ranchi, Jharkhand. Also read: In the longest Budget speech, Sitharaman recites Kashmiri poem, a couplet in Tamil The 5 archaeological sites to be developed as iconic sites with on-site museums are situated at 'Rakhigarhi' Haryana, 'Hastinapur' Uttar Pradesh, 'Shivsagar' Assam, 'Dholavira' Gujarat and 'Adichanallur' Tamil Nadu. Finance Minister Nirmala Sitharaman on Saturday also proposed the setting up of an Indian Institute of Heritage and Conservation, under the Ministry of Culture. While the fund for the Tourism Ministry was Rs 2,150 crore in the 2018-2019 Budget, it rose to Rs 2,189.22 crore in 2019-2020. The allocation for the Culture Ministry, which was Rs 2,843.32 crore in 2018-2019, increased to Rs 3,042.35 crore for 2019-2020.

Government proposes Rs 2,500 crore for tourism; eight new museums

The taxpayers have something to cheer from the Budget proposals presented by Finance minister Nirmala Sitharaman. Under the newly proposed regime, taxpayers can get a significant cut on payment of income tax but the catch is to avail this cut they must forgo any deductions from their taxable income.

<a href="https://www.wionews.com/business-economy/budget-2020-key-highlights-100-more-airports-to-be-developed-by-2024-under-udaan-scheme-278042">Also Read:&nbsp;Budget 2020 key highlights</a>

The taxpayers who do not wish to avail of the new scheme will have the option to continue under the existing tax regime.

Here are the highlights of the tax plan:

New tax slab proposed for common man.

Taxes halved for two income bands.

Marginal decrease for other taxpayers.

Must forgo exemptions to avail benefits.

New taxation regime to be optional.

Taxes halved for 5-7.5 lakh and 10-12.5 lakh bands.

Those earning 7.5-10 lakh &amp; 12.5-15 lakh to get 5 per cent cut.&nbsp;

No deductions to be claimed under the new tax regime.

Income between 7.5 and 10 lakh will be taxed 15 per cent instead of 20 per cent.&nbsp;

Those earning between 10 lakh to 12.5 lakh also get to benefit the most, they will pay 20 per cent tax instead of existing 30 per cent.

Income between 12.5 to 15 lakh will be taxed 25 per cent instead of 30 per cent, income above 15 lakh remains unchanged at 30 per cent

The exemptions that finance minister wants you to forgo are as many as hundred. Many have been removed while some are proposed to be rationalized.

The taxpayers have something to cheer from the Budget proposals presented by Finance minister Nirmala Sitharaman. Under the newly proposed regime, taxpayers can get a significant cut on payment of income tax but the catch is to avail this cut they must forgo any deductions from their taxable income.

The taxpayers have something to cheer from the Budget proposals presented by Finance minister Nirmala Sitharaman. Under the newly proposed regime, taxpayers can get a significant cut on payment of income tax but the catch is to avail this cut they must forgo any deductions from their taxable income. Also Read: Budget 2020 key highlights The taxpayers who do not wish to avail of the new scheme will have the option to continue under the existing tax regime. Here are the highlights of the tax plan: New tax slab proposed for common man. Taxes halved for two income bands. Marginal decrease for other taxpayers. Must forgo exemptions to avail benefits. New taxation regime to be optional. Taxes halved for 5-7.5 lakh and 10-12.5 lakh bands. Those earning 7.5-10 lakh & 12.5-15 lakh to get 5 per cent cut. No deductions to be claimed under the new tax regime. Income between 7.5 and 10 lakh will be taxed 15 per cent instead of 20 per cent. Those earning between 10 lakh to 12.5 lakh also get to benefit the most, they will pay 20 per cent tax instead of existing 30 per cent. Income between 12.5 to 15 lakh will be taxed 25 per cent instead of 30 per cent, income above 15 lakh remains unchanged at 30 per cent The exemptions that finance minister wants you to forgo are as many as hundred. Many have been removed while some are proposed to be rationalized.

Budget 2020: New tax slab proposed for common man

Finance minister Nirmala Sitharaman's Budget on Saturday proposed setting up of hundred more airports&nbsp;by 2024 under the Udaan scheme. The minister also announced Rs 69,000 for the healthcare sector.

<a href="https://www.wionews.com/india-news/want-to-increase-spending-capacity-nirmala-sitharaman-278011">Also Read:&nbsp;Wanted to increase spending capacity, says Nirmala Sitharaman</a>

Sitharaman&nbsp;during the speech said more Tejas-type trains will be launched to connect tourist destinations.

Key highlights:

Sitharaman said that India has uplifted 271 million people out of poverty.

The government will be launching an anti-tuberculosis campaign to eliminate the disease by 2025.

100 more airports will be developed by 2024 under the Udaan scheme.&nbsp;

Rs 69,000 crore will be allocated for the healthcare sector.

More Tejas-type trains will be launched to connect tourist destinations.

Rs 85 thousand crore has been allocated for the empowerment of the Scheduled&nbsp;Castes &amp; Schedule Tribes respectively.

Rs three thousand one hundred crore has been set aside for the culture ministry.

Rupees four thousand and 400 crore has been allocated for clean air projects.

The taxpayers' charter to be institutionalised. Ayushman Bharat hospitals will be opened in 100 more districts.

Rs 100 crore to be allocated for G-20 preparations.

Industrial development bank of India (IDBI) and the life insurance corporation of india(LIC) will be disinvested.

Finance minister Nirmala Sitharaman's Budget on Saturday proposed setting up of hundred more airports by 2024 under the Udaan scheme. The minister also announced Rs 69,000 for the healthcare sector.

Finance minister Nirmala Sitharaman's Budget on Saturday proposed setting up of hundred more airports by 2024 under the Udaan scheme. The minister also announced Rs 69,000 for the healthcare sector. Also Read: Wanted to increase spending capacity, says Nirmala Sitharaman Sitharaman during the speech said more Tejas-type trains will be launched to connect tourist destinations. Key highlights: Sitharaman said that India has uplifted 271 million people out of poverty. The government will be launching an anti-tuberculosis campaign to eliminate the disease by 2025. 100 more airports will be developed by 2024 under the Udaan scheme. Rs 69,000 crore will be allocated for the healthcare sector. More Tejas-type trains will be launched to connect tourist destinations. Rs 85 thousand crore has been allocated for the empowerment of the Scheduled Castes & Schedule Tribes respectively. Rs three thousand one hundred crore has been set aside for the culture ministry. Rupees four thousand and 400 crore has been allocated for clean air projects. The taxpayers' charter to be institutionalised. Ayushman Bharat hospitals will be opened in 100 more districts. Rs 100 crore to be allocated for G-20 preparations. Industrial development bank of India (IDBI) and the life insurance corporation of india(LIC) will be disinvested.

Budget 2020 key highlights: 100 more airports to be developed by 2024 under Udaan scheme

Finance minister Nirmala Sitharaman while presenting the Budget on Saturday introduced new slabs and reduced the tax rate for different slabs for an individual income of up to Rs 15 lakh per annum provided the taxpayer opts for foregoing exemptions.

<a href="https://www.wionews.com/business-economy/budget-2020-finance-minister-nirmala-sitharaman-proposes-withdrawal-of-customs-duty-exemption-on-raw-sugar-agro-animal-based-products-278019">Also Read:&nbsp;Sitharaman proposes withdrawal of customs duty exemption on raw sugar, agro-animal based products</a>

"Twenty per cent tax for individuals annually earning between Rs 10 lakh and Rs 12.5 lakh, 25 per cent for income between Rs 12.5 lakh and 15 lakh, 30 per cent for above Rs 15 lakh income under the new slab," Sitharaman said.

"Dividend distribution tax shifted to individuals instead of companies," India's finance minister asserted.

For individuals earning upto Rs 5 lakh in a year will pay no tax. "For income between Rs 7.5 lakh and Rs 10 lakh per annum, tax rate has been reduced to 15 per cent from 20 per cent," the minister said.

<a href="https://www.wionews.com/india-news/latest-india-news-finance-minister-nirmala-sitharaman-breaks-record-of-longest-budget-speech-278005">Also Read:&nbsp;In longest Budget speech, Sitharaman recites Kashmiri poem, couplet in Tamil</a>

"The proposal would lead to a revenue sacrifice of Rs 40,000 crore per annum," the minister added.

The minister said the new regime will be optional and the people can continue with old regime if they wanted.

The government also proposed cut in tax on cooperative societies to twenty-two per cent including surchange and cess. Sitharaman also announced extending the approval date by one year of affordable housing projects in order to avail tax holiday on profit earned by developers.

<a href="https://www.wionews.com/photos/interesting-facts-about-the-budget-277967">In Pics: Key facts about India's Budget &nbsp;</a>

"Direct taxes are the lowest, simplest and smoothest," the finance minister said.&nbsp;

The finance minister also announced the extension of additional Rs 1.5 lakh tax benefit on interest paid on affordable housing loans to March 2021.

In order to simplify PAN, the minister said a process would be put in place to instantly allot it through Aadhaar.

Finance minister Nirmala Sitharaman while presenting the Budget on Saturday introduced new slabs and reduced the tax rate for different slabs for an individual income of up to Rs 15 lakh per annum provided the taxpayer opts for foregoing exemptions.

Finance minister Nirmala Sitharaman while presenting the Budget on Saturday introduced new slabs and reduced the tax rate for different slabs for an individual income of up to Rs 15 lakh per annum provided the taxpayer opts for foregoing exemptions. Also Read: Sitharaman proposes withdrawal of customs duty exemption on raw sugar, agro-animal based products "Twenty per cent tax for individuals annually earning between Rs 10 lakh and Rs 12.5 lakh, 25 per cent for income between Rs 12.5 lakh and 15 lakh, 30 per cent for above Rs 15 lakh income under the new slab," Sitharaman said. "Dividend distribution tax shifted to individuals instead of companies," India's finance minister asserted. For individuals earning upto Rs 5 lakh in a year will pay no tax. "For income between Rs 7.5 lakh and Rs 10 lakh per annum, tax rate has been reduced to 15 per cent from 20 per cent," the minister said. Also Read: In longest Budget speech, Sitharaman recites Kashmiri poem, couplet in Tamil "The proposal would lead to a revenue sacrifice of Rs 40,000 crore per annum," the minister added. The minister said the new regime will be optional and the people can continue with old regime if they wanted. The government also proposed cut in tax on cooperative societies to twenty-two per cent including surchange and cess. Sitharaman also announced extending the approval date by one year of affordable housing projects in order to avail tax holiday on profit earned by developers. In Pics: Key facts about India's Budget "Direct taxes are the lowest, simplest and smoothest," the finance minister said. The finance minister also announced the extension of additional Rs 1.5 lakh tax benefit on interest paid on affordable housing loans to March 2021. In order to simplify PAN, the minister said a process would be put in place to instantly allot it through Aadhaar.

Budget 2020: Sitharaman's new optional tax slabs to give choice for people to decide

Finance minister Nirmala Sitharaman in the Budget today announced increase in customs duty on imported wall fans, tableware and kitchenware.&nbsp;

<a href="https://www.wionews.com/india-news/latest-india-news-finance-minister-nirmala-sitharaman-breaks-record-of-longest-budget-speech-278005">Also Read: In longest Budget speech, Sitharaman recites Kashmiri poem, couplet in Tamil</a>

The finance minister also proposed withdrawl of customs duty exemption on raw sugar, agro-animal based products, tuna bait, skimmed milk, certain alcoholic beverages, soya fibre and soya protein. The government also hiked customs duty on catalytic converters, parts of commercial vehicles excluding electric vehicles.

The increase in customs duty on wall fans was increased from 7.5 per cent to twenty per cent. The duty on tableware and kitchenware made of porcelain, copper, steel, clay iron was doubled to 20 per cent.

<a href="https://www.wionews.com/india-news/want-to-increase-spending-capacity-nirmala-sitharaman-278011">Also Read: Wanted to increase spending capacity: Nirmala Sitharaman on Budget 2020</a>

The minister also removed dividend distribution tax on companies.

"This is another bold move, which will further make India an attractive destination for investment," Sitharaman said.

"In order to increase the attractiveness of the Indian equity market and to provide relief to a large class of investors, I propose to remove the DDT and adopt the classical system of dividend taxation under which the companies would not be required to pay DDT," India's finance miniser added.

<a href="https://www.wionews.com/business-economy/union-budget-2020-21-allocations-for-environment-and-climate-change-277988">Also Read:&nbsp;Nirmala Sitharaman's key announcements on climate change</a>

"Further, in order to remove the cascading effect, I also propose to allow deduction for the dividend received by holding company from its subsidiary. The removal of DDT will lead to estimated annual revenue forgone of Rs 25,000 crore," the minister said. 
&nbsp;

Finance minister Nirmala Sitharaman in the Budget today announced increase in customs duty on imported wall fans, tableware and kitchenware. Also Read: In longest Budget speech, Sitharaman recites Kashmiri poem, couplet in Tamil The finance minister also proposed withdrawl of customs duty exemption on raw sugar, agro-animal based products, tuna bait, skimmed milk, certain alcoholic beverages, soya fibre and soya protein.

Finance minister Nirmala Sitharaman in the Budget today announced increase in customs duty on imported wall fans, tableware and kitchenware. Also Read: In longest Budget speech, Sitharaman recites Kashmiri poem, couplet in Tamil The finance minister also proposed withdrawl of customs duty exemption on raw sugar, agro-animal based products, tuna bait, skimmed milk, certain alcoholic beverages, soya fibre and soya protein. The government also hiked customs duty on catalytic converters, parts of commercial vehicles excluding electric vehicles. The increase in customs duty on wall fans was increased from 7.5 per cent to twenty per cent. The duty on tableware and kitchenware made of porcelain, copper, steel, clay iron was doubled to 20 per cent. Also Read: Wanted to increase spending capacity: Nirmala Sitharaman on Budget 2020 The minister also removed dividend distribution tax on companies. "This is another bold move, which will further make India an attractive destination for investment," Sitharaman said. "In order to increase the attractiveness of the Indian equity market and to provide relief to a large class of investors, I propose to remove the DDT and adopt the classical system of dividend taxation under which the companies would not be required to pay DDT," India's finance miniser added. Also Read: Nirmala Sitharaman's key announcements on climate change "Further, in order to remove the cascading effect, I also propose to allow deduction for the dividend received by holding company from its subsidiary. The removal of DDT will lead to estimated annual revenue forgone of Rs 25,000 crore," the minister said.

Budget 2020: Finance minister Nirmala Sitharaman proposes withdrawal of customs duty exemption on raw sugar, agro-animal based products

Union finance minister <a href="https://www.wionews.com/business-economy/union-budget-2020-21-live-updates-nirmala-sitharaman-union-budget-live-speech-on-union-budget-income-tax-slab-rate-cut-railway-budget-277913">Nirmala Sitharaman</a> delivered the longest Budget speech on Saturday after she spoke for two hours and forty-one minutes.

She also broke her own previous record of speaking for two hours and seventeen minutes in the previous Budget.

Before this, the longest speeches were given by <a href="https://www.wionews.com/photos/interesting-facts-about-the-budget-277967">Jaswant Singh</a>&nbsp;in 2003 and <a href="https://www.wionews.com/photos/interesting-facts-about-the-budget-277967">Arun Jaitley</a>&nbsp;in 2014 who spoke for two hours thirteen minutes and two hours ten minutes respectively.

Also see:<a href="https://www.wionews.com/photos/interesting-facts-about-the-budget-277967">&nbsp;Key facts about India's Budget</a>

However, &nbsp;ex-finance minister Manmohan Singh speech was longest in terms of words as it comprised of 18,650 words in the historic 1991 speech in which he announced the liberalization of the economy.

It was followed by former finance minister late Arun Jaitley&nbsp;whose speech comprised of 18,604 words.

Interestingly, the shortest Budget speech was given by HM Patel in 1977 during the Janta Dal government comprising&nbsp;800 words.

The Union Budget speeches have become longer over the period of time.

The following chart shows the number of paragraphs in each budget speech:

<img alt="Data" data-entity-type="file" data-entity-uuid="6767e228-a3b9-41f0-8a2a-334c5fbc61cf" src="//cdn.wionews.com/sites/default/files/inline-images/Capture%20454.JPG" />

(Data: Ministry of Finance)

After over two hours and a half hours, Sitharaman appeared to be exhausted after speaking for such a long duration.

''Sir, I think I will lay down the rest of the pages,'' she told the Lok Sabha speaker <a href="https://www.wionews.com/india-news/lok-sabha-speaker-om-birla-rejects-ministers-demand-says-there-will-be-no-adjournments-238511">Om Birla.</a>

India's finance minister cut shot the Budget and did not read the remaining two pages of her speech as she felt uneasy.

True to her style in 2019, she recited several poems and couplets from a Kashmiri poem by Dina Nath Kaul Nadim, a line from Tamil Saint poet Avvaiyar's 'Aathichudi' and one couplet of Tamil saint Thirukkural.

She had also used six&nbsp;languages in her Budget Day speech on July 5, 2019.

Union finance minister Nirmala Sitharaman delivered the longest Budget speech on Saturday after she spoke for two hours and forty-one minutes. She also broke her own previous record of speaking for two hours and seventeen minutes in the previous Budget.

Union finance minister Nirmala Sitharaman delivered the longest Budget speech on Saturday after she spoke for two hours and forty-one minutes. She also broke her own previous record of speaking for two hours and seventeen minutes in the previous Budget. Before this, the longest speeches were given by Jaswant Singh in 2003 and Arun Jaitley in 2014 who spoke for two hours thirteen minutes and two hours ten minutes respectively. Also see: Key facts about India's Budget However, ex-finance minister Manmohan Singh speech was longest in terms of words as it comprised of 18,650 words in the historic 1991 speech in which he announced the liberalization of the economy. It was followed by former finance minister late Arun Jaitley whose speech comprised of 18,604 words. Interestingly, the shortest Budget speech was given by HM Patel in 1977 during the Janta Dal government comprising 800 words. The Union Budget speeches have become longer over the period of time. The following chart shows the number of paragraphs in each budget speech: (Data: Ministry of Finance) After over two hours and a half hours, Sitharaman appeared to be exhausted after speaking for such a long duration. ''Sir, I think I will lay down the rest of the pages,'' she told the Lok Sabha speaker Om Birla. India's finance minister cut shot the Budget and did not read the remaining two pages of her speech as she felt uneasy. True to her style in 2019, she recited several poems and couplets from a Kashmiri poem by Dina Nath Kaul Nadim, a line from Tamil Saint poet Avvaiyar's 'Aathichudi' and one couplet of Tamil saint Thirukkural. She had also used six languages in her Budget Day speech on July 5, 2019.

In longest Budget speech, Sitharaman recites Kashmiri poem, couplet in Tamil

Union finance minister Nirmala Sitharaman while announcing the Budget in Parliament today announced hundred per cent tax concession to sovereign wealth funds on investment in infrastructure&nbsp;projects.

<a href="https://www.wionews.com/business-economy/union-budget-2020-21-live-updates-nirmala-sitharaman-union-budget-live-speech-on-union-budget-income-tax-slab-rate-cut-railway-budget-277913">Also Read:&nbsp;Union Budget 2020-21-&nbsp;News Updates</a>

"Fiscal deficit pegged at 3.8 per cent in current fiscal and 3.5 per cent next year," Sitharaman said during the Budge speech.

The minister also announced concessional tax rate of 15 per cent to power generation companies.

"Concessional withholding rate of 5 per cent on interest payment to non-residents extended up to June 30, 2022," the minister announced.

<a href="https://www.wionews.com/business-economy/2020-budget-updates-union-budget-2020-sitharaman-allocates-rs-99300-crore-for-education-proposes-medical-colleges-with-district-hospitals-on-ppp-model-277987">Also Read:&nbsp;Sitharaman allocates Rs 99,300 crore for education</a>

"Twenty per cent tax for individuals annually earning between Rs 10 lakh and Rs 12.5 lakh, 25 per cent for income between Rs 12.5 lakh and 15 lakh, 30 per cent for above Rs 15 lakh income under the new slab," Sitharaman said.

"Dividend distribution tax shifted to individuals instead of companies," India's finance minister asserted.

For individuals,&nbsp;those earning upto Rs 5 lakh in a year will pay no tax. "For income between Rs 7.5 lakh and Rs 10 lakh per annum, tax rate has been reduced to 15 per cent from 20 per cent," the minister said.

Sitharaman proposed 10 per cent tax for income between Rs 5 lakh and Rs 7.5 lakh per anum for those who forego deductions and exemptions.

<a href="https://www.wionews.com/business-economy/nominal-gdp-growth-for-2020-21-estimated-at-10-per-cent-says-fm-sitharaman-277995">Nominal GDP growth for 2020-21 estimated at 10 per cent, says FM Sitharaman&nbsp;</a>

"Expected tax buoyancy will take time," the minister added. "Government to sell part of its holding in LIC," she added.&nbsp;

The minister added that all flagship schemes of the government have been provided for in the Budget.

Union finance minister Nirmala Sitharaman while announcing the Budget in Parliament today announced hundred per cent tax concession to sovereign wealth funds on investment in infrastructure projects.

Union finance minister Nirmala Sitharaman while announcing the Budget in Parliament today announced hundred per cent tax concession to sovereign wealth funds on investment in infrastructure projects. Also Read: Union Budget 2020-21- News Updates "Fiscal deficit pegged at 3.8 per cent in current fiscal and 3.5 per cent next year," Sitharaman said during the Budge speech. The minister also announced concessional tax rate of 15 per cent to power generation companies. "Concessional withholding rate of 5 per cent on interest payment to non-residents extended up to June 30, 2022," the minister announced. Also Read: Sitharaman allocates Rs 99,300 crore for education "Twenty per cent tax for individuals annually earning between Rs 10 lakh and Rs 12.5 lakh, 25 per cent for income between Rs 12.5 lakh and 15 lakh, 30 per cent for above Rs 15 lakh income under the new slab," Sitharaman said. "Dividend distribution tax shifted to individuals instead of companies," India's finance minister asserted. For individuals, those earning upto Rs 5 lakh in a year will pay no tax. "For income between Rs 7.5 lakh and Rs 10 lakh per annum, tax rate has been reduced to 15 per cent from 20 per cent," the minister said. Sitharaman proposed 10 per cent tax for income between Rs 5 lakh and Rs 7.5 lakh per anum for those who forego deductions and exemptions. Nominal GDP growth for 2020-21 estimated at 10 per cent, says FM Sitharaman "Expected tax buoyancy will take time," the minister added. "Government to sell part of its holding in LIC," she added. The minister added that all flagship schemes of the government have been provided for in the Budget.

25% tax for individuals annually earning between Rs 10 lakh and Rs 12.5 lakh: Sitharaman in Budget 2020

Union finance minister Nirmala Sitharaman during the Budget speech announced the allocation of Rs 99,300 crore for the education sector.

<a href="https://www.wionews.com/business-economy/union-budget-2020-21-live-updates-nirmala-sitharaman-union-budget-live-speech-on-union-budget-income-tax-slab-rate-cut-railway-budget-277913">Also Read:&nbsp;Union Budget 2020-21-&nbsp;Live News Updates</a>

"Special bridge courses will be designed for teachers, nurses, para-medical staff and caregivers," the minister said, while adding that the government proposes to attach medical colleges with district hospitals on the PPP model to deal with the shortage of doctors.

The finance minister also announced degree level full-fledged online education programme by institutions ranked in top 100.

"National police university and national forensic university are being proposed," the minister said during the Budget speech.

Watch Video:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="http://www.wionews.com/videos/can-indian-government-revive-consumer-confidence-in-union-budget-2020-277975/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Sitharaman also announced setting up of project preparation facilities for the infrastructure sector.

"Rs 103 lakh crore infra project pipeline has been launched in December end," the minister announced.

Union finance minister Nirmala Sitharaman during the Budget speech announced the allocation of Rs 99,300 crore for the education sector. Also Read: Union Budget 2020-21- Live News Updates "Special bridge courses will be designed for teachers, nurses, para-medical staff and caregivers," the minister said, while adding that the government proposes to attach medical colleges with district hospitals on the PPP model to deal with the shortage of doctors.

Union finance minister Nirmala Sitharaman during the Budget speech announced the allocation of Rs 99,300 crore for the education sector. Also Read: Union Budget 2020-21- Live News Updates "Special bridge courses will be designed for teachers, nurses, para-medical staff and caregivers," the minister said, while adding that the government proposes to attach medical colleges with district hospitals on the PPP model to deal with the shortage of doctors. The finance minister also announced degree level full-fledged online education programme by institutions ranked in top 100. "National police university and national forensic university are being proposed," the minister said during the Budget speech. Watch Video: Sitharaman also announced setting up of project preparation facilities for the infrastructure sector. "Rs 103 lakh crore infra project pipeline has been launched in December end," the minister announced.

Union Budget 2020: Sitharaman allocates Rs 99,300 crore for education; proposes medical colleges with district hospitals on PPP model

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