केंद्रीय वित्तमंत्री के बजट भाषण में सिर्फ आधे मिनट में सिमटकर रह गया रेल बजट

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यह अत्यंत दुर्भाग्यपूर्ण है कि केंद्रीय वित्तमंत्री के बजट भाषण में अब सिर्फ आधे मिनट में ही रेल बजट की बात खत्म हो जाती है। इसमें अब न तो किसी चर्चा की गुंजाइश रह गई है और न ही कोई सवाल करने का कोई मौका बचा रह गया है। यही वजह है कि रेल बजट को केंद्रीय बजट में शामिल किए जाने के बाद से रेलवे की साख में भारी गिरावट आई है।

रेल बजट को केंद्रीय जनरल बजट में मिलाने के पीछे शायद सरकार की भी यही मंशा रही होगी, ताकि देश को रेलवे की खस्ता हालत के बारे में उसे कोई स्पष्टीकरण न देना पड़े। जबकि पहले जनरल बजट की अपेक्षा रेल बजट पर पूरे देश के सर्वसामान्य व्यक्ति की रुचि हुआ करती थी। केंद्रीय बजट से ज्यादा रेल बजट पर बहस होती थी, अब किसी को भी पता ही नहीं चलता कि रेल बजट में क्या आया, क्या नहीं!

“मुंबई सबर्बन के लिए केंद्रीय बजट में कुछ नहीं है। बजट भाषण में मुंबई सबर्बन का जिक्र तक नहीं है। मुंबई उपनगरीय रेलवे नेटवर्क के लिए अलग डिवीजन की मांग भी पूरी नहीं हुई है। यहां कोई बदलाव नहीं किया गया है” -सुभाष हरिश्चंद्र गुप्ता, रेलयात्री परिषद, मेंबर/एनआरयूसीसी/म.रे.

जितनी आय इस वर्ष थी, अगर उतनी ही आय अगले वर्ष भी होगी, तो नए टैक्स स्लैब से आयकरदाता को ₹17500 का नुकसान होगा -केंद्रीय बजट-2020

Half a minute refernce to Indian Railways with 5 points, solar plants, private trains, high speed trains, suburban train in bangalore

Surprising, Minister for Railways was noting down the points in between budget speech, does it mean it was without his knowledge?

Budget 2020 key highlights

  • GST bring synergy in logistics sector (20% time reduction)

  • 60 lakhs new taxpayers added via GST introduction

  • New simplified GST returns from April 2020

  • FDI elevated during period 2014-2019 to $284bn

  • Central government debt reduced to 48.7% of GDP in 2019

  • 16 points action plan for agricultural & irrigation sector under aspirational India

  • New Education Policy will be announced soon

  • ECB and FDI will open in education sector

  • Degree level full fledged online programs to be started

  • National Police University & Forensic university is proposed to be set up

  • INR 99,300 cr proposed for education sector

  • Investment clearance cell to be set up to facilitate investments and to provide advisory at State as well as Centre level

  • 5 new smart cities to be developed

  • Move to develop each district an export hub

  • INR 27,300 cr for promotion of industry & commerce

  • National logistics policy to be released soon

  • Digital refund of duties to exporter

  • Setting up of solar panels on barren lands

  • More Tejas types train to be introduced to connect iconic cities

  • 100 more Airports to be developed by 2024

Proposed to states to replace old electric meters to the smart pre-paid electric meters. This will give flexibility to consumer to choose service provider

  • INR 22,000 cr proposed for power & renewal energy sector

  • Private sectors to built data centre parks throughout the country, policy may come soon

  • INR 6,000 cr proposed for ‘Bharat Net’

  • Funding for ideation and start up

  • INR 28,600 cr proposed in this budget specific to women

  • Proposed to set up Indian Institute of Heritage & culture as a deemed university

  • 5 Archeological sites would be developed as iconic sites with onsite museums

  • Setting up of Tribal Museum in Ranchi, Jharkhand

  • INR 2,500 cr proposed for development of Tourism sector

  • Taxpayer’s charter to be a part of statute to build confidence/trust

Government will ensure that citizens need not worry about tax harassment. There is a debate on building criminal liabilites for civil acts. Companies Act will be amended to correct this

  • India to host G20 presidency in 2022; INR 100 cr allocated for preparation

  • Robust mechanism is in place to monitor health of all scheduled banks

  • Insurance cover for deposits increased from INR 1 lakh to 5 lakh

  • Universal pension coverage with auto enrollment to be introduced (through PFRDI) to every person

  • Invoice financing by NBFCs to MSME sector – Amendments to be made in Factoring Act

  • Certain amendments to be made in SARFESI Act

  • Non residents can invest in certain Government securities

  • Liquidity constraints of NBFCs & HFCs will be addressed – Government has taken steps from last year

  • International Buillion exchange to be setup in GIFT IFSC

  • LIC initial public offer will come to list on stock exchange; Government will sell part of its holding

Part-B – Tax Proposals

  • Personal income tax – proposed to bring new income-tax regime for individual Taxpayer’s

New slab rate (without exemption)

  • 10% – income 5 – 7.5 lakhs
  • 15% – 7.5 – 10 lakhs
  • 20% – 10 – 12.5 lakhs
  • 25% – 12.5 – 15 lakhs
  • 30% – Above 15 lakhs

Income upto 5 lakhs no tax, says FM

If individual ears income of 15 lakhs then tax would be 1.95 lakh vis-a-vis 2.73 lakhs as earlier

  • New scheme of individual tax rates is optional

FM says – reviewed all existing income tax exemptions and removed 70 of them in new regime and will review remaining and rationalize

Propose to remove DDT and dividend would be taxable in the hands of shareholders; removal of cascading effect of dividend distributed by holding to subsidiary (25k cr revenues forgone on account of DDT abolishion)

Concessional tax rate for electricity/power generation companies

100% tax exemption on new investment by foreign funds in infrastructure sector by 2024 with a minimum lock in period of three years

ESOPs given by startups to employees currently taxed as perquisites; deffering of tax payment by employees to 5 years

  • Increase in turnover limit from 25 crore to 100 cr for startups

  • Deduction can be claimed by startups upto 10 years

  • Tax audit turnover threshold limit increased from 1 cr to 5 crore

Concessional 5% withholding tax has been extended to municipal bonds. Cooperatives are taxed at 30 percent now. Cooperatives can choose a 22 percent tax with 10 percent surcharge and 4 percent cess with no exemptions.

  • Complete online registration of charitable institutions

  • Faceless appeals on the line of faceless assessment

  • Vivad se Vishwas Scheme introduced – New direct tax dispute settlement scheme

  • More than 4.83 lakhs cases pending at various forums

Taxpayer’s need to pay only disputed amount of tax (no penalty be charged) by March 2020; scheme will be available till June 2020 but some additional payment to made in-addition to tax

  • CBDT to adopt Taxpayer’s charter

  • PAN shall be instantly allotted on the basis of Aadhar without any filling up of form

  • Personal interface with tax administrators will be at minimum level

GST reforms will continue including a simplified return-filling form. FM says, refund has been simplified and has been fully automated.

Budget-2020 Brief

  1. Turnover limit increased to 5 crores for audit under section 44AB.
    Condition- business to carry less than 5% of total turnover in cash.

  2. Faceless Appeals proposed after faceless assessments.

  3. Minimum Alternate Tax removed for companies

  4. The limit increased by 5% to 10% for difference between stamp value and the actual consideration for taxation under other sources, capital gain or business income.

  5. New Tax regime introduced for Individual tax slab where no deduction and exemption can be claimed under new tax regime

Change in IT slab for individuals:-

  • 0-2.5 lacs no tax
  • 2.5-5 lacs- 5%
  • 5-7.5 lacs- 10%
  • 7.5- 10 lacs- 15%
  • 10-12.5 lacs- 20%
  • 12.5- 15 lacs- 25%
  • Above 15 lacs- 30%

  1. Dividend Distribution Tax Removed. Hence companies will not be required to pay DDT on dividend provided. Individual need to pay Tax under normal slab rate

  2. Cases pending in Income Tax- Viwad se Viswas- no Interest and penalty to be paid if disputed tax is paid by 31.03.2020. Post 31.03.2020- some additional amount needs to be paid and benefit to be given max by 30.06.2020.

  3. Cooperative society to be taxed at 22% with no exemptions/deductions. Also no AMT applicable.

  4. Corporate Tax for new manufacturing Company 15%