Nirmala Sitharaman presents Union Budget 2020

Startup Budget 2020 Nirmala Sitharaman

In pictures: Nirmala Sitharaman presents Union Budget 2020

Addressing a press conference in New Delhi after presenting the Union Budget 2020-21, Ms Sitharaman said, Government also wanted to simplify income tax process and increase compliance. The new regime, however, comes with certain terms and conditions.

Finance Minister Nirmala Sitharaman has said that the Government wanted to place money in the hands of the people, particularly the middle and lower-middle classes.

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"We propose to bring a personal income tax regime, where income tax rates will be reduced, so now, a person earning between Rs 5-7.5 lakhs will be required to pay tax at 10% against current 20%", she said. Individuals earning between Rs 7.5 lakh and Rs 10 lakh per year will be taxed at 15%, against the existing 20%.

Citing an example, she said, a person earning Rs 15 lakh per annum would be able to save Rs 78,000 in taxes by opting for the new tax regime.

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Here's a look at how much taxpayers at different income levels can save under the new tax regime if they forego exemption under Section 80C, which amounts to Rs 1.5 lakh. Rs 12.5 lakh - Rs 15 lakh - tax will be 25%. The Press Trust of India news agency said the minister cut short her speech in Parliament because she felt unwell after speaking for more than two hours, the longest budget speech by an Indian finance minister.

The government on February 01, 2020 offered relief to taxpayers and vowed to spend billions to double farmers' incomes and upgrade infrastructure, health care and industry to boost the country's lowest economic growth in a decade.

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The Ministry Of Home Affairs has been allocated Rs 1.05 lakh crore for the next fiscal in the budget, with special emphasis on the police force and work related to the 2021 Census.

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