How Income Tax Structure Has Evolved In India In the 2010s

Authorities have striven to strike the right balance between tax incentives and revenue generation.

Union Budget 2020 will be presented by Union Finance Minister Nirmala Sitharaman on February 1. The Budget 2020 will the outlay expenditure budget for various government departments for the upcoming financial year 2020-21 and will also give details on how much the government earned in revenues from direct and indirect taxes and from disinvestment in financial year 2019-20.

Budget 2020 will be the second Budget which will be presented by the Finance Minister Nirmala Sitharaman after she presented the first Budget of Prime Minister Narendra Modi-led National Democratic Alliance government which returned to power in May last year.

Budget News: All the Budget news related to Union Budget 2020 will be available on ndtv.com/budget and viewers can also live stream Finance Minister Nirmala Sitharaman’ s Budget speech on Budget day that is February 1 on https://www.ndtv.com/video/live/channel/ndtv24x7.

Budget 2020 expectations: Industry bodies like Confederation of Indian Industries (CII) have pinned a lot of their expectations from Budget 2020. Among various Budget 2020 expectation, CII expects the government Rs 2 Lakh Limit On Deduction Against Home Loan Interest is Not Enough and wants the limit to be enhanced to Rs 5 lakh. Among other Budget 2020 expectations, CII has also called for lowering import duty on medical device parts, reduction in custom duty for cement, reduction on GST for Active Pharmaceutical Ingredients among other things.

Besides, repayment of home/education loan and any overall deductions applicable under Section 80C of the Income Tax Act are also taken into account in the income tax calculator.

India Budget: The official preparation of India Budget started with customary Halwa ceremony. Officials of the Finance Ministry, who are involved in the preparation of Budget 2020 documents move to the basement of North Block and remain cut off from their families for around 10 days. This is done to prevent any leaks before the Union Budget 2020 is presented. Union Budget India is preceded by the presentation of Economic Survey by the Chief Economic Advisor. This year, Chief Economic Advisor to the government of India, Krishnamurthy Subramanian will present the Economic Survey on January 31.