Budget 2020 live: IPO for LIC will increase transparency, says Piyush Goyal

Finance Minister Nirmala Sitharaman started her Budget 2020 speech in the Lok Sabha at 11 am on Saturday (February 1).

Finance Minister Nirmala Sitharaman delivered her Budget 2020 speech in the Lok Sabha on Saturday (February 1). This was Sitharaman's second Budget speech.

FM Sitharaman has changed income tax slabs and cut income tax rates for earnings up to Rs 15 lakh per year, making it optional for taxpayers who will then have to let go of 70 exemptions. As per the new income tax structure, those earning up to Rs 5 lakh will not have to pay any tax. Those earning between Rs 5 lakh-7.5 lakh will have to pay 10% tax. 15% tax will be for income between Rs 7.5 lakh-10 lakh and 20% tax will be imposed on income between Rs 10-12.5 lakh. The tax will be 25% for income between Rs 12.5 -15 lakh and 30% for income above Rs 15 lakh.

The Union Finance Minister also announced that dividend distribution tax has been shifted to individuals instead of companies. She also announced that concessional tax rate of 15 per cent has been extended to power generation companies. The government plans 100 per cent tax concession to sovereign wealth funds on investment in infra projects, added Sitharaman. She also said concessional withholding rate of 5 per cent on interest payment to non-residents has been extended up to June 30, 2022.

Track the space for latest developments on the Union Budget 2020: 

01 February 2020

17:19 IST

Talking about the agrarian sector, the PM said that Union Budget 2020 will help in doubling farmers' income.

17:19 IST

Budget will give new energy to youth in country by promoting startups - Prime Minister Modi.