[Live]: Union Budget 2020 Update
Amid expectations that the Narendra Modi government will bring the Indian economy out of a slump by boosting growth, Finance Minister Nirmala Sitharaman tabled the Union Budget 2020-21 in the Lok Sabha today. At the start of her speech, Sitharaman paid homage to late Finance Minister Arun Jaitley.

Key Highlights:

- PAN cards will be allotted instantly online soon with Aadhaar: Sitharaman.

- Tax on Cooperative societies proposed to be reduced to 22 percent plus surcharge and cess, as against 30 percent at present

- Health cess on import of medical equipment imposed in Budget

- New simplified personal income tax regime. Anybody earning Rs 5- Rs 7.5 lakh to pay only 10 percent tax. For income between Rs 7.5 lakh to Rs 10 lakh, the tax rate will be 15 percent. No tax for those earning up to Rs 5 lakh.

- No more tax harassment! Govt proposes Tax Payer Charter

- New income tax rates will be optional: FM Sitharaman

- Income tax rates will be significantly reduced for those who forego reliefs, exemptions

- Finance Minister proposes to expand Jan Aushadhi Kendras in all districts to provide medicines at affordable rates

- Budget 2020 provides an additional ₹69,000 crore for the health sector

- A degree level full fledged online education programme to deprived, who cannot afford education

- Proceeds from taxes on medical devices would be used to support setting up of hospitals

Stay tuned for more updates!

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