Highlights of Union Budget - 2020

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Union Budget is a very important event. It is when the Finance minister of India presents the annual financial statement of the government of that particular year. It is also that time of the year when there are lot of expectations and buzz around what is in store for us in this year’s budget.

Here are some of the key highlights in the banking and finance sector

  1. Insurance coverage on bank deposits to increase from INR 1 lakh to INR 5Lakh per depositor

  2. Dividend Distribution Tax paid by the companies while they pay dividend to their investors have been removed. Dividend is now taxable in the hands of the recipient as per the applicable tax rates.

  3. Simple and New Income tax regime is proposed to be available as an option for individuals who are ready to forego exemptions and deductions. They will have a reduced tax rate.

  4. Online allotment of PAN card based on Aadhar to be introduced

As important as a Union Budget is to the country, so is our monthly budget on our income and expenditure to our household. Any household can never plan finances well without preparing a budget. It is also one of the important aspects of financial planning.

While it is important to know how the Union budget impact us, it is equally important to know our how our household financial statement looks like. One of the key things to do is prepare your household budget consistently, identify areas of reducing expenses/saving more and invest efficiently for a secured future.

To know more checkout - https://www.indiabudget.gov.in/doc/bh1.pdf

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