Budget 2020 Live: FM Sitharaman Revises Personal Income Tax Slabs, Scraps DDT; Announces LIC IPO
Union Finance Minister Nirmala Sitharaman, holding a folder containing the Union Budget documents, poses for photographers along with her deputy Anurag Thakur and a team of officials, outside the Ministry of Finance, North Block. (PTI)

Budget 2020 Live: FM Sitharaman Revises Personal Income Tax Slabs, Scraps DDT; Announces LIC IPO

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Budget 2020 Live Coverage | How Will Budget 2020 Impact Your Finance?

Key Highlights From FM's Post Budget Speech Press Conference

Finance Minister Says:

  • Have Not Said No Money For Recap After PSB Amalgamation
  • If Capital Need Arises Along With PSB Amalgamation, Will Consider
  • Private Investment Was Not Happening At Desired Pace
  • GST Revenues Were Not At Par With Expectations
  • Had To Ramp Up Government Spending In 2019, Hence Deficit Change
  • Revenue Generation Improvement Gives Confidence On FY21 Deficit
  • Divestment Groundwork Done In FY20 Will Reflect In FY21
  • Government's Intent Is Not To Harass Taxpayers
  • Tax Charter Meant To Honour Honest Taxpaying Entrepreneurs
  • Addressed Real Estate's Needs With 1-Year Extension Of Sops
  • Those Who Want To Continue Availing Exemptions Can Stay With Old Regime
  • Want To Remove Income Tax Exemptions In The Long-Run
  • Ideal Situation Would Have Been Scheme With No Exemptions
  • Want To Bring Rates Down, Ease Complications That Exist In Compliance
  • Optional Approach Similar To That Done With Corporate Tax Changes
  • New Personal Tax Regime Meant To Simplify Structure

Revenue Secretary Says

  • More Than 4.9 Lakh Cases Are In Dispute
  • Settlement Post-Mar. 31 Can Be Done With Small Fee Over Tax Amount
  • Non-Resident Status Now After 240 Days Overseas, Vs 182 Earlier
  • Donation To Charitable Trust Not Deductible Under New System
  • Exemption On Payment Received From NPS Retained
  • Exemption On Retirement Gratuity Retained
  • Retained Retirement Benefit Exemptions In New System
  • Total Of 120 Exemptions To Income Tax Existed
  • Donation To Charitable Trust Not Deductible Under New System

Finance Secretary Says

  • Timeline On LIC IPO To Be Given A Later Point
  • Revenue Generation Improvement Gives Confidence On FY21 Deficit
  • PSB Mergers To Yield Synergy Savings Of Rs 1,900 Crore

DIPAM Secretary Says

  • Some Of The Big-Ticket Disinvestments Will Spill Over Into FY21
  • Expect Expressions Of Interest For BPCL Very Soon

Budget Impact: Sensex Drops Nearly 900 Points; Nifty Falls To Below 11,700

Indian stocks extended declined to trade at day’s low.

The S&P BSE Sensex fell 2.1 percent or 880 points to trade below 40,000-mark and the NSE Nifty 50 fell 2.2 percent 11,697. The broader markets represented by the NSE Nifty 500 Index fell 2.3 percent.

The market breadth was tilted in favour of sellers. About 1,293 stocks declined and 443 shares declined on National Stock Exchange.

Ten out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Realty Index’s 7 percent fall. On the flipside, the NSE Nifty IT Index was the only sectoral gainer, up 0.7 percent.

Budget 2020 Live: FM Sitharaman Revises Personal Income Tax Slabs, Scraps DDT; Announces LIC IPO

Budget 2020 Impact: VS Parasarathy Says Budget Will Return Consumer Confidence

Mahindra & Mahindra’s VS Parasarathy expects Budget 2020 to return confidence to consumers and benefit auto and auto ancillary markets. While there were no specifics for the industry, an improvement in overall sentiment will be seen, he said.

I think this budget takes a lot of small and important steps in the the right direction. Great thing is, there are no negatives as far as this is concerned. I think this budget is a very big positive for that part of the industry. Hopefully this starts the virtuous loop. 
VS Parasarathy, CFO, Mahindra Group

Budget 2020 Impact: Marcellus Investment's Saurabh Mukherjea Says FIIs Will Return

The LIC listing and ambitious disinvestment target are linked. The FMCG stocks are roaring due to the middle class getting roughly Rs 10,000 in tax cuts. Also, the FIIs will come back to buy the high-dividend paying stocks as they benefit immediately.
Saurabh Mukherjea, Co-Founder, Marcellus Investment Managers

However,on the negative side, the budget gave no relief to the NBFC sector, he pointed out. “That's obviously a big deal as the ecosystem is challenged at the moment,” reasoning the equity market’s negative reaction.

The request to the Reserve Bank of India to extend the MSME restructuring window was a little worrisome, he added. “This is basically saying the government does not have the money to recapitalise the state-owned banks and therefore asking RBI to kick the can down the road.”

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