dget D C

Overview
What Is Budget
dget
B BUDGET 2020-21
ctorsDefination
Theme of Budgetof budget Presented On 1ST Feb 2020
mportant
Types ofFigures
Government Budget
ges in Income Tax slab A NIRMALA SITHARAMAN
– F.M
1
Definition Budget
The Word “Budget” originates from the
French word “Bougette” which again means
a Leather bag.

“A government budget is an annual financial statement showing item wise estimates of expected
revenue and anticipated expenditure during a fiscal year.”
 Types of
Government
Budget

Estimated Govt.
Receipts = Estimated Balanced Budget Unbalanced Budget
Govt. Expenditure

Estimated Govt.
Surplus Budget Receipts > Estimated
Govt. Expenditure

Estimated Govt.
Deficit Expenditure > Estimated
Govt. Receipts
 Theme of Budget

“Ease Of Living”
Aspirational India Economic Development Caring Society

• All Sectors of • #SabakaSath • More Focus on

Society seek #Sabkavikas women &
better standard #Sabkavishwas child, social
of living with welfare &
access of tourism,
health & jobs environment &
climate change
 Impo rtant Fig ure s
2019-20 2019-20 2020-21
P articulars
Budgeted Es timated Budgeted
Total revenue 1,962,761 1,850,101 2,020,926
Total Capital 823,588 848,451 1,021,304
Total Receipts 2,786,349 2,698,552 3,042,230
Total Expenditure 2,786,349 2,698,552 3,042,230
Revenue Deficit 485,019 499,544 609,219
Fis cal Deficit 703,760 766,846 796,337
P rimary Deficit 43,289 141,741 88,134
 Union Budget 2020 - Important Figures
3500000

3000000 2019-20 Budgeted

3042230

3042230
2786349

2786349
2019-20 Estimated

2698552

2698552
2500000
2020-21 Budgeted
2000000 2020926
1962761
1850101

1500000

1000000
1021304
848451
823588

796337
766846
703760
500000

609219
499544
485019
0

141741
88134
l

43289
e ta t s re cit cit cit
nu p i ip ti u fi fi fi
e ve Ca e ce nd De D e D e
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a a x n s
ot T o ot E v e Fi im
T T tal Re Pr
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 Change In income Tax
• Around 70 exemptions and deductions Taxable Income Slab Existing Tax Rates New Tax Rates
removed in new simplified regime 0-2.5 lakh Exempt Exempt
2.5-5 Lakh 5% 5%
• Remaining Exemptions and deductions 5-7.5 Lakh 20% 10%
7.5-10 Lakh 20% 15%
to be reviewed and rationalized
10-12.5 Lakh 30% 20%
upcoming year 12.5-15 Lakh 30% 25%
Above 15 Lakh 30% 30%
• New tax regime to be Optional – an
individual may continue to pay tax as
per the old regime and avail
deductions and exemptions

• Faceless Appeals to be enabled

Comparison between New and Old Tax slabs
Financial Sector
• Deposit Insurance Coverage to increase Rs.1 lakh
to Rs.5 lakh per Depositor.
• Credit guarantee scheme for NBFCs extended
• PSU banks to be encouraged to raise capital from
markets
• Proposes to sell govt’s balance holding in IDBI
Bank.
• Specified category government bounds for NRI
Education Sector
• Government allocated Rs.99300crore for
education sector & additional Rs.3000crore for skill
development
• Urban Local bodies to provide internship to young
engineer this year
• Focusing on full fledge online degree course by
NIRF, specially to support underdeveloped
students.
Agricultural Sector
• In budget 2020, Government allocated Rs.2.83 lakh
Cr. For sector comprising Agriculture & Allied
activities.
• 20 lakh farmers would be provided funds to set up
standalone solar pumps under PM KUSUM yojana
• Agri Credit availability set at 15 lac crore for
Fy.2020-21.
• In total 16 actions planned to help farmers
 Health & Sanitization Infrastructural Aviation,Tourism

• Allocated Rs.69000 • Proposal to provide • 100 more airports

Crore for health care 1.7 lakh crore for to be developed by
department transport 2025
• Rs.12,300Crore for infrastructure in • Rs.2,500Crore
swatch bharath 2021. allocated to boost
abhiyan • Aim to achieve tourism
• Proposal to open electrification of
hospital in 2 & 3 tier 27000km of lines
cities • 6000crore to boost
internet connectivity
GST
Simplified GST Returns Shall be implemented
From 1st April 2020
SMS based filling for nil returns
Return Pre-filling
Improved input tax credit flow

Refund Process to be Fully Automated

Centralized System for e-invoices in GST

Aadhaar based verification of taxpayers to weed

out dummy units
Foreign Remittances Under Tax Net

• government authorizes foreign exchange dealers to

collect 5 percent of their remittance amount as income
tax on a payment of more than Rs 7 Lakh under the
liberalized remittance scheme of the Reserve Bank of
India.
• It also authorizes sellers of overseas tour programme
packages to collect 5 percent of the package amount
as income tax.

APPLICABLE FOR
INDIVIDUALS
Benefits to Startups
The income tax law provides deduction for 100 percent of income of an eligible startup for three
out of seven years from the year of its incorporation. Budget 2020 increased this period to 10
years
So far, startups with a total turnover of up to Rs.25 crore could benefit from this deduction. The
limit has now been increased to Rs.100 crore. Both these changes will become effective starting
April 1, 2021.
Concessional corporate tax rate of 15 percent to
new Domestic companies in manufacturing and
power sector.
The End Of
BUDGET
 My work Profile
 Day to day Entries in tally such as purchase, payment, journal, petty cash etc
 Cash flow statement management
 Ensuring Government payment such as PF, PT, TDS, GST etc before due
dates
 Bank Reconciliation twice a week
 Monthly Invoice to client – FH
 Creditors reconciliation
 Monthly Reports as per Arvind sir’s requirenment
 Vendor payments vie NEFT RTGS
 Monthly salary payment
 Sending GSTR1 data to CA
 Sending Salary Data to Human empower
 Ensuring Credit card payments before due dates
 Filling and maintaining physical documents
 TDS Return
 Goals For financial 2020-21

TDS Return
GST Return
Gain More knowledge on Compliance level
More reports in excel
Zero Errors
Thank You