Budget 2020 live updates: Personal income tax rates slashed in new I-T regime

Nirmala Sitharaman's second budget

Finance Minister Nirmala Sitharaman will on Saturday present the budget of the second term of the Narendra Modi government. This will also be the second budget for Sitharaman, who became the second woman finance minister after Indira Gandhi to do so in the history of independent India. Sitharaman will present the full-year budget for the year ending March 2021. The Budget speech will begin at around 11 am today with Sitharaman beginning it with an address to the speaker of Lok Sabha. Usually, the duration of the presentation ranges from 90 to 120 minutes.

Photo: PTI

FM arrives at Finance Ministry

Finance Minister Nirmala Sitharaman and her team arrive to meet President Ram Nath Kovind, ahead of presentation of Budget. 

(Photo: Pallav Paliwal)

What to expect in Budget 2020

Sitharaman's second Budget is expected to announce measures to restore economic growth and to set out a clear road map for achieving the ambitious target of USD 5 trillion economy by 2025. Investments have failed to pick up despite corporate tax cuts and other stimulus measures, higher FDI inflows, plans to consolidate state-owned banks and monetary easing. After corporate tax cuts in September last year, speculation is rife about possible reduction in personal income taxes. A combination of an increase in the basic exemption limit and/or the introduction of a differentiated tax rate structure for higher incomes may be on the cards.

Sensex plunges over 250 points

Sensex plunges 279.01 points to 40,444.48 ahead of Union Budget; Nifty drops 81.45 pts to 11,880.65.