Thu. Oct 29th, 2020

Income Tax Rates Cut For Those Who Forego Exemptions Under New Option

Planettnews.com

Finance Minister Nirmala Sitharaman presented her second Union Budget today. As she rises to reveal her answer to a frail economy, steps to boost consumer demand and revive growth were watched closely. Beginning her presentation in parliament with a tribute to former Finance Minister Arun Jaitley who died last year, Ms Sitharaman termed the GST “historic structural reform”. Today’s Union Budget, the third in a span of one year, will seek to kickstart an economy staring at the worst pace of expansion recorded since the 2008-09 global financial crisis. The government is widely expected to raise spending on infrastructure and cut some personal tax to spur consumer demand and investment. The stock markets, which have been volatile ahead of the Budget day, will remain open for a special trading session.

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