Name: 2020-21年度連邦予算。ニルマラ・シサラマン連邦財務相による予算後会見 (Union Budget 2020-21: Post-Budget Conference by Union Finance Minister Nirmala Sitharaman)
Uploaded: 2021-01-14T09:35:00.000Z
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Finance Secretary Surreal Ajay Kumar sector D a.

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So number 11 Mike, this with the baby you Thank you.

You income tax cuts that you have given what all exemptions will remain in the new tax regime.

Secondly, given that ₹40,000 crore is the revenue out go that you said on behalf off this new possible income tax regime, our savings Take a back seat with exemptions going, how would you encourage savings in the new personal income tax regime?

Um, I will certainly ask the Revenue Secretary to come up with the list off exemptions which are part of this new skin.

But first, let's understand as toe waters being in our minds when we came up with a new scheme, the intention is to reduce the rates as much as to simplify the structure.

We wanted to be sure that money is in the hands of the people by not paying it packs, which they don't need to pay in the sense the rate can be brought down where we can bring it down, particularly for the middle class and the lower middle class.

So if you go by the way in which we organized the corporate tax cut in September when the corporate tax was reduced, even they the pattern was similarly adopted.

Those who want those exemptions and other things can continue with the old and those who are looking for a simplified rate.

A reduced rate and a simple process could adopt the new the same principles in our minds when we designed this.

Eventually we want to bring the rates down and remove the complications that are there in the complaints, too many exemptions.

It's very difficult for the administrators to administer it as much as too many exemptions.

You need an expert to keep advising you as to how you plan your taxation.

Make my intentions clear that we want to simplify the income tax process.

We have come up this year with a new scheme with very limited exemptions to it.

Ideally, a new skin without any exemptions would have been the best, but still, because there are some exemptions which are absolutely indispensable, like on Day four, we have brought in those exemptions to it and kept it at the minimum.

Those who still want to have the benefit of those exemptions, which they have been using for some years, can remain in the old system.

So we provided both with an intention that in the long run we will be gradually ableto remove all exemptions on in India, your personal income tax.

The entire framework should be simple and a very low rate without difficulties and complaints.

With that said, I have also read out the examples off people who don't want any exemption.

The old don't want any exemption in the new what will be the benefit I've also given you, in my speech example off all right, some benefits and old and some benefits and knew what you tend to benefit.

The new scheme has been designed in such a way that you definitely benefit in terms of the money, which is going to be remaining in your hand, having not to pay a higher income tax.

But that said, I lost that every new secretary to tell you which are those exemptions which are part of the new scheme?

No, with the reduced rate and with those few exemptions, what will be the benefit that anyone can get will be obvious from Miss Johnson.

Wait Recovery, comprehensive review off all exemptions and what we found that they're close toe 120 exemptions, uh, all different kinds of exemptions.

For example, the amount received by a member off a Hindu united family from the income of families state set off a Hindu undivided family from income off family state.

Sear off property issued by your partner.

Interest on certain notified securities interest on masala, Barnes, income off foreign diplomats, income of employees, consultant and family members under Technical Assistance Assistance Program come retirement.

So this way there was a huge list on Dhe, so we took a review off each item.

And then we found that in this new regime had been explained by the finance Minister that the whole idea was to offer a simply fight disease and also lower the tax rate.

Because there were a large number of people who, because of caste constraints, you know, the amount of the income that they were having, they were not able to take all benefits, and some people were able to take a larger number of exemptions and deductions.

So in order to offer a simplified system and also to help, though, you know you are not taking an exemption or for a lower tax rate, this system has been introduced that now the total number of exam since which have been removed from the new system is about 70.

So, in fact, I will give you some example that which one have been removed and which would have been retained.

So particularly the important ones which have been retained in the new system, uh would be like a the retirement benefit for death come retirement gratuity for for common deployed no limit for others up to 20 like it was already there.

Developed detain commuters and pencils will be retained.

Then they live in custom it on retirement that will be retained.

The treatment compensation will be retained.

Amount received on various after five like that will be retained.

The employer contribution after a certain limit.

You know whatever limit that is there now that will be retained.

Payment received on from NPS national pension scheme on closer partial withdrawal from MPs, they all will be retained a scholarship granted to meet the cost of education that will be detained.

Then a payment of awards instituted in public interest that will be retained.

So similarly be so the other things which will be retained then the ants on.

Simpson's as I mentioned that hole in the net.

Man, I just You will get the dick in personal Dempsey when there's more money in your hand and you, the person who has it will be better in a position to decide where you want to save installed me directing it.

So I'm a loving you to have more money new hand on depend on your judgment where you want to place the savings.

Um, ma'am, this is Monica from ze business, ma'am.

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Or do stray Iggy Reality Estate Sector Jovan off the top Employment generators.

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We had announced some things even earlier.

We had announced that stalled projects which need to be completed will be given the last mile, um, funding so that that project can be completed.

Home buyers will be getting the product that is already ongoing.

Now in this also, we have extended the date by one year.

So that difference affordable hosting the exemption which the home buyer has he's available for them and the tax holiday for the real estate.

I under benefit from it once the transaction gets over.

So we've actually given something much more than what was announced even before the budget for the real estate sector 29.

Often, ma'am, Something with us here from seeing the TGV 18.

You've also created a lot of buzz with your new Davis main target of 212110 lakh crore estimated for effort to anyone.

Mommy have clearly mentioned that, you know, out of this amount, around 94,000 crores is what you're looking at.

Why a sailor off steak and public sector banks and financial institutions.

Could you please explain that to us and also I d B I So?

So the good, which is being the specified a famous already wench, ended in the during the budget dispute.

It is essentially to come from the listing of the L A C and also from the idea at this instant.

Yeah, so that listing will decide evolutions.

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2020-21年度連邦予算。ニルマラ・シサラマン連邦財務相による予算後会見 (Union Budget 2020-21: Post-Budget Conference by Union Finance Minister Nirmala Sitharaman)

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