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Monday , March 8 2021
Home / National / Budget 2020-21: Personal Income Tax slabs simplified; income upto Rs 5 lakh exempted from tax

Budget 2020-21: Personal Income Tax slabs simplified; income upto Rs 5 lakh exempted from tax

Union Budget 2020-21 has proposed a 16-point action plan to boost agriculture and farmers’ welfare and doubling farmers’ income by 2022.

It also seeks to double farmers’ income by 2022. Finance Minister said, the budget is aimed at boosting the income of people and enhancing their purchasing power.

Comprehensive measures for 100 water-stressed districts have also been proposed in the Budget. Meanwhile, agricultural credit target has been set at 15 lakh crore rupees. Twenty lakh farmers will be provided funds for setting up standalone solar pumps.

Farmers will also be allowed to set up solar units on barren and fallow lands and supply power to grids. Youth and fishery extension work will be enabled by rural youth as Sagar Mitras, forming 500 fish farmer producing organizations.

Ms. Sitharaman said, Indian Railways will set up Kisan Rail through PPP arrangement for transportation of perishable goods. She added that Krishi UDAN will be launched by Civil Aviation Ministry on international and national routes.

It will improve value realization in North East and tribal districts. The Finance Minister further said, financing on Negotiable Warehousing Receipts will be integrated with e- National Agricultural Market.

NABARD Refinancing Scheme will be further expanded, and agri credit target for the year 2020-21 has been set at 15 lakh crore rupees.

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