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Prime Minister Narendra Modi on Saturday hailed the Budget presented by Finance Minister Nirmala Sitharaman, calling it visionary. The Finance Minister introduced several proposals in relation to the personal tax regime in the Budget 2020 presented in the parliament on Feb 1, 2020.

Determination of residential status for certain categories of individuals

The budget proposes to introduce the following amendments in determining residential status for certain categories of individuals.

As per the proposed amendments, a citizen of India would be deemed to be a resident of India in any financial year, if such individual is not liable to tax in any other country.

As per the existing provisions, an Indian Citizen or Person of Indian Origin, who being outside India, comes on a visit to India in any financial year, would be considered as a resident in India, if such individual stays in India for 182 days or more.

The amendment proposed by the budget provides for such an individual to be resident in India in either of the two scenarios – (i) the individual’s stay in India during the financial year is 182 days or more; or (ii) the individual’s stay in India is 120 days or more in the current financial year and 365 days or more in the preceding 4 financial years.

Budget at a Glance

1. Budget at a Glance presents broad aggregates of the Budget in a reader-friendly document. This document shows receipts and expenditure as well as the Fiscal Deficit (FD), Revenue Deficit (RD), Effective Revenue Deficit (ERD), and the Primary Deficit (PD). of the Government of India. Besides, it presents a pictorial account of sources of receipts, their application, the details of debt and deficit indicators, sources of deficit financing and trends and composition of important budgetary variables through charts and graphs.

2. Fiscal Deficit is the difference between the Revenue Receipts plus Non-debt Capital Receipts (NDCR) and the total expenditure. FD is reflective of the total borrowing requirements of Government. Revenue Deficit refers to the excess of revenue expenditure over revenue receipts. Effective Revenue Deficit is the difference between Revenue Deficit and Grants for Creation of Capital Assets. Primary Deficit is measured as Fiscal Deficit less interest payments.

3. Budget 2020-21 reflects the Government’s firm commitment to substantially boost investment in Agriculture, Social Sector, Education and Health. This is substantiated by increase in expenditure of Rs. 3,43,678 crores over RE (2019-20) while keeping the fiscal deficit at 3.8% of GDP.

4. In RE 2019-20, the total expenditure has been kept at Rs. 26,98,552 crore and is more than Provisional Actual (2018-19) by Rs. 3,83,439 crore.

5. The total resources going to States including the devolution of State’s share in taxes, Grants/Loans, and releases under Centrally Sponsored Schemes in BE (2020-21) is Rs. 13,90,666 crore, with an increase of Rs. 2,02,705 crore over RE (2019-20).

6. Actuals for 2018-19 are provisional.

Budget at a Glance

Budget at a Glance PDF PDF File EXCEL EXCEL File
Deficit Statistics PDF PDF File EXCEL EXCEL File
Transfer of Resources to States and Union Territories with Legislature PDF PDF File EXCEL EXCEL File
Budget Profile PDF PDF File --
Receipts PDF PDF File EXCEL EXCEL File
Expenditure PDF PDF File EXCEL EXCEL File
Outlay on Major Schemes PDF PDF File -