Budget takeaways: Expanded public holding in listed firms, tax reforms

Key budget takeaways.from the speech below. The budget, analysts said, did not take significant proactive movements around job creation and urban reforms. Tax reforms were significant, as well as the expansion of public holdings in listed companies.

12:59 pm: Cess for road and infra raised by Re 1 on petrol.
12:57 pm: Higher surcharges on individuals with taxable income of Rs. 2 crore - Rs 5 crore and Rs 5 crore and above will increase tax rates by 3% and 7% respectively.
12:55 pm: To discourage business payments in cash, TDS of 2% on withdrawals exceeding Rs. 1 crore in a year.
12:54 pm: NBFC stocks rising as budget speech progresses.
12:53 pm: Revision of tax scrutiny norms of taxpayers. Faceless assessment in electronic mode involving no human interface being launched.
12:52 pm: Pre-filling of tax forms for taxpayers proposed
12:50 pm: Aadhaar can be quoted in place of PAN in transactions and elsewhere.
12:50 pm: Relief in securities transaction tax in options exercise.
12:45 pm: Markets fluctuate, recovering some losses made since the first hour of the Budget speech.
12:45 pm: For purchase of houses upto Rs. 45 lakh get enhanced interest deductions.
12:40 pm: Ease for startups in valuation and fundraising. Funds raised will not require scrutiny from IT department
12:40 pm: Lower rate of 25% income tax on corporations expanded from annual turnover of upto 250 crore, to upto 400 crores. Covers 99.3% of all companies.
12:40 pm: Focus on easing the tax burden and simplify tax administration.
12:40 pm: Quoting a Sangam era poet, FM says that the government does not intend to trample taxpayers.
12:35 pm: Focus has now moved to taxation and taxpayers.
12:30 pm: Encourage retail investment into CPSEs. Rs. 1,05,000 crore disinvestment targeted for FY20.
12:30 pm: Government stake of 51% in sectors defined to include government controlled institutions.
12:25 pm: 1 lakh crore corpus for infrastructure investments.
12:22 pm: Government will provide credit guarantee provision to PSU banks for highly rated assets of NBFCs that fail. RBI will get more regulatory power over NBFCs, with RBI also getting regulatory power over HFCs.
12:20 pm: Focus on strengthening governance in public sector banks.
12:05 pm: Ease of living important for citizens, according to the government.
12:01 pm: Streamlining of labour laws into four codes proposed.
12:00 pm: More efforts towards bringing in foreign students, and draft legislation for higher education proposed.
11:55 am: Sensex falls as FM delivers speech.
11:50 am: Cities and rural India both need attention to prevent overmigration.
11:40 am: FM announces range of schemes to boost rural economy and facilitate cluster based development.
11:30 am: Minimum public holding in listed enterprises to be raised to 35% from 25%.
11:30 am: Listing of social enterprises and voluntary organizations under a separate exchange.
11:30 am: Streamline investments for FPIs in the stock market, by easing KYC norms.
11:25 am: Focus on building a corporate bond market: India requires Rs. 20 lakh crore in investment every year. Credit guarantee corporation to be set up. Credit default swaps proposed. Proposed to permit FII investments in debt funds, NBFCs, to be sold or transferred to any domestic investor.
11:23 am: Retail shopkeepers get pensions from the government if their annual turnover is under Rs. 1.5 crore.
11:22 am: Local sourcing norms mooted for single brand retail companies
11:22 am: Loans for MSMEs through an online portals proposed. Payment platform for MSMEs for payment of bills.
11:20 am: Model tenancy laws and rental law reforms proposed.
11:20 am: One nation One grid to make power more affordable to states, and improve gas and water distribution.
11:15 am: Rs. 10,000 crore budgeted from April 2019 to drive adoption of electrical vehicles.
11:10 am: India Inc are nation's wealth and job creators, FM says. Need to encourage investment and ease of business.
11:08 am: Finance Minister says structural reforms needed for India's growth.