Union Budget 2020
* Proposed Direct Tax Reforms*
* New Simplified Personal Income Tax Regime for Individual Tax Payers
• no deduction or exemption
• 5-7.5 Lakhs - 10 %
• 7.5 - 10 Lakhs - 15 %
• 10 - 12.5 Lakhs - 20 %
• 12.5 - 15 Lakhs - 25 %
• Above 15 Lakhs - 30 %
• optional for tax payers
• simplified income tax return
• removal of 70 deductions
* Dividend Distribution Tax on companies removed and dividend to be taxed in hands of the recipient.
* 15% concessional rate of corporate tax extended to Power Sector
* Foreign Investment encouraged by extending lower withholding tax rate to interest on various securities in respect of foreign investment
* Start ups provided with more income tax benefits
* Cooperative societies provided an option to be taxed at 22 % with no exemption
* Tax Audit threshold increased to 5 crores if less than 5 % turnover is in cash
* New Charitable Institution registration process to be completely electronic
* Faceless Appeals to be enabled in lines of faceless assessments
* Vivaad se Vishvash
• no Dispute but Trust Scheme
• Direct Tax Dispute Resolution
• payment of all taxes will lead to waiver of penalty and interest
• applicable for all pending appeals at all levels
* PAN to be allotted instantly on basis on Adhar. JOIN @ALLIESFIN
By: via @AlliesFin Serve T.ME/ALLiESFiN
