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Tax Proposals : BUDGET 2020
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- TAXPAYERs’ CHARTER in various Acts like Companies Act, for removing harassment of and protecting Taxpayers.
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- VIVAD SE VISHWAS SCHEME IN INCOME TAX – No interest & penalty if the tax paid by 31st March 2020. Some additional amt. By 30th June.
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- Option to Individual without around 70 exemptions/ Deductions (With 1.5L Ch VIA Deductions) -Till 5L – No Tax
5L – 7.5L – 10%
7.5L – 10L – 15%
10L – 12.5L – 20%
12.5L – 15L – 25%
More than – 30%
- Option to Individual without around 70 exemptions/ Deductions (With 1.5L Ch VIA Deductions) -Till 5L – No Tax
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- Prefiled tax return for individuals in the new regime.
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- Dividend Distribution Tax – scrapped for companies. Dividends to be charged to recipients.
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- New Electricity Generating Companies Corp Tax Rate 15%.
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- 100% Tax exemption to foreign investment in the priority sector.
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- Start-Ups – ESOPs to employees to be taxable after 5 years or sale or as per other conditions.
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- Turnover limit for the exemption for Start-Ups now 100 Cr.
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- Options for Co-operative Societies: Co-operatives can choose a 22 per cent tax with 10 per cent surcharge and 4 per cent cess with no exemptions.
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- TAX AUDIT THRESHOLD LIMIT – Increased to 5 Cr. But with business with cash transaction of not more than 5%
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- Tax Holiday to developers of affordable housing extended by 1 year.
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- Limit of difference with a circle can be 10% now (up from 5%).
- Faceless Appeals on lines of Faceless Assessments.
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