BUDGET 2020: Major Tax Proposals

[vc_row][vc_column][vc_column_text]

Tax Proposals : BUDGET 2020 

    • TAXPAYERs’ CHARTER in various Acts like Companies Act, for removing harassment of and protecting Taxpayers.
    • VIVAD SE VISHWAS SCHEME IN INCOME TAX – No interest & penalty if the tax paid by 31st March 2020. Some additional amt. By 30th June.
    • 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%
    • Prefiled tax return for individuals in the new regime.
    • Dividend Distribution Tax –  scrapped for companies. Dividends to be charged to recipients.
    • New Electricity Generating Companies Corp Tax Rate 15%.
    • 100% Tax exemption to foreign investment in the priority sector.
    • Start-Ups – ESOPs to employees to be taxable after 5 years or sale or as per other conditions.
    • Turnover limit for the exemption for Start-Ups now 100 Cr.
    • 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.
    • TAX AUDIT THRESHOLD LIMIT –  Increased to 5 Cr. But with business with cash transaction of not more than 5%
    • Tax Holiday to developers of affordable housing extended by 1 year.
    • Limit of difference with a circle can be 10% now (up from 5%).
  • Faceless Appeals on lines of Faceless Assessments.

[/vc_column_text][/vc_column][/vc_row]

Latest Updates

  • TDS Return Form 26Q: Due Dates, Applicability & Related Forms
    TDS Return Form 26Q: Due Dates, Applicability & Related Forms Form 26Q is a quarterly TDS return that must be filed by deductors when tax is deducted at source on payments made to resident individuals other than salaries. This includes deductions on professional fees, contractor payments, interest (excluding securities), dividends, commissions, and […]
  • Have You Reported Your Foreign Assets in Your Income Tax Return?
    Have You Reported Your Foreign Assets in Your Income Tax Return? In an increasingly globalized world, it’s common for Indian residents to hold assets or earn income abroad. However, what many fail to realize is that the Indian Income Tax Act mandates disclosure of foreign assets and overseas income in the Income […]
  • A Beginner’s Guide to E-Filing Income Tax Return for FY 2024-25
    A Beginner’s Guide to E-Filing Income Tax Return for FY 2024-25 Filing your Income Tax Return (ITR) is not just about fulfilling a legal formality—it’s a vital part of your financial discipline. Every individual earning income in India is required to declare their income, deductions, and taxes paid during the financial […]
  • Faking Tax Deductions? You Could Be Penalised Up To 200% Under Income Tax Rules
    Faking Tax Deductions? You Could Be Penalised Up To 200% Under Income Tax Rules New ITR-1 and ITR-4 Mandate Detailed Proof for Claims to Curb False Deductions Paying taxes accurately and on time isn’t just a legal obligation—it fuels public welfare and national development. To ensure compliance, the Income Tax Act prescribes […]
  • Aadhaar OTP a Must for PAN Registration: New Income Tax Portal Rule
    New PAN Registration Rule: Aadhaar OTP Verification Made Mandatory In a significant update, the Income Tax Department has introduced a mandatory Aadhaar-based OTP verification step for individuals registering their Permanent Account Number (PAN) on the official e-filing portal — www.incometax.gov.in. This change is designed to enhance security and ensure that only genuine users […]