BUDGET 2020: Major Tax Proposals

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.
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Certicom Consulting [ Kedia Arpana & Co ] is a group of Chartered Accountants in the business of Small Business Setup & Statutory Compliance including for Professionals for the past 15 years. We have been an established and popular company with an excellent track record for the best customer satisfaction.

Certicom Consulting

Certicom Consulting [ Kedia Arpana & Co ] is a group of Chartered Accountants in the business of Small Business Setup & Statutory Compliance including for Professionals for the past 15 years. We have been an established and popular company with an excellent track record for the best customer satisfaction.

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