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Budget Analysis 2020 in Hindi

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Published on 04 Feb 2020 / In Budget

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

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