Key Highlights of Budget 2020

.
In a two-hours  forty Minutes Budget 2020 speech highlights, the Union Finance Minister Nirmala Seetharaman has made some significant proposals for tax matters.
.
Some of the Budget Highlights are below.

1. Income Tax Slab: 10 per cent for 5 to 7.5 lakh, 15 per cent for 7.5 lakh to 10 lakh, 20 per cent for 10 lakh to 12.5 lakh, 25 per cent for 12.5 lakh to 15 lakh and 30 per cent for above 15 Lakh.
2. Dividend Distribution Tax is removed and dividends are taxable.
3. 100% Tax Exemption for Foreign Sovereign wealth Fund Investments in India.
4. Tax on Cooperative societies proposed to be reduced to 22 per cent plus surcharge and cess, as against 30 per cent at present
5. 15% concessional rate of corporate tax extended to Power Sector
6. Exempts co-operative societies from Alternate Minimum tax
7. New proposed tax slabs that will be voluntarily for taxpayers but subject to not claiming any deductions.
8. Tax Audit threshold limit increased Rs. 5 cr from 1cr.
9. Section 50C and 45CA limit extended to 10% from 5%.
10. Income Tax Act to be amended to facilitate e-appeal
11. Section 80G -Donations allowed as a deduction will be pre-filled in ITR forms now onwards.
12. Additional Rs 1.5 lakh tax benefit on interest paid on affordable housing loans to March 2021.
13. ‘Vivad se Vishwas’ scheme for direct taxpayers whose appeals are pending at various forums.-
    • 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
14. E-Invoice will be implemented in a phased manner
15. Income Tax Faceless Appeals to be introduced
16. Import duty hiked on inputs used by footwear and furniture MSMEs
17. 60 lakh more taxpayers joined the GST tax base in the last two years.
18. 40 Crores Income Tax Returns has been filed.
19. Proceeds on Taxes from Medical devices will be used in funding hospital development.
20. Tax Holiday to developers of affordable housing extended by 1 year.
21. Govt to set up investment clearance cell to entrepreneurs.
22. Scheme for reversion of duties & taxes on exported products to be launched this year
23. A Taxpayer’s charter will be institutionalized.
24. Changes in Companies Act – Criminal liabilities to be substituted by Civil liabilities.
25. Insurance cover for a depositor will be raised from 1 lakh to 5 lakh per depositor.
26. The robust mechanism in place to monitor the health of banks, depositors’ money is absolutely safe.
27. Turnover limit for exemption for Start Ups now 100 Cr.
28. Strengthen the role of PFRDAI; an amendment to be carried out in Pension Fund in PFRDAI.
29. Faceless Appeals on lines of Faceless Assessments

 .

DOWNLOAD 👇👇

1. BUDGET SPEECH
2. FINANCE BILL 2020
3. MEMORANDUM
4. PPT ON BUDGET