Tax on Cooperative societies proposed to be reduced to 22 per cent plus surcharge and Cess, as against 30 per cent at present: FM
Live Updates and discussion on Union Budget 2020
Page no : 8
(Guest)
- FM proposes scheme to bring down litigation in direct taxation scheme; 4.83 lakh direct cases pending in various appellate forums.
- 'Vivad se Vishwas' scheme for direct tax payers whose appeals are pending at various forum: FM
- Registration of charity institutions to be made completely electronic, donations made to be pre-filled in IT return form to claim exemptions for donations easily: Sitharaman.
- 15th Finance Commission has cut state share of central taxes by one percentage point to 41%.
Kirti
(Student)
(24 Points)
Replied 01 February 2020
Tax audit limit increased from 1 crore to 5 crore
Mita Basak
(Professional)
(1921 Points)
Replied 01 February 2020
The FM announced to abolish the present model of Dividend Distribution Tax. The tax shall now be charged in the hands of the recipient.
The government allows deduction of 100 percent of profits for statups with turnover upto 25 crores.
Minimum Alternate Tax for corporates has been removed- FM
The turnover threshold for audit for MSMEs raised to 5 crore- FM
Mita Basak
(Professional)
(1921 Points)
Replied 01 February 2020
Government proposes deferment of tax payment by employees on ESOPs from startups by 5 years
Mita Basak
(Professional)
(1921 Points)
Replied 01 February 2020
Tax Holiday extended by 1 year for affordable housing loans
Tax on co-operative societies to be reduced to 22% plus surcharge.
Additional 1.5 lakhs tax benefits on affordable housing loans
Vivad se Vishwas Scheme launched to bring down direct tax litigation- FM
FM announces System where PAN can be instantly alloted online on the basis of Aadhar
Under Vivad Se Vishwas Scheme, taxpayer to pay only amount of disputed tax, will get complete waiver on interest and penalty, if scheme is availed by March 31, 2020 - FM @ nsitharaman
Mita Basak
(Professional)
(1921 Points)
Replied 01 February 2020
Indirect Tax Reforms:. Rules of Origin requirements in Customs Act to be reviewed, to ensure FTAs are aligned with the conscious direction of our policy - FM
Mita Basak
(Professional)
(1921 Points)
Replied 01 February 2020
Nominal health cess on import of medical equipment to be introduced, to encourage domestic industry and generate resources for health services
Mita Basak
(Professional)
(1921 Points)
Replied 01 February 2020
Date of approval of affordable housing projects for availing tax holiday on profit earned by developers extended by 1 yr
Ayush
(Executive )
(6760 Points)
Replied 01 February 2020
Customs duty increased on footwear and furniture.
-FM
Sopandeep Singh
(jobless)
(36 Points)
Replied 01 February 2020
Removal of exemption for the new slab rate was not at all good.
Amar Mane
(2 Points)
Replied 01 February 2020
New Income Tax slab
5 -7.5 lakhs from 20%to 10%
7.5-10 lakhs from 20% to 15%
10-12.5 lakhs from 30% to 20%
12.5-15 lakhs from 30% to 25%
5 -7.5 lakhs from 20%to 10%
7.5-10 lakhs from 20% to 15%
10-12.5 lakhs from 30% to 20%
12.5-15 lakhs from 30% to 25%
Pradeep kumar T V
(Ops Executive)
(87 Points)
Replied 01 February 2020
For individuals below 15L got some relaxation
and estimated GDP growth to 10
and estimated GDP growth to 10
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