Live Updates and discussion on Union Budget 2020

Page no : 8

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Tax on Cooperative societies proposed to be reduced to 22 per cent plus surcharge and Cess, as against 30 per cent at present: FM

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Direct tax dispute settlement scheme sans no penalty and interest is a relief for corporates mired in litigation.

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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

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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

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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