Union Budget 2020- Analysis of Direct Tax Proposals

On 1^st of Feb., 2020 Union Finance Minister Mrs. Nirmala Sitaraman has introduced the Finance Bill 2020. This year Government of India has introduced out of box proposals when we look into the direct tax proposals.  Some of the proposals are:- New optional Tax slabs for Individuals and HUF, Concessional Tax rates to co-operatives, Tax incentives to startups, widening of tax net, E-Appeals introduced, Very hard penalty provisions on fake invoices, Dividend Distribution Tax on corporate removed, Compliance provisions for trusts have been strengthened, significant change in threshold limit for tax audit, changes in return filing date, Modification in establishing residential status and the most important provision regarding taxation of an  Indian citizen who is not liable to tax in any other country or territory shall be deemed to be resident in India. 

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Union Budget 2020- Analysis of Direct Tax Proposals

SUMMARY OF UNION BUDGET 2020-21

Finance Minister Smt. Nirmala Sitharaman, today unveiled a series of far-reaching reforms, aimed at energizing the Indian economy through a combination of short-term, medium-term, and long term measures.

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Source: Press Information Bureau, Government of India, Ministry of Finance

KEY HIGHLIGHTS OF UNION BUDGET 2020-21

Finance Minister Smt. Nirmala Sitharaman, today unveiled a series of far-reaching reforms, aimed at energizing the Indian economy through a combination of short-term, medium-term, and long-term measures.

Three prominent themes of the Budget

1. Aspirational India - better standards of living with access to health, education and better jobs for all sections of the society
2. Economic Development for all - “Sabka Saath , Sabka Vikas , Sabka Vishwas”.
3. Caring Society - both humane and compassionate; Antyodaya as an article of faith. 

Three broad themes are held together by:

• Corruption free, policy-driven Good Governance.
• Clean and sound financial sector.
• Ease of Living underlined by the three themes of Union Budget 2020-21.

Read more: KEY HIGHLIGHTS OF UNION BUDGET 2020-21

SOURCE: Press Information Bureau, Government of India, Ministry of Finance