On 1st 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