Live Updates and discussion on Union Budget 2020

20% tax on those earnings Rs 10-12.5 lakh, says FM Sitharaman

NEW INCOME TAX SLABS VS EARLIER
- 10% for income between Rs 5 lakh-7.5 lakh against 20%.
- 15% for income between Rs 7.5 lakh-10 lakh against 20%
- 20% for income between Rs 10-12.5 lakh against 30%
- 25% for income between Rs 12.5 -15 lakh against 30%
- 30% for income above Rs 15 lakh

Dividend Distribution tax has been removed

 Income tax rates will be significantly reduced for those who forego reliefs, exemptions
 48,000 crore revenue loss due to income tax relief : FM

No exemption can be availed if below new optional tax regime is used :

The FM announced to abolish the present model of Dividend Distribution Tax. The tax shall now be charged in the hands of the recipient

Concessional corporation tax rate for electricity generation cos in place

• Around 70 of more than 100 income tax deductions and exemptions have been removed, in order to simplify tax system and lower tax rates: Sitharaman.
• Govt proposes 100% tax concession to sovereign wealth funds on investment in infrastructure projects: FM

• Around 70 of more than 100 income tax deductions and exemptions have been removed, in order to simplify tax system and lower tax rates: Sitharaman.
• Govt proposes 100% tax concession to sovereign wealth funds on investment in infrastructure projects: FM

 To introduce a new simplified personal tax regime:

- No income tax for income up to Rs 5 lakh

- 10% income tax for those earning between Rs 5 lakh to Rs 7.5 lakh versus 20% earlier

- 15% income tax for those earning between Rs 7.5-10 lakh versus 20% earlier

- 20% income tax for those earning between Rs 10-12.5 lakh versus 30% earlier

- 25% income tax for those earning between Rs 12.5-15 lakh versus 30% earlier

- Income above Rs 15 lakh to continue to pay tax at 30%

- New income tax scheme is optional, without exemptions

- Dividend Distribution Tax (DDT) abolished, shifted to individuals instead of companies

Around 70 of more than 100 income tax deductions and exemptions have been removed, in order to simplify tax system and lower tax rates: Sitharaman.

Govt proposes 100% tax concession to sovereign wealth funds on investment in infrastructure projects: FM

Income Tax Act to be amended to enable faceless appeal: FM

Budget proposes deferment of tax payment by employees on ESOPs from startups by five years