Key Highlights of Budget 2020 (Announcements) with copy of Union Budget

Key Highlights of Budget 2020 (Announcements)

Budget Income Tax Announcements

1. Income Tax Rate

• 10% income tax rate for Income between 5,00,000.00 -7,50,000 Rupees
• 15% income tax rate for Income between 7,50,000 -10,00,000.00 Rupees
• 20% income tax rate for Income between 10,00,000.00 -12,50,000.00 Rupees
• 25% income tax rate for Income e between 12,50,000.00-15,00,000.00 Rupees
• Incomes above 15,00,000.00 Rupees remain at 30%
• No tax for income up to 5,00,000.00 Rupees

2.Income Tax Slab

New Income Tax Rate	Income	Old Income Tax Rate
10%	Income between 5,00,000.00 -7,50,000 Rupees	20%
15%	Income between 7,50,000 -10,00,000.00 Rupees	20%
20%	Income between 10,00,000.00 -12,50,000.00 Rupees	30%
25%	Income e between 12,50,000.00-15,00,000.00 Rupees	30%
30%	Incomes above 15,00,000.00 Rupees	30%

3. Proposed 100% tax concession to sovereign wealth funds on investment in infra projects.
4. Concessional tax rate of 15% extended to power generation companies.
5. Dividend Distribution Tax shifted to individuals instead of companies
6. Section 44AB Turnover threshold for audit increased to 5 crore from 1 crore rupees (Condition for businesses carrying out less than 5% business transaction in cash

Budget GST Announcements

7. Simplified Returns from April 1st
8. GST Taxpayers verification based on Aadhaar

Budget Customs duty Announcements

9. Customs duty raised

• Footwear to 35% from 25%
• Furniture goods to 25% from 20%

Budget Healthcare Announcements

10. 690 billion Rupees will be spent toward healthcare spending

Budget Transport Announcements

11. 100 more airports are planned by 2024
12. Over 6,000 km of highways in 12 lots will be monetized by 2024
13. One major airport will be privatized

Budget Banking Announcements

14. Bank deposit insurance cover increased from 1 lakh Rupees to 5 lakh Rupees

Budget Infrastructure Announcements

15. 5 new smart cities in public-private partnership mode
16. Delhi-Mumbai Expressway to be completed by 2023
17. 100 and more airports to be developed by 2024

Budget Agriculture/Irrigation and Rural Announcements

18. 1.60 Lakh Cores Rupees Agriculture/Irrigation and Rural and allied activities Development
19. 1.23 Lakh crore for Rural development and Panchayati raj

Download Copy of Union Budget

Finance Bill 2020

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Posted By: Advocate Birbal Sharmaon: December 22, 2019In:Tags:

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Posted By: Advocate Birbal Sharmaon: November 29, 2019In:Tags:

GST Magazine Month of Nov-19 Pages-31 Prices- 20 Rupees Sr.No CONTENTS Page No. 1 Important GST Due Date Calendar     3-4 2 Article on composition scheme •        Introduction •        The T… Read more Share0TweetShare0