CA Pratibha Goyal | Feb 1, 2020 |
Changes by Union Budget 2020
The Budget was divided in 3 themes, First Theme was Aspirational India, second was Economic development for all, and third was Building a caring society.
Rural Development, Wellness, water and sanitation & Education were the limbs of Aspirational India. Infrastructure, Oil & Gas sector was main theme for Economic development.
Tax payers had huge expectations from This budget in terms of reduction of Tax Rates.
The FM Quoted that “Corporate Rax @ 15% lowest in the world”
Income Tax Updates are as follows:
No Tax – Upto 2.5 Lakh |
5% – Upto 5 Lakh |
10% Rate – 5 Lakh to 7.5 Lakh |
15% Rate – 7.5 Lakh – 10 Lakh |
20% Rate – 10 Lakh -12.5 Lakh |
25% Rate – 12.5 Lakh -15 Lakh |
Others
Indirect Tax Updates
GST
Customs Act
Please note that these are the summarised updates based on proposed budget. Please see detailed Memorandum of understanding before forming an Opinion. For Discussion please comment below. Also note that this budget is subject to Parliament approval before it becomes an Act.
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Tags : Budget 2020 , Income Tax, Union Budget 2020, GST, slab rates, Income Tax Deduction
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