*Union BUDGET 2020* – Semantic Taxgen Pvt Ltd
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*Union BUDGET 2020*

 
 *MAJOR TAX PROPOSALS*  

*TAXPAYERs’ CHARTER* in various Acts like Companies Act, for removing *harassment* of and protecting Taxpayers.
 

 
1. *VIVAD SE VISHWAS SCHEME IN INCOME TAX* – No interest & penalty if tax paid by 31st March 2020. Some additional amt. By 30th June. 

2. Option to Individual without around 70 exemptions/ Deductions (With 1.5L Ch VIA Deductions) –
Till 5L – No Tax 5L – 7.5L – 10%7.5L – 10L – 15% 10L – 12.5L – 20%12.5L – 15L – 25%More than – 30%

3. Prefiled tax return for individuals in new regime 

4. *Dividend Distribution Tax –  scrapped for companies* . Dividends to be charged to recipients.

5. New Electricity Generating Companies Corp Tax Rate 15%

6. Start Ups – ESOPs to employees to be taxable after 5 years or sale or as per other conditions.

7. Turnover limit for exemption for Start Ups now 100 Cr. 

8. Options for Co-operative Socities: Co-operatives can choose a 22 percent tax with 10 percent surcharge and 4 percent cess with no exemptions.

9. TAX AUDIT THRESHOLD LIMIT –
– Increased to 5 Cr. But with business with cash transaction of not more than 5%

10. Tax Holiday to developers of affordable housing extended by 1 year.

11. TDS on Fees for technical services under Section 194J has been reduced to 2%.

12.194-O , E-commerce Opreator need to Deduct the Tax of E-Commerce Participant at the Rate of 1%

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