Direct Tax
Consulting
ESG Advisory
Indirect Tax
Growth Advisory
Internal Audit
BFSI Audit
Industry Audit
Valuation
RBI Services
SEBI Services
IRDA Registration
AML Advisory
IBC Services
NBFC Compliance
IRDA Compliance
Finance & Accounts
Payroll Compliance Services
HR Outsourcing
LPO
Fractional CFO
General Legal
Corporate Law
Debt Recovery
Select Your Location
Assumptions are on high that Finance Minister Nirmala Sitharaman will provide some relief on the personal Income Tax in the upcoming Budget session. The expectations regarding deductions are high though tax rate cuts will hit the revenues. The Governments’ finance in current time is strained and cut on revenues is a significant risk. Experts also believe that the Government to make some twist in the dividend distribution tax and long term capital gains on listed securities.
Table of Contents
According to the current tax slab:
Some rationalization should be carried out in the Budget 2020 to moderate rate of tax, says Saraswathi Kasturirangan, partner with Deloitte India.
In the present time, a company pays income tax on its taxable profit. According to Ashok Shah,Withdrawal of the DDT will remove the cascading impact of taxation. The Government should tax dividend in the hands of the shareholders at concessional rates”.
According to Ashok Shah of NA Shah Associates, “STT was introduced in 2004 and accordingly long term capital gain on which SST is paid was exempted from tax. In the Union budget of 2018, tax on long term capital gains on listed securities was reintroduced. At the same time, STT was also continued. This had negative effects on the sentiments of investors”.
The Government can roll out some tax sops for home loans to support the real estate sector. In previous years July budget, The Ministry announced an additional deduction of Rs. 1.5 lakh for interest paid on loan borrowed up to 31st March 2020, for purchase of an affordable house valued up to Rs.45 lakh. The expectation is that:
Pension fund Regulator or PFRDA has demanded an increase in the Income Tax benefit under NPS upto Rs. 1 lakh.
The Finance Ministry will take the final decision on tax proposals after completion of pre Budget meetings. The concerned Minister will sign the recommendations after discussion with the Prime Minister. The demand of industry body specifies that income up to Rs 5 lakh should be exempt from tax from the current Rs 2.5 lakh to spur demand for goods and services.
Also, Read: GST Compensation Cess may see a Downfall of Rs. 63000 Crore.
A joint venture is a strategic business arrangement in which two or more companies collaborate...
With the rising inflation rates and various other economic factors, wealthy Americans are incre...
Before approaching the new suppliers or any other third parties, you should always go for the v...
With the increasing landscape of Fintech Companies, it is increasingly vital that fintech compl...
This blog gives a detailed description through an audit report for industrial waste by examinin...
Are you human?: 4 + 6 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
CBDT is an acronym for Central Board of Direct Taxes, a statutory authority responsible for the administration of d...
27 Oct, 2022
In the article, we will discuss chargeability of tax on a salaried person by the Indian Government and various othe...
05 Sep, 2019
Chat on Whatsapp
Hey I'm Suman. Let's Talk!