Budget 2020 Key highlights Part 2

Budget 2020 Highlights Regarding Direct Taxes

1-Tax Payer Charter will announce soon

2-Tax Payer Statute coming Soon

3-Deposit Insurance raised up to Rs.500000/

4- government stake in IDBI Bank will be sold

5- Government to sell part of his stake in LIC

6- Significant Tax Reforms undertaken

7-Removed 70 deduction around in new Tax resume

8-removed Dividend Distribution Tax , receiver will pay tax on such income . Now Dividend income will be taxable

9-New Manufacturing company tax rate will 15%

10- Start up exempt from tax turnover upto 25 crore for 3 year

11- 44AB limit 5 crore for MSME

12-Circle rate and Actual Sale price difference increase to 10%

13-Faceless Appeal introduced

14-Sabka Vishwas scheme , pay tax and no penalty and interest upto June 2020.

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Relaxation by Ministry of Corporate Affairs to Companies/LLPs

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