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Budget 2020 | Live Updates

01-Feb-20 10:33

Direct Taxes Updates -

  • New simplified personal tax regimes introduced
  • No tax for income upto 5 lakhs
  • Individuals earning income between 5 lakhs to 7.5 lakhs to be taxed @10%
  • Individuals earning income between 7.5 lakhs to 10 lakhs to be taxed @15%
  • Individuals earning income between 10 lakhs to 12.5 lakhs to be taxed @20%
  • Individuals earning income between 12.5 lakhs to 15 lakhs to be taxed @25%

*Terms and conditions apply - Exemptions to be foregone ??

  • DDT removed. Dividend to be taxed in the hands of assessee.
  • ESOPs tax to be deferred by 5 years.

General Budget Updates

  • Key areas to watch out in this budget - LTCG, DDT, Income Tax Slabs, Divestment.
  • FM reaches the Parliament to present Budget 2020 before the Cabinet
  • Cabinet approves Union Budget 2020
  • FM Nirmala Sitharaman presents the first budget of this decade
  • Government debt stands at 48.7% of the GDP
  • A new and simplified GST return system coming this April 2020
  • FDI in India rises to $284 billion during 2014-19
  • Rs. 99,300 crores outlay for the education sector.
  • Allocation of Rs. 27,300 crores for Industry and Commerce
  • Delhi Mumbai Expressway to be ready by 2023.
  • 100 more airports to be developed by 2025
  • A tax payer charter being introduced as a part of law to avoid Tax harrasment
  • Deposit Insurance limit increased from Rs. 1 lakh to Rs. 5 lakh.
  • Stake sale proposed in LIC
  • Fiscal deficit at 3.8% for 2019-20 and target of 3.3% for 2020-21

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Comments

ashwath narayan

ashwath narayan

01-Feb-20 12:00

Lol

Narain 123

Narain 123

01-Feb-20 12:51

Good news

balaji deva

balaji deva

01-Feb-20 15:37

Is it applicable for may 20 inter

Veera Jain

Veera Jain

02-Feb-20 13:22

Is this applicable for May 20

Lokendra Singh

Lokendra Singh

02-Feb-20 14:17

This is applicable for may-nov 2021... Do not worry ð???

Bhavesh Nayi

Bhavesh Nayi

18-Feb-20 13:45

This amendment doesn't applicable for May 2020 exam.

Bhavesh Nayi

Bhavesh Nayi

18-Feb-20 13:51

The provisions of income-tax law, as amended by the Finance Act, 2019 and Finance (No.2) Act, 2019 including significant circulars, notifications, press releases issued upto 31st October, 2019, are applicable for May, 2020 examination. The relevant assessment year for income-tax is A.Y. 2020-21.