Finance Minister thank the honest tax payers

Corporate Taxation: 25% Tax for Companies having annual turnover up-to Rs.400 crore

Mega Manufacture Plants related to Solar, Computer hardware etc. for Global Companies – Sec 35D

Purchase of Electric Vehicle – Additional Income Tax deduction on interest on loan taken

Start-ups: Angel Tax Issue – No scrutiny from Income tax on Angel funds = Valuation of shares beyond the scope of IT Scrutiny

Additional interest deduction of 1.5 lakhs on home loan of affordable housing loan taken on or before 31-03-2020

International Financial Service Centre – 100% profit deduction U/s.80LA for 10years

PAN and Aadhar made Interchangeable: Now those not having PAN can file return quoting aadhar no.

E-assessment to be implemeted in a phased manner

TDS @ 2% on cash withdrawal in case of cash withdrawal of more than Rs.1 crore from one bank account

Surcharge to Individuals with higher income (Rs.2 crore to Rs.5 Crore and Rs.5 Crore and more) the rates will be increased by 3% and 7% respectively