I-T Act will be amended where CBDT will be mandated the taxpayers charter

PAN will be instantly online on the basis of Aadhaar without filling any forms.

FM Nirmala Sitharaman says the concessional 5% withholding tax has been extended  to municipal bonds.

GST reforms will continue including a simplified return-filling form.

Refund has been simplified and has been fully automated

Customs Duty on Footwear and Furniture increased

Health Cess on import of medical equipments

Finance Minister Concluded the Budget Speech

Faceless Income Tax Appeal to be introduced

Scheme like Sabka Viswas Scheme to be introduced

Vivadh se Viswas scheme – only to pay disputed tax amount only before 31-03-2020. Interest and penalty need to be paid.

Scheme will be available till 30-06-2020. For payments after 31-3-20, some additional charges to be paid.

DOnations received by the charitable institutions should be uploaded by the Charitable Institutions.

Registration completely electronic

Provisional registration will be granted for 3 years

Tax audit limit increased to Rs.5 crore from Rs.2 crores, provided the cash receipts will be less than 5% of the total revenue.

Option to pay tax at 22% +10% surcharge + 4% cess with no exemption

AMT not applicable for those opting for above scheme

Dividend Distribution Tax abolished: Tax on Dividend will be paid by recepient at the tax rate applicable to him and not by Company

Concessional Corporate Tax Rate for Electricity generation Companies

100% tax exemptions for sovereign wealth funds in infrastructure and other notified sector with minimum lock-in of three years.

Revised expenditure estimate for FY20 at Rs 26.99 lakh crore, says FM. Revised receipts for FY21 at Rs 19.32 lakh crore. 

Estimated fiscal deficit on 3.8 percent of GDP in FY2019-20 and 3.5 percent for FY20-21

About 70 deductions and exemptions were removed in new regime

New tax regime will be optional for tax payer. Old regime will continue with deductions and exemptions

Direct Tax

Personal Income Tax

New simplified Income Tax Regime. introduced

10% tax rate for Rs.5L to Rs.7.5L

15% tax rate Rs.7.5L to Rs.10L

20% tax rate Rs.10 – Rs.12.5L

25% tax rate Rs.12.5L to Rs.15L

30% rate for above Rs.15L

No change in tax slabs

The revised rates is applicable on the new scheme. Most of the deductions will be available in the new sheme as FM said in here speech 70 exemptions/deductions were not applicable in this scheme. The assessee has the option to continue the new scheme.

We will update the details soon after looking into the Finance bill, 2020.