Budget 2020 - Newser

Budget 2020

Two Key Factor For Chartered Accountants and tax professionals

  1. Income Tax Slab Changed to Two Regime

(a) Old Regime : Old Rate and Old Slab With Deduction and Exemptions

(b) New Regime : New Rate and New Slab Without Deductions and Exemption

Utp Rs. 250,000 : 0%

Rs. 250,001 to 500,000 : 5%

Rs. 500.001 to 750,000 : 10%

Rs. 750,001 to 10,00,000 : 15%

Rs. 10,00,001 to 12,50,000 : 20%

Rs. 12,50,001 to 15,00,000 : 25%

Above 15,00,000 : 30%

2. Income Tax Audit Limit under section 44AB Changes to 5 Crore only if Business Transaction is of cash is less than 5% of total Business

Old Limit : 1 Crore

New Limit : 5 Crore (only if Cash Receipt/payment is lessthan 5% of Total Receipt/payment )

TDS Deduction limit unchanged i.e. 1 Crore

Other Changes

MAT (Minimum Alternate Tax) Abolished

AMT (Alternate Minimum Tax) Abolished

DDT (Dividend Distribution Tax) Abolished

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