Live Key Highlights of tax proposals of Union Budget 2020-21

Live Key Highlights of tax proposals of Union Budget 2020-21

Union Finance Minister, Smt. Nirmala Sitharaman shall be presenting Union Budget 2020-21 in the Parliament on 1st February, 2020.

Users may bookmark the page and revisit tomorrow at 11:00 AM to see the live telecast of the Union Budget presentation.

Key Highlights of Tax proposals of the Union Budget 2020-21:

1. Taxpayers charter to be part of the Statute to curb tax harassment 

2. DICGC insurance deposit for bank deposit account increased to Rs. 5 lakhs from Rs. 1 lakh

3. NBFC to provide invoice financing to MSMEs

Important Tax Proposals:

1. New Simplified Personal Income Tax Regime with increased income tax slabs and reduced rate of tax above rate shall be optional and shall be applicable without claim to any deduction or exemptions

3. no change in section 87A rebate

4. Dividend Distribution Tax removed and replaced by classical model where it is taxable in the hands of the recipient

5. Faceless Appeals to be introduced

6. No Dispute but Trust Scheme

7. New Featured GST Returns

8. GST Refund process simplified and made fully automated

9. Instant PAN through Aadhaar

10. Unique Registration Number (URN) for charity institutions.

11. Faceless Income Tax Penalty

12. Penalty for fake invoice

13. Tax audit turnover threshold limit increased to 5 crores for business subject to cash payment/receipt limit. Due date of furnishing report made 31st October 

• Supervisory with wages exceeding Rs. 18000 p.m. not a worker under Code on Wages 2019
• ITAT has power to stay order appealed, even in absence of any subsisting tax demand
• Effect of reduced timeline for filing TDS Correction statements on TDS Credits
• Accounting principles and provisions of law do not permit addition of opening balance – ITAT
• Penalty for late supply of goods allowable deduction u/s 37 being not a crime or prohibited activity