Union Budget Updates
- FM halves customs duty on import of newsprint, light weight coated paper to 5 per cent
- Customs duty increased on footwear and furniture
- The central government has extended additional Rs 1.5 lakh benefit on interest paid on housing loan till March, 2021
- FM proposes scheme to bring down litigation in direct taxation scheme; 4.83 lakh direct cases pending in various appellate forums.
- Registration of charity institutions to be made completely electronic, donations made to be pre-filled in IT return form to claim exemptions for donations easily
- PAN cards will be allotted instantly online soon with Aadhaar
- Tax on Cooperative societies proposed to be reduced to 22 per cent plus surcharge and cess, as against 30 per cent at present.
- Budget proposes deferment of tax payment by employees on ESOPs from startups by five years.
- DDT (dividend distribution tax) to be removed. Dividend shall be taxed at the hands of the recipients.
- New Income Tax Rates guide
10% income tax rate for income between 5 -7.5 lakhs
15% income tax rate for income between 7.5-10 lakhs
20% income tax rate for income between 10 -12.5 lakhs
25% income tax rate for income between 12.5-15 lakhs
Incomes above 15 lakhs remain at 30%
No tax for income up to five lakhs
Read Finance Bill: Finance_Bill