A budget is a financial plan for a specified period say Year in general. The Government of India i.e., Ministry of Finance after consultation with all the other ministries prepares the annual budget. The budget will be generally presented by the Finance Minister on the first day of February in Parliament. The proposed budget will come into effect from April 1st of the respective year.
A relief was expected mainly to the working class (typical taxpayers of India), and the farmers of the country. Further expected to give priority to the simplification of income tax act, women empowerment, workers in unorganized sector, Ease in SME Loans, Ease in Company Registrations & Compliance, Zero MDR to promote Digital Currency, and further focused agriculture focus.
List of expectations / recommendations for the Indian union budget of FY 2020-21 were originally published on Jan 19th 2020 @ eztax.in
A great relief to working class (taxpayers of India) through simplification of Taxes
As expected by Team EZTax.in .. A great relief given to working class (taxpayers of India) by bringing new income tax regime that not only simply taxes but also reduce the tax rates. Many other changes are primarily focused to put the money in the hands of the people.
In addition, kick started the reforms in Insurance sector, measures taken to control fake business models, unaccounted foreign income, strengthened for debit market with ETFs, gave relief to SMEs by not going through the Tax Audit, if the revenue is less than 5 Crs.
What are we missing ? Lot of expectations on further promotion of Digital Currency, Removal of third-party signatures for starting a business, which is only unique to India (comparing equal size economies), removal of DSCs, announcements on reducing cost of Money, cost of Credit etc.
New budget 2020 brought many changes like new personal income tax regime, lowered corporate and business taxes, along with removal of certain legacy rules. While it is difficult for a common taxpayer to understand all the rules, Team EZTax.in put together top 10 frequent questions to get to know and follow
Top three observations from the analysis were
Pictorial analysis on New Vs Old Personal Income Tax Regime