Union Budget 2020
On the 01 February 2020, Mrs. Nirmala
Sitharaman presented the Annual Union Budget, the Finance Minister presented the
Union Budget 2020 under three prominent themes Aspirational India, Economic
Development and Caring Society.
The Union Budget provides special emphasis on agriculture,
irrigation and rural development further to augment local water sources, Jal
Jeevan Mission has also been announced. The Union Budget further proposed for
setting up five Smart Cities in collaboration with the states under a PPP mode.
The government has announced incentivising states for formulating and
implementing plans for ensuring cleaner air in big cities.
The Budget proposes to abolish Dividend Distribution Tax (DDT) from 1 April
2020. The dividends will consequently be taxable in the hands of the
shareholders. Further, the Budget proposes introduction of a new personal tax
regime. This new regime is optional for the taxpayer and provides for lower tax
slab rates.
As always, we at Vedya would be happy to hear your comments and look forward to
your queries and questions.
Disclaimer
This booklet is prepared exclusively for the benefit
and use of the clients of Vedya Partners | Vedya Partners & Advisors (‘Vedya’).
This should not be used as a substitute for professional advice. Reasonable care
has been taken for ensuring the accuracy and the authenticity of the contents of
this booklet. However, we do not take any responsibility for any error or
omission contained therein on any account. It is recommended that the readers
should take professional advice before acting on the same. The provisions
contained in the Finance Bill (No. 1), 2020 (‘The Bill’) are proposals and are
likely to undergo amendments while passing through Houses of Parliament before
being enacted.
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