Tax Proposals in Budget 2020 :-
1. Simplified and New Income Tax Regime as an option to the old regime the old regime.
2. Dividend Distribution Tax removed and classical system of dividend taxation adopted.
3. Simplified GST return shall be implemented from 1st April 2020. Refund process to be fully automated.
4. Concessional corporate tax rate of 15 per cent to new domestic companies in manufacturing and power sector.
5. Tax concession for sovereign wealth fund of foreign governments and other foreign investments.
6. Tax benefits to Start-ups by way of deduction of 100 per cent of their profits are enhanced by increasing turnover limit and period of eligibility.
7. Concessional tax rate for cooperatives proposed.
8. Turnover threshold for audit of MSMEs increased.
9. Extension of time limits pertaining to the tax benefits for affordable housing.
10. Issuance of Unique Registration Number to all charity institutions for easy tax compliance.
11. Health cess to be imposed on imports of medical equipment given these are made significantly in India.
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