Published On : Sat, Feb 1st, 2020

Will reduce people’s tax outflow :CA Duragkar

It has been an overall very good budget which will definitely boost the economy in a positive direction. After having interaction from the past six months with various financial sector leaders, the Honorable Finance Minister Nirmala Sitaraman has given proper allocation and justice to all the Sectors.

The Hon’ble Finance Minister has given proper attention to various sectors like Agriculture, Education, Skill Development, Employment, Simplification of Laws, etc.

Also, a simplified new Tax regime has been proposed by the Hon’ble Finance Minister which will reduce the tax outflow of the people. The new Tax Regime is optional for the assessee but to avail the new Rates they have to forego various deduction & exemption available to them.

The introduction of Face less Appeals like Face less Assessment is a very good initiative.

Also, Prefill returns has been made available to all assessee.

Co-operative Societies now have to pay 22% tax + 10% Surcharge + 4% cess instead of 30%

70 deductions/exemptions out of 100 have been removed from income tax is a move towards simplification.

Granting 12A registration Electronically to charitable Institution is also welcome move which was much needed.

We, therefore, Welcome this Budget & Congratulate the Hon’ble Finance Minister for presenting wonderful Budget.