• Corporate tax rate @ 15% for new companies in the manufacturing sector. Also, tax rate for existing companies is brought down to 22%.
  • Income tax slab as per new regime: > upto 2.5L – NIL > 2.5L to 5L – 5% > 5L to 7.5L – 10% > 7.5L to 10L- 15% > 10L to 12.5L – 20% > 12.5 to 15L – 25% > Above 15L – 30% * New tax regime is optional.
  • Dividend Distribution Tax on companies is removed, this will be taxed in recipients hand.
  • Corporate Tax Rate @ 15% for new domestic companies engaged in generation of electricity.
  • Deferment of tax for 5years or sale or as per other terms on ESOP option given to employees by start up companies.
  • Turnover limit raised to 100 Cr from 25 Cr for startups to avail 100% tax exemption. Also, no of years for taking the benefit extended to 10 years from 7 years.
  • Tax rate proposed to be reduced to 22% plus surcharge and cess (with no exemptions/ deductions) for cooperative societies from existing 30%.
  • Co-operative societies are exempted from Alternate Minimum Tax (AMT).
  • Tax Audit limit increased to 5Cr from 1Cr for business having cash transaction less than 5% .
  • Extension of one year for additional deduction of 1.5L on affordable housing loan.
  • Faceless appeal on the lines of Faceless assessment.
  • Vivad se Vishwad scheme- Full interest and penalty amount shall be waived off if disputed tax amount is paid before 31st March, 2020.And with some additional fees upto 30th June, 2020.
  • New process of allotment of PAN instantly on the basis of Aadhaar.
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