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ramesh skyPLAY
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ramesh skyPLAY
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The government has said it would sell a part of its holding in Life Insurance Corporation of India through an initial public offering. The announcement was made by Finance Minister Nirmala Sitharaman as part of her Union Budget speech. She did not specify any further details. LIC, established in 1956, is fully owned by the Government of India.
Budget 2020: India To Take LIC Public
Budget 2020: India To Take LIC Public
Ashok Varma
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New IT slabs are here, but these are optional!
Those earning up to Rs 5 lakhs are exempt from paying taxes
10% tax for everyone earning Rs 5-7.5 lakh against the current 20%
15% tax for everyone earning Rs 7.5- 10 lakhs against current 20%
20% tax for everyone earning Rs 10-12.5 lakhs against current 30%
25% tax for everyone earning Rs 12.5-15 lakhs against the current 30%
Those earning more than Rs 15 lakhs get no exemptions
Those earning up to Rs 5 lakhs are exempt from paying taxes
10% tax for everyone earning Rs 5-7.5 lakh against the current 20%
15% tax for everyone earning Rs 7.5- 10 lakhs against current 20%
20% tax for everyone earning Rs 10-12.5 lakhs against current 30%
25% tax for everyone earning Rs 12.5-15 lakhs against the current 30%
Those earning more than Rs 15 lakhs get no exemptions
It's very tricky option...
*BUDGET 2020 BULLETIN*
*Direct Taxation*
• Govt to amend Income Tax Act so merged PSU banks can absorb losses
• FY21 divestment target said to be Rs 2.1 lakh cr vs FY20 target of Rs 1.05 lakh crore
• Interest & penalty waived in dispute settlement scheme till March 31, 2020
• Govt to launch new direct tax dispute settlement scheme
• Govt to launch 'Vivaad Se Vishwas' Scheme to reduce tax litigation
• Govt to amend I-T Act to allow faceless appeals
• To make process of registering charitable institutions electronic: FM
• Tax holiday for affordable housing extended by 1 year
• Higher deposit insurance will cover 75% of all depositor vs 61% earlier: CRISIL
• Audit threshold for MSMEs raised to Rs 5 cr from Rs 1 cr
• Tax on co-operative societies reduced to 22% from 30%
• Govt proposes to make tweaks to tax structure for start-ups
• FM extends concessional 5% withholding tax to municipal bonds
• FM announces 100% tax exemption on sovereign wealth funds' infra investment
• Tax cuts positive for household savings, which have been falling but need to watch how much of that is spent on consumption: CRISIL
• FM proposes to allow deduction of dividend received by holding cos from units
• New power generation cos to be offered 15% tax rate: FM
• Revenue loss of Rs 25,000 cr due to abolishment of DDT: FM Sitharaman
• Good News!! Dividend distribution tax abolished.
• Current I-T Act offers more than 100 deductions & exemptions, says FM Sitharaman
• New I-T scheme available for those willing forgo deductions, exemptions: FM
• No income tax for income up to Rs 5 Lakh
• 20% income tax for income between Rs 10-12.5 lakh vs 30% earlier
• 15% income tax for income between Rs 7.5-10 lakh vs 20% earlier
• 10% income tax for income between Rs 5-7.5 lakh: FM
• Saw substantial loss of revenue due to Corp tax cut in short term: FM Sitharaman
*Direct Taxation*
• Govt to amend Income Tax Act so merged PSU banks can absorb losses
• FY21 divestment target said to be Rs 2.1 lakh cr vs FY20 target of Rs 1.05 lakh crore
• Interest & penalty waived in dispute settlement scheme till March 31, 2020
• Govt to launch new direct tax dispute settlement scheme
• Govt to launch 'Vivaad Se Vishwas' Scheme to reduce tax litigation
• Govt to amend I-T Act to allow faceless appeals
• To make process of registering charitable institutions electronic: FM
• Tax holiday for affordable housing extended by 1 year
• Higher deposit insurance will cover 75% of all depositor vs 61% earlier: CRISIL
• Audit threshold for MSMEs raised to Rs 5 cr from Rs 1 cr
• Tax on co-operative societies reduced to 22% from 30%
• Govt proposes to make tweaks to tax structure for start-ups
• FM extends concessional 5% withholding tax to municipal bonds
• FM announces 100% tax exemption on sovereign wealth funds' infra investment
• Tax cuts positive for household savings, which have been falling but need to watch how much of that is spent on consumption: CRISIL
• FM proposes to allow deduction of dividend received by holding cos from units
• New power generation cos to be offered 15% tax rate: FM
• Revenue loss of Rs 25,000 cr due to abolishment of DDT: FM Sitharaman
• Good News!! Dividend distribution tax abolished.
• Current I-T Act offers more than 100 deductions & exemptions, says FM Sitharaman
• New I-T scheme available for those willing forgo deductions, exemptions: FM
• No income tax for income up to Rs 5 Lakh
• 20% income tax for income between Rs 10-12.5 lakh vs 30% earlier
• 15% income tax for income between Rs 7.5-10 lakh vs 20% earlier
• 10% income tax for income between Rs 5-7.5 lakh: FM
• Saw substantial loss of revenue due to Corp tax cut in short term: FM Sitharaman
