Vishnu Daya – Budget Highlights 2020-21
Dear Sir / Madam,
We are delighted to provide you an analysis of the Union Budget presented by the Union Finance Minister Ms. Nirmala Sitharaman in the Lok Sabha on 1st February 2020. We have provided you an executive summary as well as the detailed analysis of all the direct and indirect tax proposals. We have made our best effort to summarise the key changes in simpler manner under this budget highlights. Trust the same would be found useful in understanding the taxation proposals.
The provisions of Finance Bill, 2020 relating to direct taxes seek to amend the Income-tax Act, 1961, to continue to provide momentum to the buoyancy in direct taxes through tax-incentives, reducing tax rates for co-operative society, individual and Hindu undivided family (HUF), deepening and widening of the tax base, removing difficulties faced by taxpayers, curbing tax abuse and enhancing the effectiveness, transparency and accountability of the tax administration.
Under the Indirect Taxes front, not many changes are proposed considering the fact that Goods and Services Tax have been enforced two years back and many amendments have been carried out through circulars and notifications.
Hope this analysis is both timely and useful. Let us know for anything in this regard.
Vishnu Daya Tax Alert
Vishnu Daya & Co LLP
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