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Clarification by CBIC on whether interest to be charged on Gross Tax Liability or Net Tax Liability?


Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 117(1A) in certain cases


Budget 2020 : Highlights


Due date of GSTR-9 and GSTR-9C for FY 2017-18 - Extension




Now the GST Taxpayers can file their GSTR-3B Returns in a Staggered Manner


Tax Audit due date extension AY 2019-20


GST Council 37th Meeting Update


Corporate tax rates slashed to 22% for domestic companies and 15% for new domestic manufacturing companies and other fiscal reliefs


Fake Input and refund of IGST on exports - crackdown by DGGI and DRI


GST Council may Scrap GSTR-9 and GSTR-9C for FY 17-18 for small taxpayers upto 5 crore turnover


Changes in 36th GST Council Meeting held on 27th July 2019


CMP-08 due date for quarter April 2019 to June 2019 extended till 31st July 2019


Press Release restricting the last date for availing ITC for FY 2017-18 is illegal : Gujarat High Court


Budget 2019 Highlights - 05 July 2019


Transfer of GST amount from one head to other head (Form GST PMT - 09)


DGGST arrests one person for availing and passing fake ITC of Rs.16 Crore.


Notification issued to extend the date of blocking and unblocking on e-way bill facility to 21.08.2019.


Press Release of 35th GST Council Meeting held on 21st June 2019


Issues reported in filing Form GSTR 9C by the taxpayers : Advisory by Team GSTN

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Finance Bill

Budget 2020 : Highlights
01st Feb 2020

1. New Tax Slab Rates:

Income Tax
Upto 5,00,000 Nil
5,00,000 to 7,50,000 10%
7,50,000 to 10,00,000 15%
10,00,000 to 12,50,000 20%
12,50,000 to 15,00,000 25%
Above 15,00,000 30%


The above tax slab rates are optional for assessees, provided they forego various deductions and exemptions. However if assessee wishes to claim deduction and exemption, then he is free to be taxed as per old rates.


2. Dividend Distribution Tax (DDT):

DDT has been proposed to be abolished. Companies will no more longer be required to pay DDT. The burden has again been shifted to the recipeints. Dividend shall now be taxed in the hands of recipients only and at applicable slab rates.


3. Tax on Cooperative Societies:

Co-operative societies can choose to pay tax @ 22% plus 10% surcharge and 4% cess, as against 30% at present.


4. Faceless Appeals:

Govetment to introduce faceless appeals like faceless scrutiny assessments. This will bring ease and transparency in the system.

5. Vivaad se Vishwaas Scheme:

Goverment to launch new direct tax dispute settlement scheme called "Vivaad se Vishwaas scheme". Under this scheme assessee will be required to pay only 'Tax' portion of demand. Interest and penalty shall be waived off completely for those who wish to pay the disputed amount till March 31 2020.

6. Concessional tax rate of 15% has been extended for new power generation companies.


7. Aadhar based verification:

Aadhaar based verification of taxpayers shall be introduced to weed out dummy or non-existent taxpayers.


8. Instant issuance of Aadhar based PAN:

Govetment to start instant allotment of PAN on the basis of Aadhaar Number.


9. Donation:

Registration of charity institutions shall be made completely electronic. Also to ease deduction of donation, it is proposed to pre-fill information of those donating. This will result in hassle free claims for the individuals claiming tax exemptions.

10. Housing:

Tax holiday for affordable housing has been extended for another one year. Additional deduction of Rs. 1.5 lakh for interest paid on loans taken for an affordable house to be extended till 31st March, 2021.

11. Concessional withholding tax rate of 5 percent on interest payment to non-residents has been extended up to June 30, 2022
12. Bank deposit Insurance Cover by Govt.: 
Bank deposit insurance cover has been increased from Rs.1,00,000 to Rs.5,00,000 per depositor.
13. It has been also proposed to defer tax payment by employees on employee stock ownership plan (ESOPs) from startups by a period of five years.
14. Indirect Tax
Excise duty hiked on cigarettes and obacco products.
Increased custom duty on imported footwear and furniture.
Health cess has been imposed on import of medical equipment.

Customs duty on imported wall fans increased to 20% from 7.5%.

Custom duty on tableware / kitchenware made of porcelain or China ceramic, clay iron, steel and copper has been increased to 20%.

Duty exemption withdrawn on raw sugar, agro-animal based products, tuna bait, skimmed milk, certain alcoholic beverages, soya fibre and soya protein.

Finance Minister also mentioned that exemptions from customs duty has been given in public interest from time to time. On review, some exemptions are being withdrawn and rest will be reviewed after September 2020.

Customs duty on catalytic converters, parts of commercial vehicles and other than electric vehicles has also been hiked.

Anti-dumping duty on purified terephthalic acid (PTA), which is used in production of high-performance multipurpose plastics, has been abolished.

GST reforms will continue including a simplified return-filling form.

GST Refund has been simplified and has been fully automated.

Aadhaar-based taxpayer verification will be done.


15. E-commerce operators to deduct TDS on payments to e-commerce participants at 1% with those having PAN/Aadhaar and 5% for those without PAN/Aadhaar.
Finance Bill, 2020 as introduced in Lok Sabha 
Memorandum Explaining the Provisions in The Finance Bill, 2020 
Budget Speech by Hon'ble Finance Minister Nirmala Sitharaman 
.... for more updates on budget 2020 please stay tuned.

Posted By:

CA Mohit Jain

| Date 01-02-2020



Posted By: GOUTAM KUMAR JAIN | Date: 01-02-2020

Posted By: Shreeshaila P H | Date: 01-02-2020
Thanks for your information

Posted By: Abdul Razaj | Date: 01-02-2020

Posted By: Sunil yadav | Date: 01-02-2020
Thanks Sir

Posted By: Sheetal | Date: 01-02-2020
Please explain Income Tax Dipute Settlement Scheme.

Posted By: Malik G | Date: 01-02-2020

Posted By: Vijay Mehra | Date: 01-02-2020
Please explain more sir.

Posted By: L K Sharma | Date: 01-02-2020

Posted By: Sapna Yadav | Date: 01-02-2020
All people should need for government support

Posted By: Annappa | Date: 01-02-2020
Thank u sir

Posted By: Rakesh | Date: 01-02-2020
Thanks Sir.

Posted By: Pavan Molawade | Date: 01-02-2020
Many thanks for information

Posted By: Pravin Joshi | Date: 01-02-2020

Posted By: S. Goel | Date: 02-02-2020
Sir, please explain 44AB changes in budget.

Posted By: SHARDA MITTAL | Date: 03-02-2020
Which tax rate slab is beneficial for person having taxable income of around 6 lakh.

Posted By: Pooja Giridhar | Date: 03-02-2020
Please explain Vivad se Vishwash Scheme.

Posted By: Manish Poddar | Date: 03-02-2020

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