Major Tax proposals in “PART B” of Budget 2020

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 31^st March, 2020.And with some additional fees upto 30^th June, 2020.
New process of allotment of PAN instantly on the basis of Aadhaar.