Income Tax changes expected in this year’s Budget
Income Tax changes expected in this year’s Budget https://www.fundstiger.com/income-tax-changes-expected-budget-2020/ Tax experts expect some rationalisation as there is a steep jump in tax rate when income exceeds ₹5 lakh Some tweaking in dividend distribution tax, long term capital gains tax on listed shares are also high on the wish list The lowering of corporate tax rate has triggered hopes that Finance Minister Nirmala Sitharaman will announce some relief on the personal income tax front in this year’s Budget. From rejig of income tax slabs or rates to higher deduction, expectations are high though tax rate cuts will definitely hit revenues at a time when government’s finance’s are strained. Apart from some rationalisation in income tax rates, experts also expect the government to tweak dividend distribution tax and long term capital gains tax on listed securities. 1) According to the current tax slab, income up to Rs 2,50,000 is tax exempt from Rs 2,50,000 to Rs. 5 lakh...