Finance Bill 2020 PDF

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Finance Bill 2020

The Lok Sabha passed the Finance Bill 2020, which was introduced in Parliament on February 1, 2020, with numerous changes on March 23, 2020. 

The most significant changes concern tax residency, expanding the scope of the tax equalization levy to include e-commerce supply or services, limiting the scope of tax collection at source on remittances outside India by excluding remittances under INR 0.7 million and on sales of goods by excluding exports and imports, and tightening the provision relating to cash withdrawal for those who have not filed a tax return.

Finance Bill 2020 For Companies

The income tax rate for businesses is set in the First Schedule to the Bill. 

This rate will remain the same as it was in the fiscal year 2019-20. 

In the instance of a firm with a total income above one crore rupees, the amount of income tax will be enhanced by a surcharge of 12% of such income tax.  

On total income exceeding one crore rupees, the total amount payable as income-tax and surcharge cannot exceed the entire amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

Individuals and HUFs are subject to a new tax regime

A person with a professional income, like a person with a business income, must exercise his or her option for the old or new regime by the due date of filing the tax return, and the option once exercised will apply to succeeding years.

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