Adv Sukrut Deo, Tax Consultant, dissects Budget 2019
Union Budget 2019-20 presented by the Finance Minister Nirmala Sitharaman in Lok Sabha is overall a Balance Budget benefitting the important sectors of the economy and promoting our Gross Domestic Product to grow @ 7 %. Budget mainly focused on Digital India , StartUps , Education & Employment to all, Rural and Urban Development, Ease of Doing Business , Labour Laws ( 4 Labour Codes ) Clean Environment (Swacch Bharat Mission), Banking & Finance which includes Taxation etc. all these sectors will be benefitted through this Budget.
In Taxation firstly Direct Taxes i.e Income Tax, in the Budget Speech FM Congratulated the Honest Tax Payers for there sincere efforts, according to my opinion the Tax Payers have increased a lot which is good for Nation Building and revenue has increased from 6.38 crores to 11.37 crores till 2018-19. Tax Avoidance was the major threat to the Economy but now Tax payers are increased, tax compliance has become easy. No change is made to Income Tax Slab , which is as per last budget session upto 5 lacs (subject to conditions fulfilled ). In Corporate Tax 25 % Tax till 400 crores is a Welcome Step . Income Tax Exemption to Electric Vehicles, StartUps, Return Compliance ( Aadhar & Pan ) Affordable Housing Interest on Loan upto 3.5 lacs , Prefill Income Tax Returns , E Assessment ( Faceless Tax Scrutiny) etc.
These are all really Ease of Taxation Compliance in order to boost the Tax Payers. In Indirect Taxation i.e Goods & Service Tax already Monumental Reforms are done and it is changing every day in order to make GST easy, and rates reasonable on all products. They have planned Legacy Dispute Resolution Sceheme, for pending Litigations Pre GST Era which is a very good step taken in the Budget.
