Highlights of the Union Budget for 2019-20 (Apr-Mar)
DIRECT TAX * Increasing surcharge on income over 20 mln rupees/year * Faceless tax scrutiny case selection to be on random basis * Propose 2% TDS on 10 mln rupee/yr cash withdrawal from banks * Propose to take slew of measures to boost digital payments * Launching automated, faceless assessment of tax * To make pre-filled tax return forms available * To make Aadhaar, PAN interchangeable to file tax returns * Tax proposals aim to stimulate growth, housing * Direct tax mop up 11.37 trln rupees FY19 vs 6.38 trln FY14 * Seeing double-digit growth in direct tax revenue annually * Corporate tax now 25% for cos with 4 bln rupees/yr revenue * Corporate tax cut to cover 99.3% of all cos INDIRECT TAX * To raise road, infra cess on petrol, diesel by 1 rupee/ltr * To up special additional excise on diesel by 1 rupee/ltr * To up special additional excise on petrol by 1 rupee/ltr * Proposing certain amendments to Customs Act ...