In the backdrop of the economic slowdown, the Hon’ble Finance Minister has presented the 2020 Union Budget. However, the budget does not live up to the expectations of the various stakeholders.
The largesse shown to the corporate sector, by the Taxation Laws (Amendment) Act, 2019, has not been followed up with any concession to individual taxpayers, which could have given a fillip to the consumer spending and a much need boost to the economy. It has been seen not only in India, but globally, that the individual, honest citizens tend to lose out against the power and the nexus of the corporate sector.
In fact, the new taxation regime for individuals and HUFs, which was introduced as a concession, on a holistic reading of the budget, gives no actual concession and hence not much useful.
Enclosed herewith is the Tax Bulletin analyzing the direct tax proposals as stated in the Budget.