{"id":6859,"date":"2020-01-30T13:06:32","date_gmt":"2020-01-30T13:06:32","guid":{"rendered":"\/blog\/?p=6859"},"modified":"2020-04-16T05:43:25","modified_gmt":"2020-04-16T05:43:25","slug":"what-can-taxpayers-expect-from-budget-2020","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/whats-trending\/what-can-taxpayers-expect-from-budget-2020\/","title":{"rendered":"What Can Taxpayers Expect From Budget 2020?"},"content":{"rendered":"\n

While taxpayers\u2019 money helps build the nation, it\u2019s also true\nthat every taxpayer looks forward to lighten his tax burden \u2013 whether it\u2019s an\nindividual taxpayer or a corporate. Therefore, he expectantly waits for the\nUnion Budget every year with the hope that it\u2019s going to get better for him.<\/p>\n\n\n\n

Though the government delighted corporate taxpayers with a\nsurprise tax cut last year, individual taxpayers are still waiting for a\nsimilar favour.  Start-ups, salaried\ntaxpayers and the middle class as always are pinning hopes on the Union Budget\n2020 and expecting it to be lighter on their pocket. What should you, as a\ntaxpayer, expect from the Union Budget 2020? Here are a few pointers.<\/p>\n\n\n\n

Lower personal income tax rates<\/strong><\/p>\n\n\n\n

After a steep reduction in corporate taxes, it is expected that the government will lower personal income tax rates in 2020. A recent survey by KPMG, a consultancy firm, showed that most respondents are positive that the taxable limit will be increased from the existing Rs. 2.5 lakh per annum. The government may take this step to boost consumption and revive the economy.<\/p>\n\n\n\n

Taxpayers are also seeking new income tax slabs and lower tax\nrates. As per the recommendations from the committee set up to review direct\ntaxation, if revamped, the new personal income tax slabs and rates would look a\nlittle like this: <\/p>\n\n\n\n

\n Income Tax Slab<\/strong>\n <\/td>\n Income Tax Rate<\/strong>\n <\/td><\/tr>
\n 0 – 2.5 lakh<\/strong>\n <\/td>\n 0%<\/strong>\n <\/td><\/tr>
Rs. 2.5-10 lakhs<\/strong> <\/td>\n 10%<\/strong>\n <\/td><\/tr>
\n Rs 10 – 20 lakh<\/strong>\n <\/td>\n 20%<\/strong>\n <\/td><\/tr>
\n Rs 20 lakh – 2 crore<\/strong>\n <\/td>\n 30%<\/strong>\n <\/td><\/tr>
\n 2 crore and above<\/strong>\n <\/td>\n 35%<\/strong>\n <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

No inheritance tax<\/strong><\/p>\n\n\n\n

The finance minister is unlikely to introduce the inheritance tax\nthis fiscal year, as the government should be trying its best to lower the tax\nburden of individual taxpayers. As this new tax may further increase the income\ntax liability, the government may refrain from introducing disruptive measures\nto worsen the gloom. <\/p>\n\n\n\n

Addressing cash flow problems\nof start-ups<\/strong><\/p>\n\n\n\n

New and upcoming entrepreneurs are eagerly waiting for the Union\nBudget 2020 to address their cash-flow woes and help improve the ease of doing\nbusiness. The new Budget may help start-ups deal with problems related to\nraising money from investors, GST, LTCG and tax problems related to ESOPs.<\/p>\n\n\n\n

Sector-specific incentives<\/u> <\/strong><\/p>\n\n\n\n

Lower GST on automobiles<\/strong><\/p>\n\n\n\n

The country\u2019s automobile sector is in shambles and the government\nis expected to bring down the GST rate to provide some relief to the industry.\nPresently, the applicable GST rate on automobiles is 28% and it may come down\nto 18% in Budget 2020. <\/p>\n\n\n\n

Increase in limit on housing\nvalue for tax incentives<\/strong><\/p>\n\n\n\n

The Finance Act, 2019 provided additional deductions of up to Rs.\n1.5 lakhs on home loan\ninterest payments for homes costing up to Rs. 45 lakh under the affordable\nhousing scheme. However, in the light of increased housing and construction\ncosts, very few taxpayers are able to take advantage of these deductions even\nin small towns and cities. The Union Budget 2020 may increase the cost limit or\nhousing loan limit\nto bring more beneficiaries under the ambit and revive the real estate sector.<\/p>\n\n\n\n

Conclusion:<\/strong>\nNeedless to say, the expectations for Budget 2020 are high. It is expected that\nBudget 2020 may come out with a lot of positive steps for home buyers and\ndevelopers alike. Real estate prices are likely to go up with the boost that\nthe government has provided to the sector. <\/p>\n\n\n\n

Now is the right time to fulfill your dream of owning a home with a fast, easy and flexible Tata Capital home loan<\/a>. If you are planning to apply for a home loan in 2020, consider a Tata Capital home loan which is available at attractive interest rates. <\/p>\n","protected":false},"excerpt":{"rendered":"

While taxpayers\u2019 money helps build the nation, it\u2019s also true that every taxpayer looks forward to lighten his tax burden \u2013 whether it\u2019s an individual taxpayer or a corporate. <\/p>\n

Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":6861,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[38],"tags":[],"class_list":["post-6859","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-whats-trending"],"yoast_head":"\nWhat can tax payers expect from budget 2020?<\/title>\n<meta name=\"description\" content=\"Start-ups, salaried taxpayers and middle class has high hopes on Union Budget 2020. 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