From the desk of our Mentor and Chief Advisor CA. P. Paul Thangam -
“The Union Budget presented by Hon’ble Finance Minister Smt. Nirmala Sitharaman has finely balanced the development of the country with a huge capital outlay for Infrastructure but at the same time providing reliefs to taxpayers. The establishment of a Common Portal which will facilitate Unified Filing System of information to various Government agencies will be a path-breaking initiative towards Ease of Doing Business.
On the taxation side, the salaried class have been provided
Standard Deduction in the New Regime of taxation also.
The tax slabs have been revised under the New Regime of taxation thereby reducing the tax impact on an individual.
There has been emphasis for the Micro & Small entities also
providing for mechanism for faster collection of receivables.
The super-rich having income above Rs.5 Crores have also been provided reduction in Surcharge thereby reducing effective tax rate
from 42% to 39%.
In summary, this Budget can be termed a populist budget with an aim to appeal to all segments of the taxpaying community and the public at large.
Our detailed Budget brochure is available for download