The Hon’ble Finance Minister, Ms. Nirmala Sitharaman, presented her second Union Budget for the Fiscal Year 2020-21. The Union Budget has been split into three major themes viz. Aspirational India, Economic Development and a Caring Society. The Key Highlights have been summarized in ensuing paragraphs.
Overall, the budget has met various pre-budget expectations of the industry as far as the abolition of DDT, relief in individual Income tax rates, Amnesty Schemes under Income tax etc. are concerned. However, the proposed divestments in the insurance sector and implications of other Direct Tax amendments have to be analyzed to term the instant budget as pro assessee or otherwise.
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