Union Budget 2020: Is There Chances For Tax Cut?

Waiting for Union Budget 2020? Tax reform is the crucial area on which everyone has their eyes on. Check the tax slab and rooms for cutting income tax for layman.

Union Budget 2020: Union budget 2020 is the most awaited budget as this is expected to be the straws to the drawning economy of our nation. Indian Economy is having the worst run rate after 42 years. The budget that is to be presented on February 1 is a hopeful announcement. With slowdown of economy, Nirmala Sitharaman is going to take the toughest balancing acts of her career. Tax reforms is the key area on which every one has kept their eyes on.

The blow to consumption, especially to rural demand, is a cause for Sitharaman’s concern. Private consumption also slowed down quite sharply in the first half of the current fiscal paving way for fewer jobs, slower growth in incomes and the lack of simple credit following stress in the non-banking finance sector. As a result, the Indian consumer has pulled back on spending. There are chances of tax cut so that these gaps can be filled.

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Budget Session 2020

Budget session 2020 will commence on January 31, 2020. The session will be held in two phases: First between January 31 to February 11 and the second between March 2 to April 3. 

Tax Slab in budget

With the cut of corporate tax from 30% to 25% to boost Indian Economy, it can be expected that tax slab will be cut down in order to increase public spending.  Note: The slab is for age group below 60 years.

Here is the table 

Income Slabs Income Tax and Cess
Upto 2.5 Lakhs Nil
Rs 2.5 Lakh to 5 lakh 5% of total income + 4% cess
Rs 5 lakh to 10 lakh 12,500 + 20% of total income + 4% cess
Rs 10 lakh and above Rs 1,12,500 + 30% of total income + 4% cess
Note: The slab is for age group below 60 years. There are 4 more slabs.

Expectations

There is a need of tax reforms and it is expected that this new budget 2020 will cut the extra personal tax and will encourage on spending. However, if we take a look at Indian Economy, people can instead of spending conserve this money and that will play a even negative role. So, there are little chances of the same.

There are 8 income tax slabs which is little complicated, this budget may bring a simple and fairer tax slab for all.

If government will bring taxes without cess and surcharges, than it be welcomed by the taxpayers.

Let’s wait for the final budget and keep our fingure crossed for the upcoming budget that will have something for every sector of the Economy.

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