https://www.google.com/url?sa=t&source=web&rct=j&url=http://164.100.47.4/BillsTexts/RSBillTexts/asintroduced/terminat-E-7%25202%252020.pdf&ved=2ahUKEwjeqP73_fPnAhWOf30KHZUPCwgQFjABegQIARAB&usg=AOvVaw1DY1Dv8un4ozVVhs9HovJQ

A Bill has been introduced in Rajya Sabha seeking to provide minimum 9 months’ time with assured income in case of termination of employees due to economic slowdown, employer becoming insolvent and change in technology among others.

The Terminated Employees (Welfare) Bill, 2020, was introduced recently. It proposes that, if an employee gets terminated due to economic slowdown, change in technology, court order, the employer becomes insolvent and the owner is unable to carry business and change of government, then he is entitled for unemployement benefits.

This Act shall not apply to terminated employee who has been terminated for any of the following reasons:-

(a)proven misconduct;

(b) cheating;

(c) indulging with fraudulent means and appropriate money; or

(d) having been found guilty by a criminal court of justice.

An employee whose employment is terminated for the reasons of the winding up of the organization or the establishment due to:—

(i) economic slowdown; or

(ii) change in technology in the respective field; or

(iii) the owner or director managing the affairs of the establishment becoming insolvent; or

(iv) the orders of any court; or

(v) incurring losses and unable to carry on the business; or

(vi) the change in Government policy;

shall be entitled to such unemployment compensation health insurance benefits or any other benefits as may be prescribed by the Central Government, if such benefits are not part of the employee employer agreement, for nine months or till the time he gets employed elsewhere, whichever is earlier.

NOTE 1:- The period of nine months shall include the notice period to be served by the employer before termination.

NOTE 2:- The unemployment compensation shall be admissible if the employer does not provide any severance package to the terminated employee or the severance package is less than the compensation provided under this Act.

The unemployment compensation shall not be less than sixty per cent. of the gross salary of the terminated employee or as per the terms of the employee-employer agreement, whichever is higher and it shall be borne by the employer. Health insurance benefit shall continue till the period as specified for nine months or till the time he gets employed elsewhere, whichever is earlier with the same terms and conditions which prevailed during his employment.

A terminated employee shall be entitled to the terminal benefits on the cessation of employment like provident fund, gratuity, leave encashment etc. Benefits notified shall be paid to the terminated employee from the month following the month on which termination is communicated to the employee or completion of the notice period, if any, whichever is earlier. If due to any reason, the employer is not able to pay the benefits within one month from the date of the termination of the employment, the employer shall pay to the terminated employee an interest at the rate of twelve per cent. per month for such delay.

Nothing in this Act shall apply to any terminated employee if benefits admissible under the employee-employer agreement, are higher than the benefits prescribed under this Act.

Every employer shall create a corpus fund to which at least five per cent of the net profit of the organization shall be credited, which shall be used for the welfare of terminated employees.

Every employer shall be entitled to solicit contribution from any organization, individual or trust for the purpose of maintaining the fund, in such manner as may be, prescribed. Fund shall also be utilized for the following purposes, namely:-

(a) payment of expenditure in connection with the education of the children of the terminated employees; and

(b) medical facilities, free of cost, in such a manner as may be prescribed.

Central Government shall, after due appropriation made by Parliament by law in this behalf, provide adequate funds for carrying out the purposes of this Act.

http://www.mca.gov.in/Ministry/pdf/Orders_25022020.pdf

APPLICABILITY OF CARO 2020

MCA HAS NOTIFIED THE REVISED ORDER WHICH MAY BE CALLED THE COMPANIES (AUDITOR’S REPORT) ORDER, 2020 AND SHALL COME INTO FORCE ON THE DATE OF ITS PUBLICATION IN THE OFFICIAL GAZETTE I.E. 25-02-2020.

APPLICABILITY OF CARO: The revised CARO shall apply to every company including a foreign company.

EXCEPTIONS:

1. a banking company,

2. an insurance company,

3. a Section 8 Company,

4. a One Person Company,

5. a small company,

6. a private limited company (not being a subsidiary or the holding company of a public company) having a paid-up capital and reserves and surplus, not more than ONE CRORE RUPEES as on the balance sheet date and which does not have total borrowings exceeding ONE CRORE RUPEES from any bank or financial institution at any point of time during the financial year and which does not have a total revenue exceeding TEN CRORE RUPEES during the financial year as per the financial statements.

The CARO will now have the mandatory disclosure on CSR w.r.t transfer of the unspent amount to a Fund specified in Schedule VII and the amount remaining unspent to the special account within a specified period.

MATTERS TO BE INCLUDED IN AUDITOR’S REPORT:

The auditor’s report on the accounts of a company to which this Order applies shall include a statement on the following matters, namely:-

(i)(a) (A) whether the company is maintaining proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment;

(B) whether the company is maintaining proper records showing full particulars of intangible assets;

(b) whether these Property, Plant and Equipment have been physically verified by the management at reasonable intervals; whether any material discrepancies were noticed on such verification and if so, whether the same have been properly dealt with in the books of account;

(c) whether the title deeds of all the immovable properties (other than properties where the company is the lessee and the lease agreements are duly executed in favour of the lessee) disclosed in the financial statements are held in the name of the company, if not, provide the details thereof in the format below:-

1. Description of Property.

2. Gross Carrying Value.

3. Held in the name of

4. Whether promoter, director of their relative or employee.

5. Period held

6. Reason for not being held in the name of the company. (also indicate if in dispute)

(d) whether the company has revalued its Property, Plant and Equipment (including Right of Use assets) or intangible assets or both during the year and, if so, whether the revaluation is based on the valuation by a Registered Valuer; specify the amount of change, if change is 10% or more in the aggregate of the net carrying value of each class of Property, Plant and Equipment or intangible assets;

e) whether any proceedings have been initiated or are pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder, if so, whether the company has appropriately disclosed the details in its financial statements;

(ii) (a) whether physical verification of inventory has been conducted at reasonable intervals by the management and whether, in the opinion of the auditor, the coverage and procedure of such verification by the management is appropriate; whether any discrepancies of 10% or more in the aggregate for each class of inventory were noticed and if so, whether they have been properly dealt with in the books of account;

(b) whether during any point of time of the year, the company has been sanctioned working capital limits in excess of five crore rupees, in aggregate, from banks or financial institutions on the basis of security of current assets; whether the quarterly returns or statements filed by the company with such banks or financial institutions are in agreement with the books of account of the Company, if not, give details;

(iii) whether during the year the company has made investments in, provided any guarantee or security or granted any loans or advances in the nature of loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or any other parties, if so,-

(a) whether during the year the company has provided loans or provided advances in the nature of loans, or stood guarantee, or provided security to any other entity [not applicable to companies whose principal business is to give loans], if so, indicate-

(A) the aggregate amount during the year, and balance outstanding at the balance sheet date with respect to such loans or advances and guarantees or security to subsidiaries, joint ventures and associates;

(B) the aggregate amount during the year, and balance outstanding at the balance sheet date with respect to such loans or advances and guarantees or security to parties other than subsidiaries, joint ventures and associates;

(b) whether the investments made, guarantees provided, security given and the terms and conditions of the grant of all loans and advances in the nature of loans and guarantees provided are not prejudicial to the company’s interest;

(c) in respect of loans and advances in the nature of loans, whether the schedule of repayment of principal and payment of interest has been stipulated and whether the repayments or receipts are regular;

(d) if the amount is overdue, state the total amount overdue for more than ninety days, and whether reasonable steps have been taken by the company for recovery of the principal and interest;

(e) whether any loan or advance in the nature of loan granted which has fallen due during the year, has been renewed or extended or fresh loans granted to settle the overdues of existing loans given to the same parties, if so, specify the aggregate amount of such dues renewed or extended or settled by fresh loans and the percentage of the aggregate to the total loans or advances in the nature of loans granted during the year [not applicable to companies whose principal business is to give loans];

(f) whether the company has granted any loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment, if so, specify the aggregate amount, percentage thereof to the total loans granted, aggregate amount of loans granted to Promoters, related parties as defined in clause (76) of section 2 of the Companies Act, 2013;

(iv) in respect of loans, investments, guarantees, and security, whether provisions of sections 185 and 186 of the Companies Act have been complied with, if not, provide the details thereof;

(v) in respect of deposits accepted by the company or amounts which are deemed to be deposits, whether the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules made thereunder, where applicable, have been complied with, if not, the nature of such contraventions be stated; if an order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal, whether the same has been complied with or not;

(vi) whether maintenance of cost records has been specified by the Central Government under sub-section (1) of section 148 of the Companies Act and whether such accounts and records have been so made and maintained;

vii) (a) whether the company is regular in depositing undisputed statutory dues including Goods and Services Tax, provident fund, employees’ state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues to the appropriate authorities and if not, the extent of the arrears of outstanding statutory dues as on the last day of the financial year concerned for a period of more than six months from the date they became payable, shall be indicated;

(b) where statutory dues referred to in sub-clause (a) have not been deposited on account of any dispute, then the amounts involved and the forum where dispute is pending shall be mentioned (a mere representation to the concerned Department shall not be treated as a dispute);

viii) whether any transactions not recorded in the books of account have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961), if so, whether the previously unrecorded income has been properly recorded in the books of account during the year;

(ix) (a) whether the company has defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender, if yes, the period and the amount of default to be reported as per the format below:-

1. Nature of borrowing including debt securities.

2. Name of lender.

3. Amount not paid on due date

4. Whether Principal or interest.

5. No. of days delay or unpaid.

6. Remarks, if any.

(b) whether the company is a declared wilful defaulter by any bank or financial institution or other lender;

(c) whether term loans were applied for the purpose for which the loans were obtained; if not, the amount of loan so diverted and the purpose for which it is used may be reported;

(d) whether funds raised on short term basis have been utilised for long term purposes, if yes, the nature and amount to be indicated;

(e) whether the company has taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures, if so, details thereof with nature of such transactions and the amount in each case;

(f) whether the company has raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies, if so, give details thereof and also report if the company has defaulted in repayment of such loans raised;

(x) (a) whether moneys raised by way of initial public offer or further public offer (including debt instruments) during the year were applied for the purposes for which those are raised, if not, the details together with delays or default and subsequent rectification, if any, as may be applicable, be reported;

(b) whether the company has made any preferential allotment or private placement of shares or convertible debentures (fully, partially or optionally convertible) during the year and if so, whether the requirements of section 42 and section 62 of the Companies Act, 2013 have been complied with and the funds raised have been used for the purposes for which the funds were raised, if not, provide details in respect of amount involved and nature of non-compliance;

xi) (a) whether any fraud by the company or any fraud on the company has been noticed or reported during the year, if yes, the nature and the amount involved is to be indicated;

(b) whether any report under sub-section (12) of section 143 of the Companies Act has been filed by the auditors in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government;

(c) whether the auditor has considered whistle-blower complaints, if any, received during the year by the company;

xii) (a) whether the Nidhi Company has complied with the Net Owned Funds to Deposits in the ratio of 1: 20 to meet out the liability;

(b) whether the Nidhi Company is maintaining ten per cent. unencumbered term deposits as specified in the Nidhi Rules, 2014 to meet out the liability;

(c) whether there has been any default in payment of interest on deposits or repayment thereof for any period and if so, the details thereof;

(xiii) whether all transactions with the related parties are in compliance with sections 177 and 188 of Companies Act where applicable and the details have been disclosed in the financial statements, etc., as required by the applicable accounting standards;

(xiv) (a) whether the company has an internal audit system commensurate with the size and nature of its business;

(b) whether the reports of the Internal Auditors for the period under audit were considered by the statutory auditor;

(xv) whether the company has entered into any non-cash transactions with directors or persons connected with him and if so, whether the provisions of section 192 of Companies Act have been complied with;

(xvi) (a) whether the company is required to be registered under section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934) and if so, whether the registration has been obtained;

(b) whether the company has conducted any Non-Banking Financial or Housing Finance activities without a valid Certificate of Registration (CoR) from the Reserve Bank of India as per the Reserve Bank of India Act, 1934;

(c) whether the company is a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India, if so, whether it continues to fulfill the criteria of a CIC, and in case the company is an exempted or unregistered CIC, whether it continues to fulfill such criteria;

(d) whether the Group has more than one CIC as part of the Group, if yes, indicate the number of CICs which are part of the Group;

(xvii) whether the company has incurred cash losses in the financial year and in the immediately preceding financial year, if so, state the amount of cash losses;

(xviii) whether there has been any resignation of the statutory auditors during the year, if so, whether the auditor has taken into consideration the issues, objections or concerns raised by the outgoing auditors;

(xix) on the basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the financial statements, the auditor’s knowledge of the Board of Directors and management plans, whether the auditor is of the opinion that no material uncertainty exists as on the date of the audit report that company is capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date;

(xx) (a) whether, in respect of other than ongoing projects, the company has transferred unspent amount to a Fund specified in Schedule VII to the Companies Act within a period of six months of the expiry of the financial year in compliance with second proviso to sub-section (5) of section 135 of the said Act;

(b) whether any amount remaining unspent under sub-section (5) of section 135 of the Companies Act, pursuant to any ongoing project, has been transferred to special account in compliance with the provision of subsection (6) of section 135 of the said Act;

(xxi) whether there have been any qualifications or adverse remarks by the respective auditors in the Companies (Auditor’s Report) Order (CARO) reports of the companies included in the consolidated financial statements, if yes, indicate the details of the companies and the paragraph numbers of the CARO report containing the qualifications or adverse remarks.

Where, in the auditor’s report, the answer to any of the questions referred to in above mentioned points is unfavourable or qualified, the auditor’s report shall also state the basis for such unfavourable or qualified answer, as the case may be.

http://www.mca.gov.in/Ministry/pdf/rule_19022020.pdf

1. Powers conferred by Sections 396, 398, 403 and 404 read with sub-sections (1) and (2) of Section 469 of the Companies Act, 2013 the Central Govt. makes following rules named as Companies (Registration offices and Fees) Amendment Rules, 2020 to amend the Companies( Registration Offices and Fees) Rules, 2014.

2. FORM “GNL-2” has been substituted by adding more fields into it which are as follows:

1. Red Herring Prospectus.

2. Private Placement Offer Letter or Record of a Private Placement Offer to be kept by the company.

HUMAN RIGHTS

1. The Ministry of Corporate Affairs is steering the process of formulating a National Action Plan on

Business and Human Rights (NAP).

2. The obligation to draft a NAP stems from India’s endorsement of the United Nations Guiding Principles

(UNGPs) on Business and Human Rights adopted in the UN Human Rights Council (UNHRC). The

Principles are articulated as three pillars:

I. State Duty to Protect

II. Corporate Responsibility to Respect

III. Access to Remedy.

A country’s NAP is expected to demonstrate how these principles are already being implemented, what the

gaps are, and how they shall be addressed.

3. The UN Working Group on Business and Human Rights (UNWG) has prepared a ‘Guidance on National

Action Plans on Business and Human Rights’ which has prescribed four criteria for developing a NAP.

First, it needs to be founded on the UNGPs. Second, it needs to be context-specific and address the

country’s actual and potential business related human rights abuse. Third, a NAP needs to be

developed in an inclusive and transparent manner. Fourth, the NAP processes needs to be regularly

re-viewed and updated. Currently, about 45 countries, including India, are either drafting or have

finalized their NAP.

4. The following have been recommended as key contents for an NAP:

 Section 1: Statements of commitments to implement the UNGPs

 Section 2: Background and context to the NAP. How the NAP relates to other existing Government

policy strategies such as national development plans, CSR strategies, national plans implementing

International Labour Organisation convention and recommendations.

 Section 3: Government’s expectations from businesses, including expectations that businesses

respect human rights throughout their operations based on UNGPs and other guidance documents.

 Section 4: Government response clarifying how it Government currently addresses adverse

business-related human rights impacts and outline commitments for further activities.

5. The Ministry has been taking various initiatives for ensuring responsible business conduct by

companies. The National Voluntary Guidelines on Social, Environmental and Economic Responsibilities

of Business, 2011 (NVGs) have been revised and released as National Guidelines for Responsible

Business Conduct to align with United Nations Guiding Principles on Business & Human Rights (UNGPs)

and Sustainable Development Goals (SDGs). The Committee on Business Responsibility Reporting

(BRR) constituted by this Ministry to formulate BRR formats for listed and unlisted companies is

finalizing its report. Further, a Zero Draft of the NAP has already been published to showcase the

considerable progress made by the country in the field of Business & Human Rights which has been

formulated after placing it in the public domain for inputs, sharing it with relevant Ministries for

comments, and consultations with relevant stakeholders. All these measures shall culminate in the

NAP document.

6. The Ministry is currently undertaking rigorous consultations with all stakeholders to finalize the

document at the earliest. In this regard, comments/ inputs are invited from all to inform the NAP

development process and contribute towards preparation of a document reflecting the vision and

aspirations of Indian Businesses that strive to be responsible, sustainable, uphold and respect human

rights.

All comments may be sent to [email protected] by March 10, 2020.

The details are available at:

http://www.mca.gov.in/…/NationalPlanBusinessHumanRight…

18/02/2020

A. How to opt-in Composition Scheme:

The application for opting-in composition scheme for the financial year, 2020-21 has been made available on GST Portal.

The taxpayers who are already in composition scheme in previous financial year are not required to opt in for composition again for FY 2020-2021.

The eligible registered taxpayers, who want to opt-in for composition scheme for the Financial Year 2020-2021, may file FORM GST CMP-02 application up to 31st March, 2020 on common portal.

The taxpayers should navigate as follows:

Log-in>Services > Registration > Application to opt for Composition Levy>filing form GST CMP-02>file application under DSC/EVC.

Once CMP-02 application is filed, the composition scheme shall be available to the taxpayer w.e.f. 1st April 2020.

The taxpayers who were a regular taxpayers in previous financial year but are opting-in composition scheme for 2020-21 should file ITC-03 for reversal of ITC credit on stocks of Inputs, semi-finished goods and finished goods available with him within a period as prescribed under Rule, 3(3A) of CGST Rules, 2017.

For more information taxpayers may consult user-manual available at GST Portal. Following links may also be used for opening user manual: https://tutorial.gst.gov.in/user…/compositionpoc/index.htm

B. Return /Payment

All taxpayers opting in for composition shall file FORM GST CMP-08 quarterly and pay GST and shall file GSTR-4 annually.

C. Who are eligible taxpayers for opting-in for Composition Scheme:-

Following taxpayers may opt for this scheme:

The normal taxpayers having aggregate turnover (at PAN level) below Rs. 1.5 Crore in the previous financial year, who doesn’t want to avail ITC facility,

The normal taxpayers having aggregate turnover (at PAN level) below Rs. 75 lakh in the previous financial year who are situated in following states:

Arunachal Pradesh,

Manipur,

Meghalaya,

Mizoram,

Nagaland,

Sikkim,

Tripura and

Uttarakhand:

The normal taxpayers supplying services and/or mixed supplies having aggregate turnover of last financial year below Rs. 50 lakhs.

D. Taxpayers, who are not eligible for opting in composition scheme:

Suppliers of the goods/services who are not liable to be taxed under GST,

Inter-State outward suppliers of goods/services,

The taxpayers supplying through e-commerce operators, who are required to collect tax under section 52,

The manufacturers of notified goods like (i) Ice cream and other edible ice, whether or not containing cocoa, (ii) All goods, i.e. Tobacco and manufactured tobacco substitutes and (iii) Pan Masala, (iv) Aerated water

A Casual taxpayer,

A Non-Resident Foreign Taxpayer,

A person registered as Input Service Distributor (ISD),

A person registered as TDS Deductor /Tax Collector,

Declaration of GSTIN mandatory in Import/Export documents

w.e.f. 15th February, 2020

Certain cases have been reported where the importer or exporter did not declare their

GSTIN in the Bill of Entry/Shipping Bill despite being registered with GSTN. With effect

from 15.02.2020, the declaration of GSTIN shall also be mandatory in import/export

documents for the importers and exporters registered as GST taxpayers.

http://www.cbic.gov.in/…/cs…/Circular-No-09-2020.pdf

February, 2020)

1. SEBI based on the recommendations of a Working Group and inputs from public consultation, reviewed

the framework for regulation of Portfolio Managers and the SEBI (Portfolio Managers) Regulations,

2020(“PMS Regulations”)has been notified on January 16, 2020.

2. In addition to the above, certain changes to the regulatory framework for Portfolio Managers have been

mandated, as under:

3. In partial modification to Cir. /IMD/DF/13/2010 dated October 05, 2010 on Regulation of Fees and

Charges, the following is mandated:

(i) As provided in Regulation 22 (11)of the PMS Regulations, no upfront fees shall be

charged by the Portfolio Managers, either directly or indirectly, to the clients.

(ii) Brokerage at actuals shall be charged to clients as expense.

(iii) Operating expenses excluding brokerage, over and above the fees charged for Portfolio

Management Service, shall not exceed 0.50% per annum of the client’s average daily

Assets under Management (AUM).

(iv) In case client portfolio is redeemed in part or full, the exit load chargedshall be as under:

a) In the first year of investment, maximum of 3%of the amount redeemed.

b) In the second year of investment, maximum of 2%of the amount redeemed.

c) In the third year of investment, maximum of 1%oftheamount redeemed.

d)After a period of three years from the date of investment, no exit load.

4. The Circular further elaborates on Periodic reporting by Portfolio Managers, uniformity of investment

approaches, Direct on-boarding of clients by Portfolio Managers, Reporting of Performance by Portfolio

Managers, Reporting of Performance by Portfolio Managers, etc.

5. The provisions of this Circular shall be applicable with effect from May 01, 2020.

The Circular is available at: https://www.sebi.gov.in/…/guidelines-for…

(1A) of the Central Goods and Services Tax Rules, 2017 in certain cases

In exercise of the powers conferred by sub-rule (1A) of rule 117 of the Central Goods and Services

Tax Rules, 2017 read with Section 168 of the Central Goods and Services Tax Act, 2017 on the

recommendations of the Council, and in supersession of Order No. 01/2019-GST dated

31.01.2019, except as respects things done or omitted to be done before such supersession, the

Commissioner hereby extends the period for submitting the declaration in FORM GST TRAN-1

till 31st March, 2020, for the class of registered persons who could not submit the said

declaration by the due date on account of technical difficulties on the common portal and whose

cases have been recommended by the Council.

Source: http://www.cbic.gov.in/…/htdoc…/gst/order1-2020-cgst.pdf

Other updates related Tax

• PAN cards will be allotted instantly online soon with Aadhaar.

• Proposal to bring down litigation in direct taxation scheme; 4.83 lakh direct cases pending in various appellate forums.

• Vivad se Vishwas scheme for direct tax payers whose appeals are pending at various forum.

• Income Tax Act to be amended to allow faceless appeals against tax orders on lines of faceless assessment.

• Registration of charity institutions to be made completely electronic, donations made to be pre-filled in IT return form to claim exemptions for donations easily.

• Budget proposes deferment of tax payment by employees on ESOPs from startups by five years

• Government extends additional Rs 1.5 lakh tax benefit on interest paid on affordable housing loans to March 2021.

• In a boost to MSMSEs, turnover threshold for audit raised to Rs 5 crore from Rs 1 crore

• Tax on Cooperative societies proposed to be reduced to 22 per cent plus surcharge and cess, as against 30 per cent.

For Individuals:

1. Income tax rates will be significantly reduced for those who forego reliefs, exemptions

Income between

1) Rs 5 to 7.5 lakh tax reduced from 20% to 10%

2) Rs 7.5 to 10 lakh tax reduced from 20% to 15%

3) Rs 10 to 12.5 lakh reduced from 30% to 20%

4) Rs 12.5 to 15 lakh reduced from 30% to 25%

5) Greater than 15 lakh, 30%

2. Income tax rates will not change for those earning above ₹15 lakh and they will continue paying 30%.

For Corporates:

3. Tax audit under section 44AB limit increased to 5 crore from 1 crore.

4. DDT (dividend distribution tax) to be removed. Dividend shall be taxed at the hands of the recipients.