Topic: Submitted Ideas and Suggestions for Union Budget 2020 - 2021 15 th January 2020 To, Smt. Nirmala Sitharaman, The Hon’ble Minister of Finance Government of India 1. Lower tax rates a. Income up to Rs. 5 lakh should be made exempt from tax. Peak rate of 30% should be made applicable on the income of Rs. 20 lakhs and above. b. We may see a tax of 10% for the people with annual income between Rs. 5 lakhs to Rs. 10 lakhs, individuals earning between Rs. 10 lakhs to Rs. 20 lakhs may get to pay tax @ 20%. 2. Dividend Distribution Tax (DDT) Issues : Replace dividend distribution tax (DDT) with classical system of dividend taxation: There is a need to reintroduce the classical tax system of dividend taxation in the hands of the shareholders with protection for small shareholders and avoiding cascading impact of inte...
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