Govt proposes cut in tax on cooperative societies to 22 percent
Finance Minister Nirmala Sitharaman on Saturday proposed reduction of tax on cooperative societies to 22 per cent plus surcharge and cess, from 30 per cent at present. Presenting the Budget for 2020-21, Sitharaman also announced extending by one year the date of approval of affordable housing projects for availing tax holiday on profit earned by developers.
She also announced extension of additional Rs 1.5 lakh tax benefit on interest paid on affordable housing loans to March 2021. Sitharaman further said the Income Tax Act will be amended to allow faceless appeals against tax orders on lines of faceless assessment.
She also proposed a scheme -- 'Vivad se Vishwas' -- to bring down litigation in direct taxation scheme saying 4.83 lakh direct cases are pending in various appellate forums. In order to ease allotment of PAN, new process of instantly allotting the same through Aadhaar will be brought, Sitharaman added. Direct taxes are the lowest, simplest and smoothest, the finance minister said.
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