Finance Minister Nirmala Sitharaman in her Budget 2020 speech said the government will soon launch an Aadhaar-based verification of taxpayers.
Reading out the longest budget speech in the Parliament history at 2 hours and 42 minutes, FM Sitharaman said it will also facilitate instant online allotment of PAN (permanent account number) filling any application form.
In her Budget 2019 speech, she had made PAN and Aadhaar interchangeable to file tax returns.
The Union Budget 2020 announced new tax regime and reduced the tax rate for different slabs for an individual income of up to Rs 15 lakh per annum.
The Finance Minister said that the new tax regime will be optional with taxpayers being given the choice to either remain in the old regime that included exemptions and deductions, or opt for the new reduced tax rate sans exemptions.
According to Sitharaman, the new simplified personal tax regime will provide more money in consumer's hands and boost expenditure.
The Finance Minister revealed that the budget proposes to impose a nominal health cess on imports of medical equipment and also read out that concessional corporate tax cut will be extended to new domestic companies engaged in power generation.
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