SMALL INVESTORS FORUM

SMALL INVESTORS FORUM A7/303, Saket CHS LTD, Thane (West) 400601 # 8879528575 Sub: Small Investors Expectations from Union Budget 2020. Madam, We thank you for your gesture of inviting suggestions from the people of India for the Union Budget 2020. Accordingly, we are herewith sending you the expectations and aspirations of the Small Investors - the common man. 1) The key expectation is increasing the threshold limit for the minimum amount not chargeable to tax, from Rs 250,000 to Rs 500,000. The last such increase was made almost 5 years back when this was increased from Rs 200,000 to Rs 250,000 in the financial year 2014-15. 2) There is also the expectation that the highest tax slab rate should be brought down from 30 per cent to 25 per cent, with a corresponding increase in the limit from Rs 10 lakh to Rs 20 lakh. This should increase disposable income in the hands of the common man. 3) Deduction under Section 80C of the Income-Tax Act, 1961 (the Act) provides for various

State-wise Gross Domestic GST Collection for the month of December, 2019

In significant changes in IT return filing forms, individual tax payers owning house property joint ownership and those who have paid Rs. 1L in EB in a year or incurred Rs. 2 L expense on foreign travel cannot file IT retns using the simple ITR - 1 Form. Notified on Jan 3rd notified tax retn forms for assessment year 2020-21 ( Income year 1 - 04 - 19 to 31 - 03 - 20). Retns in ITR-1 Sahaj can be filed by an ordinary resident individual whose total income does not exceed Rs. 50 L, while ITR - 4 Sugam is meant for resident Indian individuals, HUFs and firms ( other than LLP ) having a total income of up to Rs. 50 L and having presumptive income from business & profession. According to the notification, two major changes have been effected. First, and individual taxpayer cannot file return either in ITR-1 or ITR4 if he is a joint owner in house property. Secondly, ITR - 1 form is not valid for those who individuals who have deposited more than Rs 1 CR in bank a/c or have i