Here are some tips for smart tax planning in 2020

The government estimates a revenue loss of Rs 75,000 crore due to Section 80-C exemptions in 2018-19, up from a revenue loss of Rs 65,000 crore in 2017-18

A standing committee on the ARC sector should be formed which should meet quarterly to take stock of the developments and ways to improve the functional effectiveness of ARCs

If in the current situation the government does not cut welfare spending or increases taxes, it would need to increase borrowing to inject cash into the market

All eyes will be on the Budget with expectations that the government will do what it takes to get the economy back on track

The government policy with reference to direct taxes in the medium term is to phase out tax incentives, deductions, and exemptions while simultaneously rationalising the rate of taxes

Will the Narendra Modi government announce a populist Union Budget to arrest the economic slowdown? Will Budget 2020 offer tax sops and income tax relaxation to stimulate demand? Unlikely, says Bibek Debroy, Chairman, Economic Advisory Council to the Prime Minister (EAC-PM)

In the 38th GST Council meeting, the government received several suggestions to increase GST revenues including cess on cosmetics, gambling and recreational services

The Lok Sabha has already passed the bill, which will replace the ordinance promulgated on September 20, 2019, to cut the rate of base corporate tax to 22 per cent from 30 per cent

Sitharaman introduced the Bill just before the proceedings in the Lok Sabha were adjourned for the day following opposition uproar over political developments in Maharashtra

For the full fiscal 2019-20, the Delhi-based National Council of Applied Economic Research (NCAER) has pegged GDP growth at 4.9 percent as against 6.8 percent in 2018-19.

FM Nirmala Sitharaman, who had to announce additional measures to stimulate a slowing economy within a month of her maiden budget being approved by Parliament, is due to present the annual budget for the financial year 2020-21 on February 1

Fitch said it was revising the fiscal deficit forecast as revenue collection is likely to fall far short of the projections in the FY2019/20 Union Budget due to weak GST and corporate income tax collections

The policy envisions several fiscal and non-fiscal incentives to sectors specifically those which establish units in backward districts of the mineral-rich state

Flagged by CAG in 2013, tax losses due to certain investments by Tata Trusts came to limelight once again when Cyrus Mistry was ousted from the office of chairman by the Tata Sons board in 2016