Government proposes tax cut for cooperatives to 22 percent

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Sitharaman proposed on Saturday to lower the tax on cooperatives from the current 30 percent to 22 percent plus surcharge and tax deduction.

Nirmala Sitharaman

Finance minister Nirmala Sitharaman proposed on Saturday that the tax on cooperatives be reduced from the current 30 percent to 22 percent plus surcharge and tax deduction.

Sitharaman announced the budget for 2020-21 and also announced that it would add a year to approve affordable housing projects for tax vacation vacations on developer earnings.

It also announced the extension of the additional tax benefit of 1.5 billion rupees to interest on affordable housing loans until March 2021.

Sitharaman said the income tax law will be amended to allow faceless appeals against tax orders based on faceless tax assessment.

She also proposed a process – "Vivad se Vishwas" – to resolve litigation in the area of ​​direct taxes, with 4.83 lakh direct cases pending in various appeal forums.

To simplify the allocation of PAN, a new process will be introduced in which Aadhaar will assign it immediately, Sitharaman added.

Direct taxes are the lowest, easiest, and smoothest, the finance minister said.

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