Union Budget 2020 has offered simpler direct tax option for individual tax payers and the government has reduced the tax rate.

Union Budget 2020 has led to steep decline in Indian stock market as market participants were expecting relief from LTCG tax and some other sops.

Indian markets cheered the announcement of corporate tax reduction with one of the biggest single-trading session gains in last 10 years.

Indian government has taken a major step towards helping the economy with reduction in corporate tax rate.

State surpasses national growth rate of 11.89%

Despite slowdown in the Indian economy, revenue collections by income tax in Gujarat have registered a growth of 15% in the first 11 months of the financial year 2008-09 over the corresponding period last year. While nationally, income tax revenue has registered a growth of 11.89% in the same period.

Finance Minister P. Chidambaram has informed that soon biometric smart Permanent Account Number (PAN) cards may be issued to reduce chances of duplication and to ensure better tax compliance.