The Budget 2020 can be best described as the budget for the Indian middle class. The government fixed two anomalies through various announcements.
First, by introducing alternate personal income-tax slabs, it ensured that individuals with lower saving ability payless tax, unlike in the previous tax slabs. Second, the dividend distribution tax is now as per one’s tax slab unlike the previous flat rate, which was burdening to those at the lower tax levels.
These measures should be seen in tandem with the announcement made in September 2019, when the Finance Minister announced corporate tax cuts, that proved to be a sentiment booster for the capital market.
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