Finance Minister Nirmala Sitharaman, announcing the Union Budget for 2019-20 in Parliament on Friday, said India will become a $3-trillion economy this year. In her maiden budget, the Finance Minister proposed to extend the 25 per cent ceiling to corporates with a turnover up to Rs. 400 crore, permit filing of income tax returns using either Aadhaar or PAN, and announced a TDS or tax deducted at source of 2 per cent on cash withdrawals exceeding Rs. 1 crore in a year. While Ms Sitharaman kept the income tax structure applicable to the small and medium taxpayer intact, she increased the surcharge on those with an annual income above Rs. 2 crore.
