The Hon’ble Finance Minister presented the Budget 2020 on 1st February 2020 proposing measures for providing stimulus to the economy, means for meeting fiscal deficits, and addressing the NBFC liquidity issues, among other concerns. On the direct tax front, she tried to rationalise personal income tax rates on the lines of the corporate income tax changes announced in September 2019 and announced a slew of measures contemplating that it would simplify the current direct tax law. However, as they say “the devil lies in the details”. We have attached below our insights on the key proposals announced in relation to the direct tax amendments. Analysis of Key Direct Tax Proposals (PSA)