<h1>Union Budget 2019-20: Tax Reforms Include 25% Corporate Tax Rate for SMEs, PAN-Aadhaar Interchangeability, and Digital Payment Boost.</h1> The Union Budget 2019-20 announced several tax reforms, including extending the 25% corporate tax rate to companies with an annual turnover up to Rs. 400 crore, covering 99.3% of companies. It also proposed the interchangeability of PAN and Aadhaar for filing tax returns, pre-filled tax returns to improve accuracy, and a faceless e-assessment scheme to eliminate undesirable practices. A 2% TDS on cash withdrawals over Rs. 1 crore aims to promote digital payments, with businesses over Rs. 50 crore turnover required to offer low-cost digital payment modes without charges. These measures aim to simplify tax compliance and encourage a digital economy.