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Highlights-Interim-Budget-2019

 

Highlights Interim Budget 2019

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See the related post : How to save Income Tax
 
Introduction-

Union Budget 2019-20 presented by Finance Minister Sh. Piyush Goyal in the Lok Sabha on Friday, some of these highlights are as under-

  • No Income tax till Income of Rs 5 lakh for individual tax payers.
  • Standard deduction for salaries persons has increased to Rs 50,000 from Rs 40,000. 
  • Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make Investments under section 80C. 
  • TDS threshold for home rent increased from Rs 1.8 lakh to 2.4 lakh. 
  • TDS threshold on interest on bank and post office deposits has raised from Rs. 10,000 to Rs. 40,000.
  • The Rebate under the Section 87A of the Income Tax Act has been modified. Tax Rebate Limit under 87A increased from Rs. 3.5 lakhs to Rs. 5.0 lakhs. The maximum limit of the tax rebate increased to Rs.12,500 from the present limit of Rs. 2,500. This will be applicable only for those peoples having net taxable income of less than Rs.5 lakh.
  • Gratuity limit has increased from Rs. 10 lakh to Rs. 30 lakh.
  • Capital gains tax exemptions under Section 54 to be available to Rs 2 crore can be exercised once in a lifetime and exemption to be available on 2 house properties. 
  • Income tax relief on notional rent from unsold houses extended to 2 years from 1 year. 
  • Farmers having up to 2 hectare of lands will get Rs 6,000 per year in three equal installments. 
  • Indian Customs to fully digitised exim transactions and leveraging RFID for logistic. Govt abolishes duties on 36 capital goods 
  • Farmers affected by natural calamities to get 2% interest subvention and additional 3% interest subvention upon timely repayment 
  • 2% interest subvention to farmers who pursue animal husbandry, fisheries jobs through Kisaan credit cards 
  • Kamdhenu scheme for animal husbandary.
  • Businesses with less than Rs 5 crore annual turnovers, comprising over 90% of GST payers, will be allowed to return quarterly returns. 
  • Income Tax returns to be processed within 24 hours and returns will be paid immediately. 
 



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