Key Highlights of Union Budget 2019
Key Highlights of Union Budget 2019, Presented by Finance Minister Smt. Nirmala Sitharaman in the Parliament on Friday July 05, 2019-
- PAN and Aadhaar are now interchangeable.
- Special additional duty, road and infrastructure cess of 2 will be levied on petrol and diesel per litre.
- No change in personal income tax rates i.e. no income tax will be charged on total income below to Rs. 5 lakh in a financial year.
- Surcharge will be charged on individuals@ 3% on taxable income above to Rs. 2 crore and @ 7% on taxable income of Rs. 5 crore and above.
- TDS will be deducted @ 2% on cash withdrawals exceeding ₹1 crore in a year from bank accounts.
- Corporate tax slashedto 25 % from a current rate of 30 % with turnover of up to Rs 400 crore.
- Additional deduction of Rs. 1.5 lakh on interest paid on loan borrowed on or before 31st March 2020 for purchase of a house up to ₹45 lakh.
- After interest deduction, affordable home buyers will gain tax benefit of Rs. 7 lakh over the period of interest deduction.
- Angel Tax i.e. funds raised by startups will not require any scrutiny by the Income Tax department.
- Pension benefit extended to retail traders with annual turnover less than Rs 1.5 crore under Pradhan Mantri Karam Yogi Man Dhan Scheme.
- A new TV Channel for start-ups, designed and run by start-ups themselves.
- To popularise sports at all levels, National Sports Education Board for development of sports persons to be set up under 'Khelo India’.
- Nari tu Narayani- Women SHG Interest Subvention Programme to be expanded to all districts in India.
- One woman in every SHG to be eligible for a loan up to Rs 1 lakh under the Mudra Scheme.
- Every verified woman SHG member having a Jan Dhan account can avail overdraft facility of Rs 5,000.
- Aadhaar card for NRIs with Indian passports to be issued after their arrival in India, without waiting for the mandatory 180 days.
- Basic customs duty on auto parts, optical fibres, digital camera, cashew, certain synthetic rubber, vinyl flooring hiked.
- 5 % customs duty imposed on imported books.
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