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Key-Highlights-of-Union-Budget-2019

 

Key Highlights of Union Budget 2019

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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.
 
See the related post : How to save Income Tax



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