Budget 2019 Highlights for Income Tax
- Tax rate decrease to 25% for companies with yearly turnover total Rs. 400 crore for the budget 2019.
- Surcharge applicable for individuals assesses having total taxable income Rs. 2 to 5 crore of 3% and Rs. 5 to above of 7%.
- Direct tax revenue collected by over 78% for the past 5 years to more than Rs. 11.37 lakh crore.
- Income tax return can be filed with Aadhar or PAN.
- Aadhaar can use only when PAN is Use.
- For income tax purpose, assesses information to be collected from the bank, post office, Stock Exchange, Mutual Fund and other financial institutes.
- Pre-filled of income tax return faster, easier for all type income and deduction.
- Income tax is launched faceless e-assessment.
- If you purchase a house up to Rs. 45 lacs on 31st March ‘ 2020, you can benefit on interest deduction up to 3.5 lacs. And Total advantage of Rs. 7 lacs for 15 years.
- Other advantages for deduction Rs. 1.5 lacs of interest on loan paid the purchase of electric vehicles.
- Electric vehicles certain parts are exempt.
- Residential House, a capital gain is exempted for investment startup up to Financial Year 2021-22.
- Curry forward and set off Losses is easier for the financial year 2019-20.
- Dividend is exempted for companies and mutual funds.
- Capital Gain is exempted for Alternative Investment Funds (AIFs).
- Interest payment is exempted for loan taken from non-resident.
- No Change in standard deduction on Salaried for individuals Rs. 50000.
- No Change in Chapter VI-A deduction for individuals Rs. 200000 for the financial year 2019-20.
- No tax payable having income up to Rs. 500000.
- Excess cash withdraws from a bank account Rs. 1 crore, TDS is applicable for 2% for the financial year 2019-20.
Budget 2019 Highlights for Income Tax
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