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Interim budget highlights 2019
- Individual taxpayers with annual Income up to 5 Lac rupees to Income Tax Nil.
- Individual with Gross Income up to 6.5 lakh rupees will not to pay any tax if the make investment in provident funds and prescribed equities.
- Standard deduction has increase from 40000 to 50000.
- TDS u/s 194I threshold on rental income has increased from 180000 to 240000.
- TDS u/s 194A on interest other than Interest on Securities from 10000 to 40000.
- Exempt on tax on second self- occupied house.
- Capital Tax Benefit u/s 54 has increased from investment in one residential house to two residential houses.
- Benefit u/s 80IB has increased to one more year 2019 – 2020.
- Gratuity limit increased from 10 lakh to 20 lakh rupees
- Benefit has given to unsold inventory has increased to one year to two years.
- Income tax returns processing in just 24 hours.
- Within 2 year, Tax Assessment will be done electronically.
- Businesses with less than Rs. 5 crore annual turnover comprising over 90 % of GST payers, will be allowed to return quarterly return.
- Two per cent interest subvention on loan of 1 crore For GST registered MSME units.