Interim budget highlights 2019

  1. Individual taxpayers with annual Income up to 5 Lac rupees to Income Tax Nil.
  2. 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.
  3. Standard deduction has increase from 40000 to 50000.
  4. TDS u/s 194I threshold on rental income has increased from 180000 to 240000.
  5. TDS u/s 194A on interest other than Interest on Securities from 10000 to 40000.
  6. Exempt on tax on second self- occupied house.
  7. Capital Tax Benefit u/s 54 has increased from investment in one residential house to two residential houses.
  8. Benefit u/s 80IB has increased to one more year 2019 – 2020.
  9. Gratuity limit increased from 10 lakh to 20 lakh rupees
  10. Benefit has given to unsold inventory has increased to one year to two years.
  11. Income tax returns processing in just 24 hours.
  12. Within 2 year, Tax Assessment will be done electronically.
  13. Businesses with less than Rs. 5 crore annual turnover comprising over 90 % of GST payers, will be allowed to return quarterly return.
  14. Two per cent interest subvention on loan of 1 crore For GST registered MSME units.

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