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HIGHLIGHTS OF BUDGET 2019
BY-POOTUL BISWAS
MBA-A
2ND SEM
Income Tax reliefs:
* No tax for those whose taxable income is less than Rs 5
lakh .
* Standard deduction increased to Rs 50,000 from Rs
40,000 for salaried class
Tax exemptions on investments:
* Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make
investments in provident funds and prescribed equities
* TDS threshold for home rent increased from Rs 1.8 lakh to 2.4 lakh
* Interest income up to Rs 40,000 in post offices and banks made tax free
* Capital gains tax exemptions under Section 54 to be available up to Rs 2
crore. Capital gains exemption to be available on 2 house properties..
*Income tax relief on notional rent from unsold houses extended to 2
years from 1 year .
Other tax related reliefs:
* Income Tax returns to be processed within 24
hours and refunds will be paid immediately .
* Within nearly two years, almost all assessment
and verification of IT returns will be done
electronically by an anonymised tax system
without any intervention by officials .
GST:
* Group of Ministers to suggest ways to reduce GST for house buyers
* Direct tax collections increased from Rs 6.38 lakh crore in 2013-14 to
almost Rs 12 lakh crore; The tax base is up from Rs 3.79 crore to 6.85
crore
* Businesses with less than Rs 5 crore annual turnover, comprising over
90% of GST payers, will be allowed to file quarterly returns
* Indian Customs to fully digitised exim transactions and leverage RFID for
logistic. Govt abolishes duties on 36 capital goods .
* GST collections in January 2019 has crossed Rs 1 lakh crore

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Highlights of budget 2019

  • 1. HIGHLIGHTS OF BUDGET 2019 BY-POOTUL BISWAS MBA-A 2ND SEM
  • 2. Income Tax reliefs: * No tax for those whose taxable income is less than Rs 5 lakh . * Standard deduction increased to Rs 50,000 from Rs 40,000 for salaried class
  • 3. Tax exemptions on investments: * Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities * TDS threshold for home rent increased from Rs 1.8 lakh to 2.4 lakh * Interest income up to Rs 40,000 in post offices and banks made tax free * Capital gains tax exemptions under Section 54 to be available up to Rs 2 crore. Capital gains exemption to be available on 2 house properties.. *Income tax relief on notional rent from unsold houses extended to 2 years from 1 year .
  • 4. Other tax related reliefs: * Income Tax returns to be processed within 24 hours and refunds will be paid immediately . * Within nearly two years, almost all assessment and verification of IT returns will be done electronically by an anonymised tax system without any intervention by officials .
  • 5. GST: * Group of Ministers to suggest ways to reduce GST for house buyers * Direct tax collections increased from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore; The tax base is up from Rs 3.79 crore to 6.85 crore * Businesses with less than Rs 5 crore annual turnover, comprising over 90% of GST payers, will be allowed to file quarterly returns * Indian Customs to fully digitised exim transactions and leverage RFID for logistic. Govt abolishes duties on 36 capital goods . * GST collections in January 2019 has crossed Rs 1 lakh crore