Key tax proposals of Budget 2019

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Key tax proposals of Budget 2019

Key tax proposals of Budget 2019 

1.Individual taxpayers having annual taxable income upto Rs 5L to get full tax rebate. Accordingly, no tax for individuals having gross income upto 6.5 lakh considering Sec. 80 investments upto Rs. 1.5 lakh. With additional deductions like NPS contribution, medical insurance, Housing Loan etc. – persons having even higher income will not have to pay any tax
2.For salaried persons- standard deduction raised from 40K to 50K. This to provide relief to about 3 crore people
3.Exempt levy of IT of notional rent on second house property
4.No TDS on interest on Post office deposit upto Rs. 40,000
5.TDS threshold for rent (Sec 194I) to be increased from 1.8K to 2.4K
6.Benefit u/s 54 for capital gains increased from 1 residential house to 2 residential houses for gains upto Rs. 2 cr., which can availed once in lifetime
7.Period of exemption for levy of IT on notional rent on unsold inventories increased from 1 to 2 years
8.Sec 80IBA benefit extended by one year for housing project approved upto 31 March 2020
9.Computerised anonymous assessments – Within next 2 years, all scrutiny assessment to be done without any interface between taxpayer and tax officer and to be done electronically
10.No of returns filed increased 3.17 Cr to 6.85 Cr
11.Tax collection increased from Rs. 6,38, 000 cr. to Rs. 12 lakh crore
Tax collections used to serve poor and improve infrastructure
12.Return, assessment, queries, everything happening online

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