Tax changes in interim Budget

 Tax changes in interim Budget

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 Tax changes in interim Budget

Here are the key highlights from Finance Minister Piyush Goyal Interim Budget 2019-20

Tax changes

  • No Income tax for income up to Rs. 6.5 lakh (Rs. 5 lakh + Rs. 105 lakh 80C of the Income Tax Act)
  • Full tax rebate for income tax up to Rs. 5 lakh per annum
  • No tax on national rent on second Self-occupied house
  • Capital Gains exemption under Section 54 to be available on two house properties
  • Tax benefit of Rs. 18500 crore given to three crore middle class tax payers
  • Standard deduction raised to Rs. 50000 from  40000
  • TDS limit hiked from Rs. 10000 to 40000 on post-office saving
  • Group of Ministers looking at ways to ease GST burden on homebuyers.

Economy

  • FY 20 fiscal deficit target set at 3.4 percent
  • Expenditure target for FY 20 set  at Rs. 27.84 lakh crore
  • Capital Expenditure for FY 20 set at Rs. 3.36 lakh crore
  • FY 19 fiscal deficit pegged at 3.4 percent of GDP; current account at 2.5 percent of GDP

Farmers

-Farmers with less than two hectares to be offered Rs. 6000 per year as direct transfer under PM Kisan Samman Nidhi. The benefit will be transferred directly into the bank account of beneficiary farmers in three instalment of Rs. 2000 each 12 crore farmers to benefit from the scheme. This will cost the government around Rs. 75000 crore

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