Sunday 3 February 2019

Budget 2019

Budget 2019 Highlights:

Financial package for farmers, tax rebate              
Budget 2019
Budget 2019

Income Tax reliefs

* No tax for those whose taxable income is less than Rs. 5 Lakh per annum
* No income tax for income up to Rs.6.5 lakh (Rs.5 Lakh +Rs.1.5 lakh under 80c of the income       tax act)
* No tax on notional rent on second self-occupied house
* Capital gains tax benefit exemption u/s 54 has increased from investment in one house to two residential house properties
* Standard deduction raised to Rs.50000 from Rs.40000 for salary class
* TDS u/s 194A limit increased from Rs.10000 to Rs.40000 on post-office savings
* Group of Ministers looking at ways to ease GST burden on homebuyers
* TDS u/s 194I threshold for home increased from Rs.1.8 lakh to 2.4 lakh
* Exempt on tax on second self –occupied house
* Benefit u/s 80IB has increased to one more year i.e 2020

Budget 2019
Budget 2019

Other related reliefs

·          * Income tax returns to be processed within 24 hours and refunds         will be paid immediately
     * Within two years , tax assessment will be done electronically
     * Minimum 14% revenue of GST to states by central Govt.
·    * Custom duty has abolished from 36 capital goods
·    * Recommendations to GST council for reducing GST rates for          home buyers
·    * Benefit has given to unsold inventory has increased to one year         to two years.

Click to Income Tax Slab & Rate for FY 2018-19, A.Y 2019-20

How to pay income tax online

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