Budget 2019 Highlights:
Financial package for farmers, tax rebate
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| 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
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| 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.
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