Key Highlights of Income tax/GST proposals of Union Budget 2019-20
Union Finance Minister Nirmala Sitharaman shall present Union Budget-2019 at Parliament on 5th July 2019.
Watch Union Budget 2019-20 live
Key highlights of income tax proposals of Union Budget 2019-20
Income Tax Proposals
1. Finmin thanks to the taxpayers call them responsible citizens
2. 78% increase in direct tax since FY 2013-14
3. Lower rate of 25 % Corporate Tax extended to all companies with annual turnover up to Rs. 400 crore.
4. GST rate lowered for electric vehicle
6. Startups Angel Tax – No scrutiny for fund raised on filing declaration. In pending cases also no query without approval
9. STT reduced for options
11. Pre-filled tax return to be made available
12. e-assessment-scheme of faceless assessment in electronic mode including no human face
14. Surchare increased for higher income brackets
10% for total income exceeding fifty lakh but not exceeing one crore rupees.
15% for total income exceeding 1 crores
16. No change in Tax rates or slabs.
17. No change in Section 87A rebate
22. Widening the scope of Statement of Financial Transactions (SFT)
26. Issue of Aadhaar Card for Non-Resident Indians with Indian Passports