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.
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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
5. deduction for interest on loan taken for purchase electric vehicle
6. Startups Angel Tax – No scrutiny for fund raised on filing declaration. In pending cases also no query without approval
7. Relaxation for conditions for carry forward and set off for startups.
8. Additional deduction of Rs. 1.50 lakhs for interest paid on affordable housing loans
9. STT reduced for options
10. PAN and Aadhar made inter-changable
11. Pre-filled tax return to be made available
12. e-assessment-scheme of faceless assessment in electronic mode including no human face
13. 2% TDS on cash withdrawal exceeding Rs. 1 crores
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
15. Increasing threshold for prosecution for not filing tax returns
16. No change in Tax rates or slabs.
17. No change in Section 87A rebate
18. TDS at the rate of 5% on contractual work or professional fees by an individual/HUF
20. Return of 1/6 Scheme for compulsory filing of returns on entering high value transactions
22. Widening the scope of Statement of Financial Transactions (SFT)
23. Mandating acceptance of payments through prescribed electronic modes
24. Incentives to National Pension System (NPS) subscribers
25. Cancellation of registration u/s 12AA of Trust/Institution on violating any other law
26. Issue of Aadhaar Card for Non-Resident Indians with Indian Passports
