- Tax nil up to Rs 500000/-.
- Salary Std deduction raised from 40k to 50k.
- Deemed rental income exemption proposed on the second self occupied house.
- TDS threshold increase from 10000/- to 40000/- under section 194A.
- TDS on rent increase from 180000/- to 240000/-.
- Section 54 limit can be claimed now in two houses.
- A capital gain of Rs 2 Cr once in a life time.
- Section 80IBA extended for one more year.
- Exemption of notional rent on the real sector increasefrom one year to two years of unsold inventory.
- Within 2 years, Tax assessment will be done electronically.
- IT returns processing in just 24 hours.
- 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.
- Full Tax rebate upto 5 lakh annual income after all deductions.
- The standard deduction has increased from 40000 to 50000.
- Exempt on tax on second self-occupied house.
- Ceiling Limit of TDS u/s 194A has increased from 10000 to 40000.
- Ceiling Limit of TDS u/s 194I has increased from 180000 to 240000.
- Capital tax Benefit u/s 54 has increased from investment in one residential house to two residential houses.
- Benefit u/s 80IB has increased to one more year, i.e.2020.
- Benefit has given to unsold inventory has increased to one year to two years.
Budget 2019 IMPORTANT
- Income – INR 5,00,000 (TAX – NIL)
- Income – INR 5,01,000 (TAX – INR 13,208)
- Rebate u/s 87A, Not Exemption.
- No benefit any to taxpayer having income above Rs.5 lac.