Tax Benefit:

  •  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.

Tax

  • 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.

3 Replies

  1. Great post. Articles that have meaningful and insightful comments are more enjoyable, at least to me. It’s interesting to read what other people thought and how it relates to them or their clients, as their perspective could possibly help you in the future.

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