Budget 2019 Highlights for Income Tax

 

  1. Tax rate decrease to 25% for companies with yearly turnover total Rs. 400 crore for the budget 2019. 
  2. Surcharge applicable for individuals assesses having total taxable income Rs. 2 to 5 crore of 3% and Rs. 5 to above of 7%.  
  1. Direct tax revenue collected by over 78% for the past 5 years to more than Rs. 11.37 lakh crore. 
  2. Income tax return can be filed with Aadhar or PAN. 
  3. Aadhaar can use only when PAN is Use. 
  4. For income tax purpose, assesses information to be collected from the bank, post office, Stock Exchange, Mutual Fund and other financial institutes. 
  5. Pre-filled of income tax return faster, easier for all type income and deduction. 
  6. Income tax is launched faceless e-assessment. 
  7. If you purchase a house up to Rs. 45 lacs on 31st March ‘ 2020, you can benefit on interest deduction up to 3.5 lacs.  And Total advantage of Rs. 7 lacs for 15 years. 
  8. Other advantages for deduction Rs. 1.5 lacs of interest on loan paid the purchase of electric vehicles. 
  9. Electric vehicles certain parts are exempt. 
  10. Residential House, a capital gain is exempted for investment startup up to Financial Year 2021-22. 
  11. Curry forward and set off Losses is easier for the financial year 2019-20. 
  12. Dividend is exempted for companies and mutual funds. 
  13. Capital Gain is exempted for Alternative Investment Funds (AIFs). 
  14. Interest payment is exempted for loan taken from non-resident. 
  15. No Change in standard deduction on Salaried for individuals Rs. 50000. 
  16. No Change in Chapter VI-A deduction for individuals Rs. 200000 for the financial year 2019-20. 
  17. No tax payable having income up to Rs. 500000. 
  18. Excess cash withdraws from a bank account Rs. 1 crore, TDS is applicable for 2% for the financial year 2019-20.

 

 

List of Documents

Aadhaar Card Address Proof Aadhar Card Update
Business Loan  Car Loan  Caste Certificate
Driving Licence Education Loan Hdfc Home Loan
Home Loan Income Certificate KYC Documents 
Lic Housing Loan Mortgage Loan Mudra Loan
Name & Address Change Opening Bank Account Pan Card
PCC Documents Personal Loan Sbi Education Loan
Sbi Home Loan  Visa Documents Voter Id

 

 

Budget 2019 Highlights for Income Tax