HIGHLIGHTS OF BUDGET 2019

[CS Swati Dodhi]

Tax proposals:

1. Tax assessment to be done electronically within 2 years

2. 24 hours IT returns processing initiative

3. Minimum 14% revenue of GST to states by Central Govt.

4. Custom duty abolishment from 36 Capital Goods

5. Recommendations to GST council for reducing GST rates for home buyers

6. Full Tax rebate upto 5 lakh annual income after all deductions.

7. Increment of Standard deduction  from ₹ 40000 to ₹ 50000

8. Exempt on tax on second self-occupied house

9. Ceiling Limit of TDS u/s 194A has increased from ₹ 10000 to ₹ 40000

10. Ceiling Limit of TDS u/s 194I has increased from ₹ 180000 to ₹ 240000

11. Capital tax Benefit u/s 54  - benefit increased from investment in one residential house to two residential houses.

12. Benefit u/s 80IB has increased to one more year i.e. 2020

13. Benefit given to unsold inventory - increased to one year to two years.