Income Tax

Top Highlight of Budget 2019 | New Slab Rate for AY 2019-2020 | Tax Rebate

Top Highlight of Budget 2019 | New Slab Rate for AY 2019-2020 | Tax Rebate

Hey Friends, two days ago, budget of 2019 is announce and there are many new changes are made. here, we are discussing the top Highlight of budget 2019. In this Budget main focusing area is new slab rate.  

Main Highlight of Budget of year 2019

  • Individual can be claim up to Two residential house as a self-occupied house. So that, Exempt on tax on second self-occupied house.
  • Ceiling Limit of TDS u/s 194A has increased from 10000 to 40000. Because of that, No TDS on Interest Income up to Rs.40000.
  • Standard deduction for salaried person has increase from 40000 to 50000 for assessment year 2019-2020.
  • Ceiling Limit of TDS u/s 194I has increased from 180000 to 240000. As result of that, not liable to deduct TDS on rent paid up to Rs.2,40,000
  • No income tax up to Rs.5 lack for individual’s taxpayer. Therefore, Full Tax rebate upto 5 lakh annual income after all deductions.
  • Tax free Gratuity limit has been increase from 10 Lakhs to 20 Lakhs.

Other Areas of Budget 2019

  • 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.
  • 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.
  • State share has increased to 42%.
  • PCA restriction has abolished from 3 major banks.
  • 2 lakhs seats will increase for the reservation of 10%.
  • 60000 crores for manrega.
  • 7 Lakh crore to ensure food for all.
  • 22nd AIIMS has to be opened in Haryana.
  • Approval has to be given to PM Kisan Yojana.
  • 6000 per annum has to be given to every farmer having upto 2 hectare land. Applicable from Sept 2018. Amount will be transferred in 3 installments.
  • National kamdhenu ayog for cows. Rs. 750 crores for National Gokul Mission.
  • 2% interest subvention for farmers pursuing animal husbandry and also create separate department for fisheries.
  • 2% interest subvention for farmers affected by natural calamities and additional 3% interest subvention for timely payment.
  • Bonus will be applicable for workers earning 21000 monthly.
  • The scheme, called Pradhan Mantri Shram Yogi Mandhan, will provide assured monthly pension of Rs. 3,000 with contribution of Rs. 100 per month for workers in unorganized sector after 60 years of age.
  • Our government delivered 6 crores free LPG connections under Ujjawala scheme.
  • 2% interest relief for MSME GST registered person.
  • 26 weeks of Maternity Leaves.

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