Union Budget 2019 Highlights
* No tax till Rs 5 lakh income for individuals tax payers
* Standard deduction increased to Rs 50,000 from Rs 40,000 for salaried class
* Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities
* TDS threshold for home rent increased from Rs 1.8 lakh to 2.4 lakh
* Interest income up to Rs 40,000 in post offices and banks made tax free
Capital gains exemption to be available on 2 house properties
* Income tax relief on notional rent from unsold houses extended to 2 years from 1 year
* Income Tax returns to be processed within 24 hours and returns will be paid immediately
* Group of Ministers to suggest ways to reduce GST for house buyers
* Direct tax collections increased from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore; The tax base is up from Rs 3.79 crore to 6.85 crore
* Gratuity limit increased for workers
* Rs 6,000 per year pension for farmers
* Rs 3,000 per year pension for unorganised sector workers
* Interest subvention for farm loan takers
* Businesses with less than Rs 5 crore annual turnover, comprising over 90% of GST payers, will be allowed to return quarterly returns
* A single window clearance for filmmakers
* Indian Customs to fully digitised exim transactions and leveraging RFID for logistic. Govt abolishes duties on 36 capital goods
* No tax till Rs 5 lakh income for individuals tax payers
* Standard deduction increased to Rs 50,000 from Rs 40,000 for salaried class
* Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities
* TDS threshold for home rent increased from Rs 1.8 lakh to 2.4 lakh
* Interest income up to Rs 40,000 in post offices and banks made tax free
Capital gains exemption to be available on 2 house properties
* Income tax relief on notional rent from unsold houses extended to 2 years from 1 year
* Income Tax returns to be processed within 24 hours and returns will be paid immediately
* Group of Ministers to suggest ways to reduce GST for house buyers
* Direct tax collections increased from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore; The tax base is up from Rs 3.79 crore to 6.85 crore
* Gratuity limit increased for workers
* Rs 6,000 per year pension for farmers
* Rs 3,000 per year pension for unorganised sector workers
* Interest subvention for farm loan takers
* Businesses with less than Rs 5 crore annual turnover, comprising over 90% of GST payers, will be allowed to return quarterly returns
* A single window clearance for filmmakers
* Indian Customs to fully digitised exim transactions and leveraging RFID for logistic. Govt abolishes duties on 36 capital goods