Happy Budget 2019 !!!

The Modi government has come with something for everyone this year and particularly for the middle class people which represents the majority population of India.  Mainly two things shown concerned which are Income Tax rebate for individual and support scheme for farmers.  Synopsis of these budget are as follows:

  • Full Tax Rebate will be available for Income upto Rupees 5 Lakh to all individual taxpayers.
  • Deduction under Section 80 and Chapter VI will continue hence one may have not to pay any tax on income upto Rupees 6.5 Lakh, subject to the investments in specified schemes or sectors.
  • Standard deduction for salaried person hiked from 40,000 Rupees to 50,000 Rupees.
  • Income under House property is exempted for 2 residential houses instead on 1 previously.
  • Benefit of Section 54 will be now available for purchase of 2 houses up to LTCG of Rupees 2 Crore, however this benefit will be available once in a life time.
  • Farmers are provided 150% base rate against cost for corp.
  • In addition to all other schemes available to farmers, by state government or by central government, a benefit of Rupees 6000/- per year will be directly credited to the Bank account of Farmers having a farm land less than 2 hectare.
  • TDS threshold limit for Rent is hiked from Rupees 1,80,000/- to Rupees 2,40,000/- per year.
  • TDS threshold limit for interest income from Bank / Post office increased from Rupees 10,000/- to Rupees 40,000/-.
  • Gratuity limit increased from Rupees 10 Lakh to Rupees 30 Lakh.
  • Taxpayer under GST Act whose business turnover is less than 5 crore, will be allowed to file quarterly return
  • GST registered MSMEs will get 2% interest subvention for loan of up to 1 Crore Rupees.

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