Income Tax news

Interim Budget 2019-20 is a Progressive Budget: FICCI 

Budget addresses both the current challenges faced by the economy and outlines the vision for the future: Sandip Somany, President, FICCI NEW DELHI, 1 FEBRUARY 2019: Reacting to the Interim Budget 2019-20 presented in Parliament today, Mr. Sandip Somany, President, FICCI said, “It is a progressive budget that addresses both the...

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Posted Under: Income Tax |

Key Highlights Interim Budget 2019-20

Taxes changes 1. No income tax for income up to Rs 6.5 lakh 2. Full tax rebate for income up to Rs 5 lakh per annum 3. No tax on notional rent on second self-occupied house 4. Capital Gains exemption under Section 54 to be available on two house properties 5. Tax benefit of Rs 18,500 crore given to three crore middle-class...

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Posted Under: Income Tax |

IT Scrutiny and assessment to get fully online in next two year

Tax collections increased from Rs 6.38 Lakh Crore in year 2013-14 to almost Rs 12 Lakh Crore this year  80% growth in tax base; number of returns filed increased from 3.79 crore to 6.85 Crore Within the next 2 years, almost all verification and assessment of returns selected for scrutiny to be done electronically The […]...

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TDS threshold on interest on bank/post office deposits increased

TDS THRESHHOLD INCREASED While presenting interim Budget 2019-20 FM has raised TDS threshold on interest earned on bank/post office deposits. In Tax Deduction at Source (TDS) threshold on interest earned on bank/post office deposits has been proposed to be raised from Rs.10,000 to Rs.40,000. Shri Goyal said, “This will benefit small dep...

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Standard deduction limit raised to Rs. 50000 For salaried persons

STANDARD DEDUCTIONS RAISED While presenting interim Budget 2019-20 FM has raised Standard deduction for salaried persons. For salaried persons, Standard Deduction is being raised from the current  Rs.40,000 to Rs.50,000. “This will provide additional tax benefit of  Rs.4,700 crore to more than 3 crore salary earners and pensioners”,...

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Posted Under: Income Tax |

No Tax Benefit to those having Taxable Income Exceeding 5 Lakh

Individual taxpayers having taxable annual income up to Rs.5 lakhs will not be required to pay any income tax. The Finance Minister said that persons having gross income up to Rs. 6.50 lakhs are not required to pay any income tax if they make investments in provident funds, specified savings and insurance etc. Additional deductions [&hell...

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TDS threshold on Rent proposed to be increased to Rs. 2.4 Lakh

While presenting interim Budget 2019-20 TDS threshold for deduction of tax on rent has also been proposed to be increased from Rs.1,80,000 to Rs.2,40,000 for providing relief to small taxpayers by Finance Minister Piyush Goyal. Proposed Amendment in section 194-I of Income Tax Act, 1961 Amendment of section 194-I. In section 194-I of the ...

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Section 80-IBA deduction extended for one more year (Budget 2019)

While presenting interim Budget 2019-20  For making more homes available under affordable housing, the benefits under Section 80-IBA of the Income Tax Act is being extended for one more year, i.e., to the housing projects approved till 31st March, 2020. Also, for giving impetus to the real estate sector, the Finance Minister proposed to ...

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Tax Exemption on notional rent on second self-occupied house (Budget 2019)

While presenting interim Budget 2019-20 FM proposed to exempt the levy of income tax on notional rent on a second self-occupied house subject to It has been proposed to exempt the levy of income tax on notional rent on a second self-occupied house.  Currently, income tax on notional rent is payable if one has more […]...

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Posted Under: Income Tax |

Section 54 Capital Gain Exemption on investment in two residential houses proposed

While presenting interim Budget 2019-20 Finance Minister proposed to increase the benefit of rollover of capital gains under Section 54 of the Income Tax Act from investment in one residential house to two residential houses for a taxpayer having capital gains up to Rs. 2 crore. This benefit can be availed once in a life […]...

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Posted Under: Income Tax |

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