Budget 2019 - Page 2

32 Key Points of Union Budget 2019

Highlights of Budget 2019 1. Within 2 years, Tax assessment will be done electronically 2. IT returns processing in just 24 hours 3. Minimum 14% revenue of GST to states by Central Govt. 4. Custom duty has abolished from 36 Capital Goods 5. Recommendations to GST council for reducing GST rates for home buyers 6. […]...

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Posted Under: Income Tax |

Summary of Union Interim Budget 2019

Finance minister CA. Piyush Goyal on Friday presented Budget in Lok Sabha Based on speech of Hon’ble FM on 01.02.18, the following brief compilation; A. DIRECT TAX:  (I) Individuals: Tax Slabs remain unchanged as below : Income up to Rs 2.5 lakh : NIL tax Income between Rs 2.5 – 5 lakh : Tax at 5% […]...

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Posted Under: Income Tax |

Interim Budget 2019-20 – Highlights and Boosters

While the global economy is battling with strong headwinds, India’s economy is seeing a robust growth and is on the path to emerge out as one of the fastest growing economies in the world. The Finance minister Mr. Piyush Goyal has presented the Interim Budget 2019-20. This write-up provides an overview of key announcements and […...

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Posted Under: Income Tax |

Big Relief to Middle Class from Union Budget 2019 & computation

As per current provision of section 87A of Income Tax Act 1961, a resident individual whose net income does not exceed Rs.3,50,000 can avail rebate of tax. It is deducted from income tax before calculating Health and Education cess. The amount of rebate is 100% of income tax or Rs.2500 whichever is less....

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Posted Under: Income Tax |

Comparison Of Tax Structure For Individual For F.Y. 2018-19 & F.Y. 2019-20

COMPARISON OF TAX STRUCTURE FOR INDIVIDUAL FOR F.Y. 2018-19 & F.Y.2019-20 The Interim Budget was announced on 1st Feb, 2019 in Lok Sabha. The comparison of tax structure for individual is as follows: No change in Tax Slab I. In the case of every individual other than individual referred in point (II) and (III): Particulars […]...

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Posted Under: Income Tax |

Interim Union Budget, 2019 – Highlights

BUDGET  –  2019  INTERIM UNION BUDGET, 2019 INCOME TAX 1.There is no change in Income-Tax Slab Rates. 2. Section 87A ‘Relief to tax payers’ is being amended to provide relief to the individual taxpayers by increasing the maximum amount of tax rebate to Rs. 12500/- from existing Rs. 2500/- for the taxpayers having to...

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Posted Under: Income Tax |

Budget 2019: A progressive budget from a Chartered Accountant FM: ICAI

The Interim Finance Minister detailed the tax reforms on the direct taxes and GST front, and the benefits of the same to the citizens of India. He highlighted that tax collections as well as the tax base have shown significant increase and India has made considerable progress towards achieving a moderate taxation-high compliance regime. ...

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Posted Under: Income Tax |

Income tax Amendments in Budget explained in simplified manner

On First February of 2019, Honorable Interim Finance Minister CA. Piyush Goyal presented the budget in parliament for FY 2019-20. He also talked about various amendments that will take place in Income Tax Act from next financial year. In this article I tried to summarize and explain those amendments in simple manner. The following are [&h...

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Posted Under: Income Tax |

ICSI President Welcomes Interim Budget 2019

ICSI applauds the Interim Budget 2019 presented by the Finance Minister Piyush Goyal focusing on state of economy, tax reforms and GST, unorganized sectors, assured income to farmers, developing infrastructure, real estate, rural health and sanitation and such many other areas....

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Posted Under: Income Tax

Income tax slabs for Individuals for FY 2019-20 (AY 2020-21)

The Interim Finance Minister Shri Piyush Goyal Presented the interim budget on February 01, 2019 in Lok Sabha on which he told about the various amendments in Income Tax Act 1961 through Finance Bill 2019. The Main relief to individual taxpayers is Rebate u/s 87A of Income Tax Act which increased the limit of rebate […]...

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Posted Under: Income Tax | ,

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