POINTS OF INTERIM BUDGET 2019-2020

1

No income tax for income up to Rs. 5 lakhs. Once income exceeds, the effective tax slabs and  rates will be as follows; 

Effective income tax slab for individuals	Rate (s) of Income Tax
Income upto Rs 5,00,000	Nil
Once income Exceeds Rs 5,00,000/-
Income From 2,50,000 to 5,00,000	5%
Income From 5,00,000 to 10,00,000	20%
Income from 10,00,000 and above	30%

2

Standart Deduction for Salaried Persons has been increased to Rs. 50,000

3

Long term Capital gain exemption under section 54 for sell of residential house has been extended to two residential houses from one earlier, for capital Gains upto Rs. 2 Crores.

4

Exemption of interest income  on bank deposites raised to Rs. 40,000/- from Rs. 10,000/-  Earlier for TDS Deduction

5

No tax of Notional Rent income of second self occupied Residential House

6

Rs. 6000 will be provided to farmers to every year, owning lands upto 2 hectares.

7

Rs. 3 thousands Pension provided to all persons working in unorganized sector, having monthly income upto Rs 15000/- after they complete 60 years of age subject to rules and contribution in this Regard

8

Composition scheme for GST for turnover upto Rs. 1.5 Crore of Business (GST @ 1%)  and Rs. 50 Lakhs for professionals (GST @ 6%)

9

Single Window clearance for film shootings for Indian Film-makers/Director/Producers.

10

Complete Digitalization of income tax matters including Filings, Refund and scrutiny, without face to face meeting with income Tax officers this will be beneficial for people and professional on the move/change in there residential/business addresses

email - bittu.sharma@outlook.com