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HIGHLIGHTS OF BUDGET 2019

CS Swati D Rawat
Electronic tax assessment and expanded personal tax rebates reshape filing, deductions, GST revenue sharing and TDS thresholds. The proposals accelerate tax administration via electronic tax assessment within two years and 24-hour return processing; commit a minimum GST revenue share to States and propose customs duty abolitions on specified capital goods. They expand direct-tax relief through a comprehensive personal tax rebate up to a stated threshold after deductions, increase the standard deduction, exempt tax on a second self-occupied house, raise TDS thresholds for certain payments, extend capital gains reinvestment benefits to two residential houses, and prolong housing-related incentives and unsold-inventory relief timelines. (AI Summary)

Tax proposals:

1. Tax assessment to be done electronically within 2 years

2. 24 hours IT returns processing initiative

3. Minimum 14% revenue of GST to states by Central Govt.

4. Custom duty abolishment from 36 Capital Goods

5. Recommendations to GST council for reducing GST rates for home buyers

6. Full Tax rebate upto 5 lakh annual income after all deductions.

7. Increment of Standard deduction  from ₹ 40000 to ₹ 50000

8. Exempt on tax on second self-occupied house

9. Ceiling Limit of TDS u/s 194A has increased from ₹ 10000 to ₹ 40000

10. Ceiling Limit of TDS u/s 194I has increased from ₹ 180000 to ₹ 240000

11. Capital tax Benefit u/s 54  - benefit increased from investment in one residential house to two residential houses.

12. Benefit u/s 80IB has increased to one more year i.e. 2020

13. Benefit given to unsold inventory - increased to one year to two years.

Budget - Tax Proposals
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