HIGHLIGHTS OF BUDGET 2019

CSSwati Rawat

2019 Budget: Tax Reforms Unveiled with Electronic Assessments, GST Changes, and Increased Tax Rebates for Incomes Up to 5 Lakh The 2019 budget introduces several tax reforms, including electronic tax assessments within two years and a 24-hour IT returns processing initiative. The government guarantees a minimum 14% GST revenue to states and proposes abolishing customs duties on 36 capital goods. Recommendations to reduce GST rates for home buyers are made. A full tax rebate is available for incomes up to 5 lakh, with an increased standard deduction from 40,000 to 50,000. Tax exemptions apply to a second self-occupied house, and TDS ceiling limits under sections 194A and 194I are raised. Additional benefits include extended capital tax benefits and support for unsold inventory. (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.

answers

Page of

to of Results

Sort by

+ Add A New Reply

Page of

to of Results

Delete Reply

Delete Issue

Articles

HIGHLIGHTS OF BUDGET 2019

Print Options

Delete Reply

Delete Issue

Articles

HIGHLIGHTS OF BUDGET 2019