<h1>2019-20 Budget: Higher Taxes for Top Earners, New Deductions for Housing and Electric Vehicles, NBFC Tax Relief.</h1> The 2019-20 budget proposes increased tax rates for individuals earning between Rs. 2 crore to Rs. 5 crore and above Rs. 5 crore by 3% and 7%, respectively. Direct tax revenue rose by over 78% from FY 2013-14 to FY 2018-19. Relief measures include a restricted Securities Transaction Tax, additional deductions for affordable housing loans, and tax benefits on electric vehicle loans. The budget also mandates tax return filing for individuals with significant financial transactions and offers incentives for the International Financial Services Centre. Non-Banking Financial Companies will receive tax treatment similar to banks for bad debts.