Major Highlights Budget 2019, Changes Made by Finance Bill 2019 . Budget Analysis for Small and Medium Enterprises. Analysis of Finance Bill 2019 for Small and Medium Enterprises. Direct Tax Amendments, Check Key Highlights of Budget 2019-20, Details Analysis for Direct tax changes in Budget 2019. Now scroll down below n check more details for "Major Highlights Budget 2019, Changes Made by Finance Bill 2019 "
Major Highlights Budget 2019
- No change in Income Tax in case of income up to Rs 2 crores.
- Income Tax return can be filed using either Aadhar Number or PAN No.
- Taxable income from Rs 2 crore to Rs 5 crore- Surcharge has been increased from 15% to 18%
- Taxable income from Rs 5 crore and above- Surcharge has been increased from 15% to 22%
- Additional Income Tax Deduction of 1.5 lakh rupees has been provided on the interest paid on loans taken to purchase e-vehicles.
- Additional deduction upto Rs. 1.5 lakh has been provided under section 80EE
- Has been provided for interest paid on loans borrowed for selfoccupied house property by 31/3/2020.
- The cost of house must be within Rs. 45 lakh
- with the aim to reduce taxpayer trouble
- Valuation of share issue will be beyond Income tax scrutiny in case of Start ups.
- Pre approval is to be taken by A.O from Higher Authorities for assessment of Start ups.
- STT will be levied only on difference between Strike Price and Settlement Price.
TDS2% TDS has been levied on cash withdrawal of more than Rs 1 crore from bank account in a year
- It will boost up digital transaction.
Customs Duty Increased/Imposed
- Cashew kernels
- PVC, tiles
- Auto parts
- marble slabs
- Optical fibre cable
- CCTV camera etc.
- Exemptions from Custom Duty on
- Electronic vehicles
- Some other electronic products
- End use based exemptions on
- Palm stearin
- Fatty oils withdrawn
- Customs duty reduced on certain raw materials -
- Inputs for artificial kidney and disposable sterilised dialyser and fuels for nuclear power plants etc.
- Capital goods required for manufacture of specified electronic goods.
- Defence equipment not manufactured in India exempted from basic customs duty
- For quick closure of pending litigations in Central Excise and Service tax (pre-GST regime) , Legacy Dispute Resolution Scheme has been introduced.