Major Highlights Budget 2019, Changes Made by Finance Bill 2019
Major Highlights Budget 2019, Changes Made by Finance Bill 2019. Budget Analysis for Small and Medium Enterprises. Analysis of Finance Bill 2019.
Content in this Article
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 "Surcharge –Proposal has been give to provide relief in levy of securities transaction tax.2% TDS has been levied on cash withdrawal of more than Rs 1 crore from bank account in a yearBasic Customs Duty increased on –Legacy Dispute Resolution Scheme
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.
- It will boost up digital transaction.
Customs Duty Increased/ImposedIncrease in custom duty on Gold and other precious metals - from 10% to 12.5%
- 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- Fatty oils withdrawn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.