Budget 2019 – $3 trillion economy by fiscal 2020

Budget 2019

Key Announcements on Income Tax:

  • Empty bag for salaried, as old slabs continues
  • Super rich to be squeezed more (2 crs & upward) with additional surcharge
  • Additional deduction of ₹1.5 lac on home loan interest paid offered – but for affordable house of ₹45 lacs borrowed, on or before March 31, 2020
  • PAN & AADHAAR number now becomes inter-operable
  • Pre-filled Tax return form to be available soon
  • EV purchase loan benefit (electric vehicle) – 1.5 lacs interest benefit on the loan
  • Cash withdrawals over ₹1 crore a year will attract TDS of 2%

Other Key Areas:

  • EV (electric vehicle) to cost less – GST brought down to 5% from 12%
  • Petrol & Diesel cost to go up by ₹1/litre – on account on Infra cess
  • Gold to cost more – custom duty hiked from 10% to 12.5%
  • Imported books – 5% customs duty
  • Corporate tax rate of 25%; is now extended to companies with annual turnover up to 400 crs
  • Angel tax exemption for start-ups on the share premium collected
  • Pension for shopkeepers, retailers with turnover less than 1.5 crores
  • Buyback of shares by listed companies, to pay additional tax at 20%
Manoj Chahar
Founder & Storyteller at Moneyfrog.in
Manoj is the founder of Moneyfrog.in, with 15 years of corporate experience & expertise in financial markets. Manoj has corporate stints with Kotak Securities, IIFL group & Philips India. He holds an MBA (PGDM) degree from Symbiosis (SIMS) Pune.
His interests include birding & adventure activities.

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