"To avoid penalty file your income tax return for the A.Y. 2019-20 on or before the due date. The due date is 31st July 2019"           "Great things never came from comfort zones"           "Wealthy people invest first and spend what’s left and broke people spend first and invest what’s left"           "Good, better, best. Never let it rest. Till your good is better and your better is best"           "Investment is an asset or item that is purchased with the hope that it will generate income or appreciate in the future"           "You cannot save time for future use, but you can invest it for the future you"           "The secret to getting ahead is getting started.................Start using your Savings to Earn Money"           "The best gift, and investment, you can give your child is your time"           "Investing in your child’s education is never a wasted effort"           "Do something today that your future self will thank you for"

Key-Highlights-of-Union-Budget-2019

 

Key Highlights of Union Budget 2019

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See the related post : How to E-file Income Tax Return
 
Key Highlights of Union Budget 2019, Presented by Finance Minister Smt. Nirmala Sitharaman in the Parliament on Friday July 05, 2019-
  • PAN and Aadhaar are now interchangeable.
  • Special additional duty, road and infrastructure cess of 2 will be levied on petrol and diesel per litre.
  • No change in personal income tax rates i.e. no income tax will be charged on total income below to Rs. 5 lakh in a financial year.
  • Surcharge will be charged on individuals@ 3% on taxable income above to Rs. 2 crore and @ 7% on taxable income of Rs. 5 crore and above.
  • TDS will be deducted @ 2% on cash withdrawals exceeding ₹1 crore in a year from bank accounts.
  • Corporate tax slashedto 25 % from a current rate of 30 % with turnover of up to Rs 400 crore. 
  • Additional deduction of Rs. 1.5 lakh on interest paid on loan borrowed on or before 31st March 2020 for purchase of a house up to ₹45 lakh.
  • After interest deduction, affordable home buyers will gain tax benefit of Rs. 7 lakh over the period of interest deduction.
  • Angel Tax i.e. funds raised by startups will not require any scrutiny by the Income Tax department.
  • Pension benefit extended to retail traders with annual turnover less than Rs 1.5 crore under Pradhan Mantri Karam Yogi Man Dhan Scheme. 
  • A new TV Channel for start-ups, designed and run by start-ups themselves.
  • To popularise sports at all levels, National Sports Education Board for development of sports persons to be set up under 'Khelo India’. 
  • Nari tu Narayani- Women SHG Interest Subvention Programme to be expanded to all districts in India. 
  • One woman in every SHG to be eligible for a loan up to Rs 1 lakh under the Mudra Scheme. 
  • Every verified woman SHG member having a Jan Dhan account can avail overdraft facility of Rs 5,000.
  • Aadhaar card for NRIs with Indian passports to be issued after their arrival in India, without waiting for the mandatory 180 days.
  • Basic customs duty on auto parts, optical fibres, digital camera, cashew, certain synthetic rubber, vinyl flooring hiked.
  • 5 % customs duty imposed on imported books.
 
See the related post : Eight ways to save Income Tax



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