Key Highlights of Budget Proposals 2019-II

BUDGET 2019-II

INCOME TAX PROPOSAL- INDIVIDUAL

Those having annual income of Rs 5 lakh exempt from paying taxes
Additional income tax deduction of Rs 1.50 lakh on the interest paid on loans for Electronic Vehicle
Interest subvention for up to Rs 2.5 lakh on buying electric vehicle
Propose to allow an additional tax deduction of Rs 1.5 lakh on interest paid on housing loans for self-occupied house owners: [This means will get tax relief up to Rs 3.5 lakh on interest paid ]
Propose to extend period of exemption of capital gains arising from sale of residential house for investment in startups to 31-3-2021
ITR can be filed without PAN by quoting Aadhaar

INCOME TAX PROPOSAL-BUSINESS

Levy TDS of 2% on cash withdrawal exceeding Rs 1 crore a year from a bank account
Business establishments with annual turnover of Rs 50 crore will offer low-cost digital mode of payments to customers and no charges or merchant discount rates shall be imposed on customers as well as merchants
Corporate tax rate @ 25% for companies having ₹ 400 crore sales turnover, covering 99% companies

OTHERS HIGHLIGHTS

Direct tax revenue has grown 78% from 2014 to 2019
2% subvention to GST registered MSME on loan interest
Proposal of Social Stock Exchange for listing of Social and Charitable organizations
75000 entrepreneurs to be trained
9.3 crores toilet constructed since 2014 under Swach Bharat Yojna
Aadhaar for NRI’s with Indian Passport
GST rate to be reduced on electric vehicle from 12% to 5%.
Decrease of excise duty on petrol