Highlights of Budget 2019
a) Within 2 years scrutiny assessment shall be done only electronically and in anonymity. The assessee shall not no the officer and vice-versa. This is an initiative to reduce corruption by not involving any personal interface between the two.
b) Income Tax Returns shall be processed within 24 hours. The infrastructure and necessary softwares required to process it shall be build in another 2 years and the same shall be implemented.
c) The income tax rebate for individuals has been increased from Rs. 2,500/- to Rs. 12,500/- , if the total income is below Rs. 5,00,000/-
d) Standard deduction for salaried tax payers of Rs. 40,000 which was introduced previous year, has now been increased to Rs. 50,000. The same needs to be given effect while calculating TDS on salary of employees
e) TDS limit on Interest on FD has been increased from Rs. 10,000 to Rs. 40,000.
f) TDS limit on rent has been increased from Rs. 1,80,000/- to Rs. 2,40,000/-. So, the organizations making payment for rented premises needs to deduct TDS now only when the payment exceeds Rs. 2,40,000 annually.
g) Tax Free gratuity limit has been increased from Rs. 20 Lacs to Rs. 30 Lacs.
Subscribe our NEWSLETTER