Union Budget 2019 - Important Changes in Income Tax for FY 2019-20 / AY 2020-21

Friday 5 July 2019

Union Budget 2019 - Important Changes in Income Tax for FY 2019-20 / AY 2020-21

Posted By: July 05, 2019 7 Comments
After the result of Loksabha Election 2019, New Finance Minister Nirmala Sitaraman presented Union Budget 2019 on 5th July, 2019. Let's take a look on important changes made for FY 2019-20 / AY 2020-21


 


  1. No Changes in Income Tax Slab Rates as declared in Interim Budget 2019.
  2. No Income Tax up to Annual Income Rs. 5 Lakh (Rs. 12,500/- Tax Rebate u/s 87A if Annual Income is below 5 lakh. ) as declared in Interim Budget 2019.
  3. For Salaried man (Employees) and Pension Holders, Standard Deduction had increased to 50,000/- from 40,000/- as declared in Interim Budget 2019.
  4. Additional 1.5 lakh Income Tax Deduction on Home Loan Interest of self occupied House Property till March 2020. (Section 80EE)
  5. Maximum deduction available on Home Loan Interest is Rs. 3.5 lakh. (Rs. 2 lakh deduction in sec 24 and Rs. 1.5 lakh deduction in sec 80EE if all condition satisfied)
  6. Additional Income Tax deduction of Rs. 1.5 lakh to the buyers of Electric Vehicles.
  7. Proposal to make Aadhaar and PAN interchangeable and allow those who don't have PAN to file Income Tax Return by quoting Aadhaar no.
  8. To discourage cash payments, Finance minister proposed a TDS of 2% on cash withdrawals exceeding Rs. 1 Cr in a year from a bank account.
  9. Taxpayers to get online pre-filed documents after govt. secures data from Banks, MFs, Insurance companies etc.
  10. Proposal to enhance Surcharge on Individuals with taxable income above Rs. 2 Cr.
  11. Announced a new pension scheme namely 'Pradhan Mantri Karam Yogi Maandhan Scheme' for retail traders and small shopkeepers whose annual turnover is below 1.5 cr.
Click here to read full Union Budget 2019 at official website. 

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