Union Budget 2019 highlight.

Union Budget 2019 highlight

Finance minister Nirmala Sitharaman presented the first Union Budget of the re-elected Modi government today on 5th July 2019.  Stay with The Taxclub.online updates, highlights and analysis of the Union Budget 2019.

(1.) Special additional excise duty of Rs 1/Litre on petrol & diesel for road & infrastructure.

(2.) Import duty on gold and previous metal increased from 10% to 12.5%.

(3.) To discourage practice of making business payments in cash, I propose to levy TDS of 2% on cash withdrawal exceeding Rs 1 crore a year from a bank account.

(4.) Surcharge on exceeding 1 crore but upto 5 crore is 5% and above 5 crores 7%.
Notes: Effective Income Tax increase of 3% for those earning Rs 2-5 Cr

(5.) Corporate tax with turnover up to Rs.400 slashed to 25 percent from a current rate of 30 percent. 

(6.) The demand for housing units worth up to Rs 45 lakh will rise on account of additional Rs 1.5 lakh tax deduction provided in the Budget on interest paid on housing loans sanctioned this fiscal to first-time homebuyers, property developers and consultants on Friday said, while hailing proposals to promote rental housing and improve liquidity of NBFCs.

(7.) Propose to extend period of exemption of capital gains arising from sale of residential house for investment in startups to 31-3-2021.

(8.) Import of Defence equipment not manufactured in India exempt from Customs Duty.

(9.) Govt imposes 5% customs duty on imported books.

(10.) Interchangeability of PAN and Aadhaar card to be allowed for ease and convenience to taxpayers. ITR can be filed without PAN by quoting Aadhaar.

For Interim Budget:https://www.taxclub.online/2019/02/burning-topic-of-today-interim-budget.html
For Interim Budget Highlight: https://www.taxclub.online/2019/02/xghh.html
No tax up to 10Lakh: https://www.taxclub.online/2019/02/no-tax-on-salary-income-upto-10-lakh-pa.html