Budget 2019 : Taxation
Taxpayers performed their duty. She quotes from the Puranaanooru.
In direct taxes, due to a slew of efforts, the revenue has increased by over 78% to ₹11.37 lakh crore.
₹5 lakh minimum limit announced for taxpayers.
Additional deduction on loans upto March 31 2020 for buying affordable houses giving RS 7 lakh benefit to home buyers
Lower rate of 25% so far only applicable to companies with turnover of ₹250 crore. Propose to increase this limit to companies with annual turnover of ₹400 crore. This will cover 99.3% of companies.
GST rate on electric vehicles already proposed to be lowered to 5%. Additional income tax deduction of ₹1.5 lakh on interest on loans taken to purchase electric vehicles.
To resolve the angel tax issue, startups will not be subject to any scrutiny in respect to valuation. A mechanism will be set up for this verification of investors and companies. CBDT will set up mechanism to alleviate issues with pending cases regarding angel tax. Funds raised by startups will not require any scrutiny by the I-T department.
Period of exemption for capital gains arising from sale of house for investment in startups to be extended to March 31, 2021.
Additional deduction of ₹1.5 lakh for interest paid on loans for affordable housing borrowed upto March 31, 2020. This will come up to enhanced interest reduction of upto ₹3.5 lakh on loans for affordable homes.
PAN and Aadhaar to be interchangeable.
Source : The Hindu