Budget FY 2019-2020 (Income Tax / Custom Duty Tax)

Budget Highlights for Common Man

Nirmala sitharaman has proposed her First Budget. These year budget is innovative focusing on Common man. Have made inclusion of digital in whole ecosystem and thus reducing corruption.

Now pay tax only if Taxable income is above Rs 5 Lakh

Corporate Tax reduced to 25 % For Company having turnover below 400 Crs from 250

Crs .

This will cover 99.3% of all the companies. This will effectively Boost Economy.

Rs.1.5 Lakhs Deductionon the interest paid for Purchasing Electric Vehicle.

Additional deduction of 1.5Lakh over and above 2 Lakh on interest for Loans taken up to march 2020.

Now income Tax can be filled without PAN CARD .

Adhar Card can be used against PAN Card.

Faceless electronic interaction mode for Income tax Department interaction to be launched in this year which will Reduce the Corruption and Will result in Paradigm shift in Compliance and boost government revenues.

TDS of 2% will be levied on business for withdrawl of 1 Crs from Bank.These measure is proposed to Increase Digital Payment.

Surcharge on Individual having taxable income aboverto Rs 2 Cr -5 Crs and 5 Crs above effective tax rate to increase tby 3% and 7%.

Increase Custom duty on Gold 10 to 12%

Rs.1/ lit on Petrol and disel to be levied as custom and excise duty.

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