Quick Snapshot of Budget 2019 effective from A.Y. 2020-21
1. Threshold limit for reduced tax rate of 25% increased from Rs. 250 cr to Rs. 400 cr.
2. Income-tax return can be filed using Aadhaar Number.
3. Exclusive TV channel and waiver from scrutiny from ‘Angel Tax’ for Startups.
4. Faceless assessment in order to minimize manual interaction.
5. Deemed accrual of gift made to a person outside the India –Taxable.
6. Deduction of up to Rs. 1.50 lakhs for interest on loan for affordable housing.
7. Deduction of Rs. 1.5 lakhs in respect of interest on loan taken for electric vehicle.
8. Mandatory filing of return in following cases:
a. Deposit in Bank exceeding 1 crore in one or more Current Account
b. Paying electricity bill exceeding INR 1 Lakh
c. Paying for foreign travel either for self or for other exceeding INR 2 Lakh
9. TDS deduction @ 5% by the Individual / HUF having no Tax Audit for the sum paid to Contractor or Professional.
10. TDS @ 5% on Income part only in case of Insurance pay out.
By Devan Gupta