Union budget 2019
Highlights of Budget 2019
Union Budget 2019:
Union Budget 2019 : 1. Corporate tax : 25% where the annual turnover is up to Rs 400 Crores; [99.3% of the companies are covered]
2. 35AD benefit is extended for Semi Conductor industry; computer servers; etc,. [Indirect tax benefits are also promised]
3. Electric vehicles – GST Rates will come down from 12% to 5%;
4. Loans taken from electric vehicles – additional interest benefit of Rs 2.50 lakhs
5. Funds raised by Start Ups; No intervention by the IT dept; Discretionary powers to the AOs is removed; valuation of shares of the start ups – not liable for scrutiny; Sale of residential house and invest into start up up to 31st March 2021 and the benefit of capital gains is extended.
6. NBFCs treated on par with banks: Interest income to be taxed on receipt basis.
7. IFSC – 100% Profit linked incentive: 10 out of 15 years; No DDT, etc,.
8. Inter changeability of Aadhar and PAN for IT Purposes; Filing return through Aadhar is also permitted without PAN;
9. Pre filled returns will be made available to tax payers by collecting the information from various sources;
10. Faceless assessment in E-Mode is being launched this year in a phased manner. [AO shall be annonymous]
11. TDS of 2% on cash withdrawals exceeding Rs 1 Crore in a year from a bank account;
12. Highest income level; Individuals earning more than 2 Crore to 5 Crores; More than 5 Crores shall attract surcharge;