Union budget 2019 | Highlights of Budget 2019

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,.

Highlights of Budget 2019

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;

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