Budget 2019 Highlights I Income Tax rebate up to Annual Income Rupees 500000 (5 lakh)

Budget 2019 Highlights

1. Full rebate on annual income up to 500000 (5 lakh) for individual taxpayers.

2. Standard Deduction for Salaried employees has been increased by Rs. 10000 (from 40000 to 50000).

3. TDS on Interest Income u/s 194A, Celling Limit of which has been increased from Rs. 10000 to Rs. 40000

4. TDS on Income from Rent u/s 194A, Celling Limit of which has been increased from Rs. 180000 to Rs. 240000

5. Limit of Gratuity has been increased from Rs. 10,00,000 to 30,00,000

6. Tax assessment & Verifications for IT Return will be done electronically with almost 2 years.

7. IT Returns will be processed within just 24 hours.

8. Benefit under rollover capital gains tax to be increased from investment io one residential house to two residential house for tax payer having gains upto Rs. 2,00,000.

9. Collection against GST has been crossed rupees 1 lakh crore.

10. GST rate has been reduced for home byers, mostly, daily use for poor and middle class are now in the 0 % to 5& tax brackets.

11. Custom duty has been eliminated for 36 capital goods.

12. Data accessing and voice call charge in India is now possible the lowest in the world, mobile and its parts manufacturing company has been increased rigorously.

13. Annual Business turnover up to  5 crore will be eligible to file quarterly GST return.

14. Benefit u/s 80(i)BA has been increase for one more year till FY 2019-20120

15. Assured monthly pension of Rs. 3000 by contributing Rs. 100 per month to Mega Pension Yojana, namely Pradhan Mantri Shram Yogi Mandhan for unrecognized section after attaining the age of 60 year

16. 2% interest subsidy to farmers having animal husbandry and fisheries effected by natural calamities and another 3% for timely payment.

17. Bonus will be applicable for all workers earning monthly remuneration of Rs. 21000

18. Under Ujjawala Scheme, government delivered 6 crore free LPG connection.

19. Dream for digital village will achieve 1 lakh within next 5 years.

20. Maternity leave increased to 26 week

21. For Defence Rs. 3 lakhs crore has been Funded.

22. Single window clearance for approval of film making will be available.

23. Rs. 750 crores allocated to Rastriya Gokul Mission.

24. Allocated 1.7 lakh crores towards ensure food for all.