INSUBCONTINENT EXCLUSIVE:
Finance Minister Nirmala Sitharaman in her first Budget made no changes in the income tax structure
However, she announced a slew of new income tax proposals that could impact many tax payers
"We are thankful to the taxpayers who play a major role in nation building by paying their taxes
However, in view of rising income levels, those in the highest income brackets, need to contribute more to the nation's development," Ms
This was the first full Budget by the Prime Minister Narendra Modi-led National Democratic Alliance (NDA) government after returning to
Here are 10 income tax provisions announced in Budget 2019:The government hiked the effective tax rates for individuals with
cent on cash withdrawals exceeding Rs 1 crore and mandatory filing of returns by certain category of individuals was brought in with a view
to tighten compliance.Ms Sitharaman also proposed that all companies having annual turnover up to Rs 400 crore will now come under the
bracket of 25 per cent corporate tax
The announcement would cover 99.3 per cent of the companies operating in the country."Pre-filled tax returns will be made available to
taxpayers which will contain details of salary income, capital gains from securities, bank interests, and dividends etc
and tax deductions," the Minister said in her Budget speech
Information regarding these incomes will be collected from the concerned sources such as banks, stock exchanges, mutual funds, EPFO
lakh against interest paid on loans borrowed till March 31, 2020 to buy houses worth up to Rs
"More than 120 crore Indians now have Aadhaar card, therefore for ease of tax-payers, I propose to make PAN card and Aadhaar card
interchangeable and allow those who don't have PAN to file returns by simply quoting Aadhaar number
tax exemption limit on withdrawal from National Pension System (NPS) to 60 per cent, from the existing 40 per cent.To boost the use of
electric vehicles, an additional income tax deduction of Rs 1.5 lakh on interest paid on loans taken to purchase EVs was proposed."The
government will launch a scheme to invite global companies through a transparent competitive bidding to set up mega-manufacturing plants in
sunrise and advanced technology areas and provide them investment linked income tax exemptions under section 35 AD of the Income Tax Act,
and other indirect tax benefits," Ms Sitharaman said.To resolve the 'angel tax' issue, the start-ups and their investors who file requisite
premiums, the Minister said in her Budget speech
The issue of establishing identity of the investor and source of his funds will be resolved by putting in place a mechanism of
With this, funds raised by start-ups will not require any kind of scrutiny from the Income Tax Department, the government said.Get Breaking
news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com
Catch all the Live TV action on TheIndianSubcontinent 24x7 and TheIndianSubcontinent India
Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.Budget 2019: Find the latest news on
TheIndianSubcontinent.com/budget
Use the income tax calculator to learn about your tax liability
