Sunday, February 3, 2019

Union Budget 2019 - Key Highlights

Key Highlights of Union budget 2019-2020

On 1st Feb, 2019,  Mr. Piyush Goyal - in absence of Mr. Arun Jaitley - The finance minister of India presented the union budget of 2019-2020.

How the budget will impact the lives of Indians would be everybody's question right now, so below are the key highlights or takeaways from the Union budget of 2019-20.

Benefits for income tax:

1. No income tax for salaried individuals/tax payers with income of  upto 5 lakhs. Tax slabs remain unchanged for individuals with taxable income of more than 5 lakhs.

2. No income for tax payers with income of  upto 6.5 lakhs, if  they invest upto Rs. 1.5 lakhs in provident fund & specified equities.

3. Standard tax deductions for salaried individuals raised from Rs.40000 to Rs.50000.

4. TDS threshold for house rent increased from Rs.1.8 lakhs to 2.5 lakhs.

5. No tax on interest income from bank  fixed deposits & post offices upto Rs. 40000 increased from Rs. 10000 which was earlier.

6. Gratuity limit increased from Rs. 10 lakhs to Rs. 30 lakhs.

7. Capital tax gains benefits increased from investment in one residential house to two houses with capital gains of Rs. 2 crore, which can be availed once in lifetime.