The first full Budget provide by the re-elected National Democratic Alliance government. We are discussing 10 income tax provision announced in budget 2019 10 income tax provision are as follow
The government increased the effective tax rates which were about 3 and 7 per cent, respectively, for taxable income of Rs 2,5 and above 5 crores.
It has cut a source of over 2 crore rupees and TDS or tax on cash withdrawal of more than one crore rupees from one bank account in one year.
All companies with a turnover of Rs 400 crore will now be covered under 25% of corporate tax against Rs 250 crore.
Pre-taxed tax returns will be made available to taxpayers including salary income, capital gains from securities, bank interest and dividends etc.
With the aim of chase affordable housing, the government allowed additional abstraction up to Rs 1.5 lakh on interest borrowed till March 31, 2020. 45 million
The basis and PAN will be interchangeable for filing ITR.
The Government initiative to increase the income tax immunity limit on the withdrawal of the National Pension System from the existing 40% to 60%.
It offered to cut the additional income of Rs 1.5 lakh on the interest paid on loans taken for buying electric vehicles.
The government will provide income tax immunity to the Companies And that which is related to the investment under Section 35 AD of Income Tax Act and other indirect tax benefits.
In order to help the problems of start-up and investors, who provide information in their returns, they will not be subject to any investigation regarding the share premium.