Important Income Tax Updates Included In The Budget of 2019-20.

  • No Income tax for individuals with Annual Taxable Income of upto Rs. 5 lakh. No change in Income Tax Slabs.
  • Surcharge increased by 3% for individuals with Income of Rs. 2-5 crores and by 7% for income more than Rs. 5 crores.
  • Aadhaar card can now be used interchangeably for PAN card. Thus, you no longer need PAN to file income tax returns.
  • Additional deduction of Rs. 1.5 lakhs for interest on home loan availed for purchase of Affordable houses of up to Rs. 40 lakh till March 2020.
  • Income tax deduction of Rs. 1.5 lakhs for interest on loan taken to buy an electric vehicle.
  • The annual turnover limit for corporate tax of 25% increased to Rs. 400 crores.
  • TDS of 2% on cash withdrawal of more than Rs. 1 crore in a year from a bank account to discourage business payments in cash.
  • Excise Duty on fuel hiked by Re. 1.

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