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Budget 2019

Income Tax

  1. Additional ₹1.5 lakh income tax deduction on home loan interest paid for buyers of affordable homes till March 2020.

  2. Additional income tax deduction of ₹1.5 lakh to buyers of electric vehicles.

  3. Start-ups won’t be subject to scrutiny on angel tax.

  4. PAN and Aadhaar to be interchangeable, and to allow those without PAN to file income tax by using Aadhaar number.

  5. Faceless and anonymous assessment system for income tax being rolled out this year in phases.

  6. Period of exemption for capital gains arising from sale of house for investment in startups to be extended to March 31, 2021.

  7. GST rate on electric vehicles already proposed to be lowered to 5%. Lower rate of 25% so far only applicable to companies with turnover of ₹250 crore. Propose to increase this limit to companies with annual turnover of ₹400 crore. This will cover 99.3% of companies.

  8. TDS of 2% on cash withdrawals exceeding ₹1 crore from bank accounts, to discourage business payments in cash.

  9. Taxpayers to get online pre-filled documents after govt secures data from banks, MFs, insurance companies.

  10. Those earning more than Rs. 2 crore annually to pay higher surcharge.

  11. Additional excise duty of Re 1 on petrol and diesel to be imposed.

  12. Customs duty on gold and precious metals hiked to 12.5% from 10%

Housing and Electricity

  1. Finance Minister Nirmala Sitharaman says India plans electricity, clean cooking facilities for all Indian families by 2022.

  2. Aiming to achieve housing for all by 2022.

  3. To ensure ‘har ghar jal’ by 2024

  4. 1.25 lakh kilometers of roads will be upgraded

Savings

  1. Pension benefit to be extended to around 3 crore retail traders and shopkeepers with an annual turnover less than 1.5 crores under Pradhan Mantri Karam Yogi Man Dhan Scheme

Railways

  1. Finance minister proposes Rs. 50 lakh crore investment for railway infrastructure between 2018 and 2030.

  2. Also proposes to use public private partnership for faster development and completion of tracks.

Banking

  1. Bank NPAs have reduced by ₹1 lakh crore.

  2. PSU banks to be provided ₹70,000 crore to boost capital.

  3. Budget proposes to provide PSU banks one-time 6-month credit guarantee of Rs1 lakh crore to buy high-rated pooled assets of “sound” NBFCs.

Foreign Investment

  1. Budget proposes to hike foreign shareholding cap in PSUs to sectoral limit.

  2. Government plans structural reforms to kickstart foreign and domestic investment.

You can see the Finance Bill No. 2 2019 from here.

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