For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Interim Budget 2019 Proposals Enacted After President's Approval

|

The finance bill of Interim Budget 2019 has been approved by the President of India on 21 February, thus making it an act. This means that all the proposals made by the Ministry of Finance in the budget speech on 1 February, including those related to tax will become laws starting 1 April 2019.

Interim Budget 2019 Proposals Enacted After President's Approval
 

These changes include increasing the standard deduction for salaried taxpayers to Rs 50,000 for income earned in the financial year 2019-20 from the present Rs 40,000 and a full rebate of tax payable to those earning up to Rs 5 lakh taxable income in the coming FY.

The threshold on seeking tax exemption on TDS (tax deducted at source) on interest earned from deposits at banks or post office was increased from Rs 10,000 to Rs 40,000 for 2019-20.

Long term capital gains (LTCG) on residential property will be exempt if invested in two residential properties in India provided, it does not exceed Rs 2 crore, and can be claimed only once in a lifetime.

Income tax on notional rent, that is estimated rental income from second residential property that is not self-occupied as well as not let-out, was removed.

Read more about: interim budget 2019
Story first published: Friday, February 22, 2019, 16:35 [IST]
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more