Budget 2019

[CS Swati Dodhi]

Budget 2019 Highlights

Direct and Indirect tax

1. Mantra of Modi sarkar - reform,  perform and transform

2. Direct tax revenue increased to 11.37 lakh crores

3. Corporate Tax- Tax Rate of 25% on Companies with turnover of upto ₹ 400 crores. This will cover 99.3 % companies.

4. GST rate reduced on electric vehicle from 12% to 5%.

5. Tax deduction on loan taken for purchase of electric vehicle:- Additional Income tax deduction of ₹ 1.5 lakh of interest on loan taken for purchase of electric vehicle.

6. Start up’s would not be require Scrutiny by IT Department.

7. Additional deduction of ₹ 1.5 lakh for interest on loans borrowed for housing. 

8. STT change in case of Options

9. Interchangeability of PAN and Aadhaar for Income Tax Returns. 

10. Faceless E-assessment for Tax Scrutiny

11. TDS of 2% on cash withdrawal exceeding ₹ 1 cr. from a Bank account per year.

12. No charges for customer on Digital modes of payment.

13. Propose to enhance surcharge on taxable income of ₹ 2 to 5 cr. 

14. Automated GST refund system to be initiated

15. Custom duty raised on Auto Parts and CCTV’s

16. 5% Custom duty increased on imported books

17. Increase of custom duty on Gild

18. Decrease of excise duty on petrol