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05 July 2019

Budget Highlights 2019 India

Budget Highlights 2019 India

After a pre-election, populist Budget in February 2019, the Modi government today presented the Union Budget to boost infrastructure and foreign investment at a time when the economy is showing signs of slowdown. Taking a pragmatic approach, Finance Minister Nirmala Sitharaman today announced no changes in personal income tax rates but levied additional surcharge on the super rich. She also sought to spur growth with reduction in corporate tax and sops to housing sector, startups and electric vehicles.

Among key announcements, Sitharaman said that digital payments will get cheaper, govt will launch an ATM-like One Nation One Card for pan-India travel and new model rental laws will be unveiled to boost affordable housing.

Here are all the key Highlights from the Finance Minister's speech:
Taxes: 
* No change in personal income tax rates
* Custom duty hike on fuel by 1 rupee, gold and precious items; Petrol & diesel to get costlier.
* 3% surcharge on an income of Rs 2 crore; 7% on Rs 5 crore and above.
* Corporate tax with turnover of up to Rs 400 crore slashed to 25 per cent from a current rate of 30 per cent.
* Interchangeability of PAN and Aadhaar for ITR for those who don't have PAN cards.
* Advises GST Council to reduce tax rate on EVs from 12 per cent to 5 per cent.
* Duty has been raised on: tiles, cashew kernels, vinyl flooring, auto parts, some synthetic rubber, digital and video recorder and CCTV camera.

Affordable housing:
* Rental laws to be reformed. Modern tenancy laws will be shared with states to promote house renting.
* Additional Rs 1.5 lakh tax relief on home loan for purchase of a house up to Rs 45 lakh.

To promote digital payments:
* 2% TDS on withdrawals of Rs 1 crore in a year from your bank account for business payments.
* No charge on digital payments: MDR charges waived on cashless payment.
  • Here are the Budget 2019 Highlights from Finance Minister Nirmala Sitharaman's Speech
  • Rs. 2 duty and cess will be levied on petrol and diesel per litre.
  • PAN, Aadhaar will now be interchangeable for filing of income tax returns.
  • Aadhaar will be issued for NRIs with Indian passports after arrival without mandatory waiting period.
  • Power, clean cooking facilities for all families by 2022, water for all rural homes by 2024.
  • Surcharge enhanced on individuals with Rs. 2-5 crore income by 3 per cent, Rs. 5 crore and above by 7 per cent.
  • Two per cent TDS on cash withdrawal exceeding 1 crore in a year from bank account to discourage cash transactions.
  • Government considering increase in FDI in aviation, media.
  • Government to encourage and facilitate the role of women through women-led initiatives
Union Budget Highlights: Housing
  • 1.95 crore houses will be provided to eligible beneficiaries
  • Centre proposes RBI to be regulator for housing finance companies
  • Tax holiday on profits earned by developers of affordable housing
Budget Highlights: Tax
  • Additional deduction of Rs. 1 lakh on interest paid for affordable house of Rs. 45 lakh, borrowed on or before March 31, 2020
  • After interest deduction, affordable home buyers will gain tax benefit of Rs. 7 lakh over the period of interest deduction
  • Cash withdrawals over Rs. 1 crore a year to be taxed at 2 per cent
Budget Highlights: Social Welfare
  • One woman in every self-help group eligible for loan of Rs. 1 lakh under Mudra scheme
  • Centre proposes to consolidate and streamline multiple labour laws into only four codes
Budget Highlights: Pensions
  • Pension to be provided to three crore retail traders
  • Pension for shopkeepers, retailers with turnover less than Rs. 1.5 crore
Union Budget Highlights: Growth
  • Centre to invest in raising foreign direct investment in media and aviation
  • There will be 100 per cent FDI for insurance intermediaries
Budget Highlights: Infrastructure
  • 1.25 lakh km roads will be upgraded at a cost of Rs. 80,000 crore
Budget Highlights: Markets
  • Centre proposes electronic fundraising platform to list social enterprises, voluntary organisations
  • This will help social enterprises working for welfare raise capital
Budget Highlights: Economy
  • India will grow to become a $3 trillion economy (from $2 trillion) in fiscal 2020
Union Budget Highlights: Income Tax
  • No income tax for income less than Rs. 5 lakh a year
  • Surcharge on individuals with taxable income of Rs. 2-5 crore raised to 3 per cent, and Rs. 5 crore to 7 per cent
Budget Highlights: Start-ups
  • A TV programme for start-ups under Doordarshan, designed and run by start-ups themselves
  • Angel investors and start-ups who file tax returns won't be subjected to scrutiny
  • E-verification will resolve the issue of identifying the investor and the source of funds
Budget Highlights: Companies
  • Corporate tax rate of 25 per cent extended to all companies having annual turnover up to Rs. 400 crore
Union Budget Highlights: What is cheaper, what got costlier
  • Electric vehicles, affordable houses, imported defence equipment, imported parts of electric vehicles, imported raw material for manufacture of artificial kidneys and imported wool fiber, wool tops have become cheaper.
Petrol, diesel, cash withdrawal over Rs. 1 crore/year, imported auto parts, imported gold and precious metals, imported paper and paper products including printed books, imported loud-speakers, indoor and outdoor unit of split AC, imported plugs, sockets, switches, CCTV cameras, IP cameras, PVC, Vinyl flooring, Metal fittings, tiles, imported cashew kernels and cigarettes have become expensive.

The tax is otherwise charged on each item sold to purchasers without such a certificate and who are under the jurisdiction of the taxing authority.
The government imposes a tax on of all persons who are individuals, (HUF's), companies, firms, LLP, association of persons, body of individuals, local authority and any other artificial juridical person. 
Levy of tax on a person depends upon his residential status. The CBDT administers the Income Tax Department, which is a part of the Department of Revenue under the. 
Income tax is a key source of funds that the government uses to fund its activities and serve the public.
The Income Tax Department is the biggest revenue mobilizer for the Government. The total tax revenues of the Central Government increased from ₹1,392.26 billion(US$22 billion) in 1997-98 to ₹5,889.09 billion(US$92 billion) in 2007-08.
The Income Tax Service, Group ‘B’ is the of the . It is the feeder service of the premier and elite . The service functions under the Department of Revenue in the and is concerned with the collection and administration of the various accruing to the .
All officers of and up to the rank of Income Tax Officer belong to Group B (Income Tax officer (ITO) is gazetted while those below the rank of Income Tax Officer are non-gazetted). On reaching the rank of Assistant Commissioner they are accorded IRS.
A chief technology officer (CTO), sometimes known as a chief technical officer, is an executive-level position in a company or other entity whose occupation is focused on scientific and technological issues within an organization.

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