Key takeaways from interim budget 2019

Some of the key takeaways from the Interim Budget 2019 with regard to taxes:

1. Exemption for Gratuity increased from Rs 10 lakhs to Rs 30 Lakhs

2. All assessments are to be e-processed going forward

3. IT returns are to be processed in 24 hours of filing going forward

4. The first slab is increased to Rs 5 lakhs

5. Standard deduction under salaries is hiked from Rs 40 K to Rs 50K

6. Going forward 2 houses under self occupation shall be exempted

7. TDS threshold on interest increased from 10K to 40K

8. TDS threshold on rent increased from Rs 180,000 to Rs 240,000/-

9. Sec 54 benefit available for two houses in stead of one house in certain cases

10. Sec 80-IBA extended by one year

11. No need to pay tax on rent on unsold houses lying as inventory for a period of 2 years in stead of 1 year.

Thanks

Rp

The bill says that Rebate U/S 87A is amended. Hence, the first slab is not increased but the rebate U/S 87A is increased.

Thanks
Rp