Budget FY19-20 Highlights

Home Buyers as Financial Creditors

Government rolls out benefits for all sections of the country, particularly saluting the role of taxpayers in building the infrastructure and helping the rural/poor sections of the country.

Individual Tax Payers save up to Rs. 13,000 of tax every year

  • Income Tax Exemption Limit from Rs. 2.5 lakh to Rs. 5 lakh for all tax payers. The exemption limit of Rs. 5 lakh combined with deductions on savings available under Sector 80 will mean that people earning Rs 6.5 lakh may not be required to pay any Income Tax.
  • Standard Deduction for salaried tax payers increased from Rs. 40,000 to Rs. 50,000.
  • Rent exempted from TDS increased to Rs. 2.4 lakh from Rs. 1.8 lakh.
  • TDS exemption on interest on post office and bank deposits raised from Rs. 10,000 to Rs. 40,000.
  • Gratuity limit increased from Rs. 10 Lakh to Rs. 30 lakh.
  • Exemption on Capital Gains Tax under Section 54 of up to Rs. 2 crore on residential property can now be claimed for investment of proceeds in 2 residential properties once in a lifetime.
  • IT returns and refunds to be processed within 24 hours.
  • IT scrutiny to be made simpler with digital-unmanned system where the identity of the IT officer and tax payer remains anonymous.

MSME Units

  • Launch of 59 minute loan portal to enable easy access to credit for MSMEs for loans of up to Rs. 1 crore.
  • GST registered MSMEs get a 2% interest subvention for loans up to Rs. 1 crore. The loan option will now be available on the GST portal itself.

Home Buyers

  • Government to forward a proposal to GST council to reduce GST on residential property transactions.

Farm Sector

  • Annual assured Income of Rs. 6000 for small and marginal farmers with upto 2 hectares of land holding. Applicable retrospectively from Dec 1, 2018, payable in three installments.

Unorganised Sector

  • New Pension Scheme of Rs. 3000 per month for people earning upto Rs. 15,000 per month starting from the age of 60. Government to contribute an equal amount to contribution.

Real Estate Sector

  • Notional Rent on unsold inventory of developers exempted from tax for 2 years changed from 1 year earlier.

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