Here are all the key highlights from Interim Budget 2019 Tax announcements:
* No tax till Rs 5 lakh income for individuals tax payers.
* Standard deduction increased to Rs 50,000 from Rs 40,000 for salaried class.
* Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities.
* TDS threshold for home rent increased from Rs 1.8 lakh to 2.4 lakh.
* Interest income up to Rs 40,000 in post offices and banks made tax free.
* Capital gains tax exemptions under Section 54 to be available to Rs 2 crore. Capital gains exemption to be available on 2 house properties.
* Income tax relief on notional rent from unsold houses extended to 2 years from 1 year.
* Income Tax returns to be processed within 24 hours and returns will be paid immediately . * Within nearly two years, almost all assessment and verification of IT returns will be done electronically by an anonymised tax system without any intervention by officials.
* Group of Ministers to suggest ways to reduce GST for house buyers.
* Direct tax collections increased from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore; The tax base is up from Rs 3.79 crore to 6.85 crore.
* Gratuity limit increased for workers. Regards, CA Naresh Shah
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