The most
awaited moment has arrived i.e. Union Budget 2019 for the citizens of India. No
wonder, many of us were eagerly waiting to know the new tax reforms and how the
economic growth of the country will be graphed especially for 'the common man! Meanwhile,
the Union Budget was Presented by Finance Minister Nirmala Sitharaman, on 5th
July 2019. Hence, this year it is yet to predict that how the wishes of the
common man would be fulfilled in the union budget 2019.
There is a
wide belief that the government has taken some stableand secure action to
accelerate economic growth and the roots of economic development that will be
appreciated by all levels of society.
Here is a
look at the most important announcements made in Budget 2019 with regards to
personal taxation and its impact -
·
Rs 350 cr allocated for 2% interest
subvention for all GST-registered MSMEs on fresh or incremental loans.
·
The government has decided to
extend pension benefit to about 3 crore retail traders and shopkeepers whose
annual turnover is less then ₹1.5 crore.
·
For Non-resident Indians (NRIs) government
providing seamless access to Indian equities, NRI portfolio investment route to
be merged with foreign portfolio investment route.
·
2% interest subsidy scheme to
benefit about 20% of MSMEs registered under GST.
·
A major booster has been proposed for
Micro, Small and Medium Enterprises (MSMEs) under which the government is set
to provide a loan of Rs 1 crore.
·
Now, the legislature authority has
decided to consider issuing Aadhaar to NRIs with Indian passports after their
arrival in India without the mandatory wait of 180 days:
·
NPAs of commercial banks have
reduced by over Rs 1 lakh crore over the last year
·
PSBs are now proposed to be further
provided Rs 17,000 crore of capital to boost credit
·
Moreover, the cabinet ministry has Appreciated
honest taxpayers of India.
·
Government has already moved GST
council to lower the GST rate on electric vehicles(EV)
from 12% to 5%.
·
Also, to make EVs affordable for
consumers our Govt will provide additional income tax deduction of 1.5 lakh
rupees on the interest paid on the loans taken to purchase EVs.
·
The Government decide an aim to
simplify tax admin and bring greater transparency along with simulative growth.
·
No tax for individual incomes up to
Rs 5 lakh.
·
Tax revenue has increased over by
78%:
·
Additional income tax deduction of
Rs 1.5 lakh on the interest paid on loans for EVs.
·
To resolve angel tax issue, start-ups
who file declarations will not be subjected to scrutiny in valuation.
·
Direct tax collection increased by
78%; Tax collection rose from 6.38 lakh crore rupees in 2013-14 to 11.37 lakh
crore rupees in 2018.
·
A person purchasing an affordable
house will now get an enhanced interest deduction up to ₹3.5Lakhs.
·
More than 120 crore Indians now
have Aadhar card, therefore for ease of tax payers I propose to make PAN card
and Aadhar card interchangeable and allow those who don't have PAN to file
returns by simply quoting Aadhar number and use it wherever they require to use
PAN.
·
2% TDS on withdrawals of Rs 1 crore
in a year from bank accounts for business payments
·
The huge announcement that gave a
massive relief to all the middle-class taxpayers is, the income
tax slab. Now, those having annual income of Rs 5 lakh exempt from
paying taxes..
·
Further simplifying GST filing
process. GST tax payer with business under Rs 5 crore only need to file
quarterly returns.
·
Import of defence equipment is
being exempted from basic customs duty.
·
To make electric vehicle affordable
to consumers, the govt will provide an additional income tax deduction of ₹1.5L
on the interest paid on loans taken to purchase an electric vehicle.
·
Currently, the lower tax rate of
25% is applicable to firms with annual turnover of Rs 250 crore. I propose to
widen this to all companies with annual turnover of up to Rs 400 crore. This
will cover 99.3% of all companies.
Therefore, this
budget will
be fair to each and every class of citizen and will benefit the poor&medium
class&will boost India's development in the 21st century.
For more
details about itr filing, income tax return and budget
visit our website: www.allindiaitr.com
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