FINANCE BILL 2019 KEY POINT
1. Sec 87A- relief for individual tax payer i.e
The tax rebate shall now be admissible to taxpayers having total income up to five hundred thousand rupees, instead of existing three hundred fifty thousand rupees also increasing the maximum amount of tax rebate to twelve thousand five hundred rupees from existing two thousand five hundred rupees.
2. NO change in tax slab
3.Sec 194A
amend section 194A of the Income-tax Act so
as to ease the burden of compliance by way of increasing the threshold limit from
ten thousand rupees to forty thousand rupees, for deduction of tax at source on
interest income, other than interest on securities, paid by a banking company,
co-operative society or a postoffice
4.Sec 194-I of the Income-tax Act to rationalise the threshold limit from one hundred and eighty thousand rupees to two hundred and forty thousand rupees, for deduction of tax at source on rental income.
5. Sec 80-IBA of the Income-tax Act
extending the time limit from
31st March, 2019 to 31st March, 2020 for obtaining approval of the housing project for avaling deduction
6. Section 16 of the Income-tax Act to
increasing the amount of deduction
from salary income, from existing forty thousand rupees to fifty thousand rupees.
7. Section 24 of the Income-tax Act to
provide that the monetary limit of deduction on account of interest payable on
borrowed capital shall continue to apply to the aggregate of the amounts of
deduction in case of more than one self-occupied houses.
8. Sec 54 of the Income-tax Act
relief to the taxpayers having long-term capital gains up to two crore
rupees, arising from transfer of a residential house, by affording the assessee a
one time opportunity, at his option, to utilise the said amount for the purchase or
construction of two residential houses in India instead of one residential house as
currently provided.
9. Sec 23 of the Income-tax Act so as
to provide relief to the taxpayer by allowing him an option to claim nil annual value
in respect of any two houses, declared as self-occupied, instead of one such
house as currently provided. It further seeks to provide relief to the taxpayers
that notional rent in respect of unsold inventory shall not be charged to tax up to
two years, instead of existing one year, from the end of the financial year in which
the certificate of completion is obtained from the competent authority.
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