UNION BUDGET 2019-20 (Income tax & GST)

UNION BUDGET 2019-20 (Income tax & GST)


INDIVIDUALS

1New deduction upto Rs. 1.5 lakh for interest on loan from financial Institutions
2New deduction upto Rs. 1.5 lakhs for interest on loan for electric vehicles
3Increase in surcharge for individuals falling in High income group
4Return filing is mandatory those incurring Rs. 1 lakh or more on electricity
5Income tax return can be filed with Aadhaar number instead of PAN
6Liability to deduct TDS by Individual or HUF falling outside section 194C or 194J
7Threshold of prosecution for non-filing of return extended
8Exemption limit for withdrawal from NPS extended to 60%
9TDS under section 194DA is deductible on net amount only

CORPORATES
1.     Benefit for reduced tax extended to companies having turnover upto 400 Cr.
2Constituent entity of an International group shall now be required to keep & maintain information & document under Section 92D
3Listed companies are also required to pay tax on distributed Income
4Section 89 relief shall be considered while determining liability under section 140A & 143
5Limit for furnishing Statement of financial reporting has been revised
6Modes prescribe for electric payment to include other electronic modes of payment
GST
1Every registered person shall authenticate, or furnish proof of possession of Aadhaar number
2Value of exempt supply of services by way of extending deposits etc. shall not be included in Turnover for composition scheme
3Government shall constitute ‘National Appellate Authority for Advance Ruling (NAAAR)’ for hearing appeals
4The CG has been authorized to pay the amount of refund towards State taxes to the taxpayers
5Composition registered dealers are required to pay tax quarterly and file return on annual basis.
6Simplified return forms to be implemented soon

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