• Building Team India with Jan Bhagidari: Minimum Government Maximum Governance.
• Achieving green Mother Earth and Blue Skies through a pollution-free India.
• Making Digital India reach every sector of the economy.
• Launching Gaganyan, Chandrayan, other Space and Satellite programmes.
• Building physical and social infrastructure.
• Water, water management, clean rivers.
• Blue Economy.
• Self-sufficiency and export of food-grains, pulses, oilseeds, fruits and vegetables.
• Achieving a healthy society via Ayushman Bharat, well-nourished women & children, safety of citizens.
• Emphasis on MSMEs, Start-ups, defence manufacturing, automobiles, electronics, fabs and batteries, and medical devices under Make in India.

• “People’s hearts filled with Aasha (Hope), Vishwas (Trust), Aakansha (Aspirations)”, says FM.
• Indian economy to become a 3 trillion dollar economy in the current year.
• Government aspires to make India a 5 trillion dollar economy.
• Need for investment in:
  • Infrastructure
  • Digital economy.
  • Job creation in small and medium firms.
• Initiatives to be proposed for kick-starting the virtuous cycle of investments.
• Common man‟s life changed through MUDRA loans for ease of doing business.
• Measures related to MSMEs:
  • Pradhan Mantri Karam Yogi Maandhan Scheme
    • Pension benefits to about three crore retail traders & small shopkeepers with annual turnover less than Rs. 1.5 crore.
    • Enrolment to be kept simple, requiring only Aadhaar, bank account and a self-
  • Rs. 350 crore allocated for FY 2019-20 for 2% interest subvention (on fresh or incremental loans) to all GST-registered MSMEs, under the Interest Subvention Scheme for MSMEs.
  • Payment platform for MSMEs to be created to enable filing of bills and payment thereof, to eliminate delays in government payments.
• India’s first indigenously developed payment ecosystem for transport, based on National Common Mobility Card (NCMC) standards, launched in March 2019.
• Inter-operable transport card runs on RuPay card and would allow the holders to pay for bus travel, toll taxes, parking charges, retail shopping.
• Massive push given to all forms of physical connectivity through:
  • Pradhan Mantri Gram Sadak Yojana.
  • Industrial Corridors, Dedicated Freight Corridors.
  • Bhartamala and Sagarmala projects, Jal Marg Vikas and UDAN
• State road networks to be developed in second phase of Bharatmala
• Navigational capacity of Ganga to be enhanced via multi modal terminals at Sahibganj and Haldia and a navigational lock at Farakka by 2019-20, under Jal Marg Vikas Project.
• Four times increase in next four years estimated in the cargo volume on Ganga, leading to cheaper freight and passenger movement and reducing the import bill.
• Rs. 50 lakh crore investment needed in Railway Infrastructure during 2018-2030.
• Public-Private-Partnership proposed for development and completion of tracks, rolling stock manufacturing and delivery of passenger freight services.
• 657 kilometers of Metro Rail network has become operational across the country.
• Policy interventions to be made for the development of Maintenance, Repair and Overhaul (MRO), to achieve self- reliance in aviation segment.
• Regulatory roadmap for making India a hub for aircraft financing and leasing activities from Indian shores, to be laid by the Government.
• Outlay of Rs. 10,000 crore for 3 years approved for Phase-II of FAME
• Upfront incentive proposed on purchase and charging infrastructure, to encourage faster adoption of Electric Vehicles.
• Only advanced-battery-operated and registered e-vehicles to be incentivized under FAME Scheme.
• National Highway Programme to be restructured to ensure a National Highway Grid, using a financeable model.
• Power at affordable rates to states ensured under “One Nation, One Grid‟.
• Blueprints to be made available for gas grids, water grids, i-ways, and regional airports.
• High Level Empowered Committee (HLEC) recommendations to be implemented:
  • Retirement of old & inefficient plants.
  • Addressing low utilization of gas plant capacity due to paucity of Natural Gas.
• Cross subsidy surcharges, undesirable duties on open access sales or captive generation for industrial and other bulk power consumers to be removed under Ujjwal DISCOM Assurance Yojana (UDAY).
• Package of power sector tariff and structural reforms to be announced soon.
• Reform measures to be taken up to promote rental housing.
• Model Tenancy Law to be finalized and circulated to the states.
• Joint development and concession mechanisms to be used for public infrastructure and affordable housing on land parcels held by the Central Government and CPSEs.
• Measures to enhance the sources of capital for infrastructure financing:
  • Credit Guarantee Enhancement Corporation to be set up in 2019-2020.
  • Action plan to be put in place to deepen the market for long term bonds with focus on infrastructure.
  • Proposed transfer/sale of investments by FIIs/FPIs (in debt securities issued by IDF­NBFCs) to any domestic investor within the specified lock-in period.
• Measures to deepen bond markets:
  • Stock exchanges to be enabled to allow AA rated bonds as collaterals.
  • User-friendliness of trading platforms for corporate bonds to be reviewed.
• Social stock exchange:
  • Electronic fund raising platform under the regulatory ambit of SEBI.
  • Listing social enterprises and voluntary organizations.
  • To raise capital as equity, debt or as units like a mutual fund.
• SEBI to consider raising the threshold for minimum public shareholding in the listed companies from 25% to 35%.
• Know Your Customer (KYC) norms for Foreign Portfolio Investors to be made more investor friendly.
• Government to supplement efforts by RBI to get retail investors to invest in government treasury bills and securities, with further institutional development using stock exchanges.
• Measures to make India a more attractive FDI destination:
  • FDI in sectors like aviation, media (animation, AVGC) and insurance sectors can be opened further after multi-stakeholder examination.
  • Insurance Intermediaries to get 100% FDI.
  • Local sourcing norms to be eased for FDI in Single Brand Retail sector.
• Government to organize an annual Global Investors Meet in India, using National Infrastructure Investment Fund (NIIF) as an anchor to get all three sets of global players (pension, insurance and sovereign wealth funds).
• Statutory limit for FPI investment in a company is proposed to be increased from 24% to sectoral foreign investment limit. Option to be given to the concerned corporate to limit it to a lower threshold.
• FPIs to be permitted to subscribe to listed debt securities issued by ReITs and InvITs.
• NRI-Portfolio Investment Scheme Route is proposed to be merged with the Foreign Portfolio Investment Route.
• Cumulative resources garnered through new financial instruments like Infrastructure Investment Trusts (InvITs), Real Estate Investment Trusts (REITs) as well as models like Toll-Operate-Transfer (ToT) exceed Rs. 24,000 crore.
• New Space India Limited (NSIL), a PSE, incorporated as a new commercial arm of Department of Space.
• To tap the benefits of the Research & Development carried out by ISRO like commercialization of products like launch vehicles, transfer to technologies and marketing of space products.

• Tax rate reduced to 25% for companies with annual turnover up to Rs. 400 crore
• Surcharge increased on individuals having taxable income from Rs. 2 crore to Rs. 5 crore and Rs. 5 crore and above.
• India’s Ease of Doing Business ranking under the category of “paying taxes“ jumped from 172 in 2017 to 121 in the 2019.
• Direct tax revenue increased by over 78% in past 5 years to Rs. 11.37 lakh crore

• Interchangeability of PAN and Aadhaar
  • Those who don‘t have PAN can file tax returns using Aadhaar.
  • Aadhaar can be used wherever PAN is required.
• Pre-filling of Income-tax Returns for faster, more accurate tax returns
  • Pre-filled tax returns with details of several incomes and deductions to be made
  • Information to be collected from Banks, Stock exchanges, mutual funds etc.
• Faceless e-assessment
  • Faceless e-assessment with no human interface to be launched.
  • To be carried out initially in cases requiring verification of certain specified transactions or discrepancies.

• Additional deduction up to Rs. 1.5 lakhs for interest paid on loans borrowed up to 31st March, 2020 for purchase of house valued up to Rs. 45 lakh.
  • Overall benefit of around Rs. 7 lakh over loan period of 15 years.

• Additional income tax deduction of Rs. 1.5 lakh on interest paid on electric vehicle loans.
• Customs duty exempted on certain parts of electric vehicles.

• Simplification of tax laws to reduce genuine hardships of taxpayers:
  • Higher tax threshold for launching prosecution for non-filing of returns
  • Appropriate class of persons exempted from the anti-abuse provisions of Section 50CA and Section 56 of the Income Tax Act.

• Capital gains exemptions from sale of residential house for investment in start-ups extended till FY21.
• ‘Angel tax’ issue resolved- start-ups and investors filing requisite declarations and providing information in their returns not to be subjected to any kind of scrutiny in respect of valuations of share premiums.
• Funds raised by start-ups to not require scrutiny from Income Tax Department
  • E-verification mechanism for establishing identity of the investor and source of funds.
• Special administrative arrangements for pending assessments and grievance redressal
  • No inquiry in such cases by the Assessing Officer without obtaining approval of the supervisory officer.
• No scrutiny of valuation of shares issued to Category-II Alternative Investment Funds.
• Relaxation of conditions for carry forward and set off of losses.

• Interest on certain bad or doubtful debts by deposit taking as well as systemically important non-deposit taking NBFCs to be taxed in the year in which interest is actually received.

• Direct tax incentives proposed for an IFSC:
  • 100 % profit-linked deduction in any ten-year block within a fifteen-year period.
  • Exemption from dividend distribution tax from current and accumulated income to companies and mutual funds.
  • Exemptions on capital gain to Category-III Alternative Investment Funds (AIFs).
  • Exemption to interest payment on loan taken from non-residents.

• STT restricted only to the difference between settlement and strike price in case of exercise of options.

• Basic Customs Duty increased on cashew kernels, PVC, tiles, auto parts, marble slabs, optical fibre cable, CCTV camera etc.
• Exemptions from Custom Duty on certain electronic items now manufactured in India
• End use based exemptions on palm stearin, fatty oils withdrawn.
• Exemptions to various kinds of papers withdrawn.
• 5% Basic Custom Duty imposed on imported books.
• Customs duty reduced on certain raw materials such as:
  • Inputs for artificial kidney and disposable sterilised dialyser and fuels for nuclear power plants etc.
  • Capital goods required for manufacture of specified electronic goods.

• Defence equipment not manufactured in India exempted from basic customs duty

• Export duty rationalised on raw and semi-finished leather
• Increase in Special Additional Excise Duty and Road and Infrastructure Cess each by Rs. 1 per litre on petrol and diesel
• Custom duty on gold and other precious metals increased
• Legacy Dispute Resolution Scheme for quick closure of pending litigations in Central Excise and Service tax from pre-GST regime

• Ujjwala Yojana and Saubhagya Yojana have transformed the lives of every rural family, dramatically improving ease of their living.
• Electricity and clean cooking facility to all willing rural families by 2022.
• Pradhan M antri Awas Yojana – Gramin (PMAY-G) aims to achieve “Housing for All” by 2022:
  • Eligible beneficiaries to be provided 1.95 crore houses with amenities like toilets, electricity and LPG connections during its second phase (2019-20 to 202 1-22).
• Pradhan Mantri Matsya Sampada Yojana (PMMSY)
  • A robust fisheries management framework through PMMSY to be established by the Department of Fisheries.
  • To address critical gaps in the value chain including infrastructure, modernization,
    traceability, production, productivity, post-harvest management, and quality control.
• Pradhan Mantri Gram Sadak Yojana (PMGSY)
  • Target of connecting the eligible and feasible habitations advanced from 2022 to 2019
    with 97% of such habitations already being provided with all weather connectivity.
  • 30,000 kilometers of PMGSY roads have been built using Green Technology, Waste Plastic and Cold Mix Technology, thereby reducing carbon footprint.
  • 1,25,000 kilometers of road length to be upgraded over the next five years under PMGSY III with an estimated cost of Rs. 80,250 crore.
• Scheme of Fund for Upgradation and Regeneration of Traditional Industries’ (SFURTI)
  • Common Facility Centres (CFCs) to be setup to facilitate cluster based development for making traditional industries more productive, profitable and capable for generating sustained employment opportunities.
  • 100 new clusters to be setup during 2019-20 with special focus on Bamboo, Honey and Khadi, enabling 50,000 artisans to join the economic value chain.
• Scheme for Promotion of Innovation, Rural Industry and Entrepreneurship‘ (ASPIRE)
  • 80 Livelihood Business Incubators (LBIs) and 20 Technology Business Incubators (TBIs) to be setup in 2019-20.
  • 75,000 entrepreneurs to be skilled in agro-rural industry sectors.
• Private entrepreneurships to be supported in driving value-addition to farmers‘ produce from the field and for those from allied activities.
• Dairying through cooperatives to be encouraged by creating infrastructure for cattle feed manufacturing, milk procurement, processing & marketing.
• 10,000 new Farmer Producer Organizations to be formed, to ensure economies of scale for farmers.
• Government to work with State Governments to allow farmers to benefit from e-NAM.
• Zero Budget Farming in which few states‟ farmers are already being trained to be replicated in other states.
• India’s water security
  • New Jal Shakti Mantralaya to look at the management of our water resources and water supply in an integrated and holistic manner
  • Jal Jeevan Mission to achieve Har Ghar Jal (piped water supply) to all rural households by 2024
  • To focus on integrated demand and supply side management of water at the local
  • Convergence with other Central and State Government Schemes to achieve its
  • 1592 critical and over exploited Blocks spread across 256 District being identified for the Jal Shakti Abhiyan.
  • Compensatory Afforestation Fund Management and Planning Authority (CAMPA) fund can be used for this purpose.
• Swachh Bharat Abhiyan
  • 9.6 crore toilets constructed since Oct 2, 2014.
  • More than 5.6 lakh villages have become Open Defecation Free (ODF).
  • Swachh Bharat Mission to be expanded to undertake sustainable solid waste management in every village.
• Pradhan Mantri Gramin Digital Saksharta Abhiyan,
  • Over two crore rural Indians made digitally literate.
  • Internet connectivity in local bodies in every Panchayat under Bharat-Net to bridge rural-urban divide.
  • Universal Obligation Fund under a PPP arrangement to be utilized for speeding up Bharat-Net.

• Pradhan Mantri Awas Yojana – Urban (PMAY-Urban)-
  • Over 81 lakh houses with an investment of about Rs. 4.83 lakh crore sanctioned of which construction started in about 47 lakh houses.
  • Over 26 lakh houses completed of which nearly 24 lakh houses delivered to the
  • Over 13 lakh houses so far constructed using new technologies.
• More than 95% of cities also declared Open Defecation Free (ODF).
• Almost 1 crore citizens have downloaded Swachhata App.
• Target of achieving Gandhiji’s resolve of Swachh Bharat to make India ODF by 2nd October 2019.
  • To mark this occasion, the Rashtriya Swachhta Kendra to be inaugurated at Gandhi Darshan, Rajghat on 2nd October, 2019.
  • Gandhipedia being developed by National Council for Science Museums to sensitize youth and society about positive Gandhian values.
• Railways to be encouraged to invest more in suburban railways through SPV structures like Rapid Regional Transport System (RRTS) proposed on the Delhi-Meerut route.
• Proposal to enhance the metro-railway initiatives by:
  • Encouraging more PPP initiatives.
  • Ensuring completion of sanctioned works.
  • Supporting transit oriented development (TOD) to ensure commercial activity around transit hubs.

• New National Education Policy to be brought which proposes
  • Major changes in both school and higher education
  • Better Governance systems
  • Greater focus on research and innovation.
• National Research Foundation (NRF) proposed
  • To fund, coordinate and promote research in the country.
  • To assimilate independent research grants given by various Ministries.
  • To strengthen overall research eco-system in the country
  • This would be adequately supplemented with additional funds.
  • 400 crore provided for “World Class Institutions”, for FY 2019-20, more than three times the revised estimates for the previous year.
• ‘Study in India’ proposed to bring foreign students to study in Indian higher educational
• Regulatory systems of higher education to be reformed comprehensively:
  • To promote greater autonomy.
  • To focus on better academic outcomes.
• Draft legislation to set up Higher Education Commission of India (HECI), to be
• Khelo India Scheme to be expanded with all necessary financial support.
• National Sports Education Board for development of sportspersons to be set up under Khelo India, to popularize sports at all levels
• To prepare youth for overseas jobs, focus to be increased on globally valued skill-sets including language training, AI, IoT, Big Data, 3D Printing, Virtual Reality and Robotics.
• Set of four labour codes proposed, to streamline multiple labour laws to standardize and streamline registration and filing of returns.
• A television program proposed exclusively for and by start-ups, within the DD bouquet of channels.
• Stand-Up India Scheme to be continued for the period of 2020-25. The Banks to provide financial assistance for demand based businesses.

• About Rs. 30 lakh workers joined the Pradhan Mantri Shram Yogi Maandhan Scheme that provides Rs. 3,000 per month as pension on attaining the age of 60 to workers in unorganized and informal sectors.
• Approximately Rs. 35 crore LED bulbs distributed under UJALA Yojana leading to cost saving of Rs. 18,341 crore annually.
• Solar stoves and battery chargers to be promoted using the approach of LED bulbs
• A massive program of railway station modernization to be launched.

• Approach shift from women-centric-policy making to women-led initiatives and
• A Committee proposed with Government and private stakeholders for moving forward on Gender budgeting.
• SHG:
  • Women SHG interest subvention program proposed to be expanded to all districts.
  • Overdraft of Rs. 5,000 to be allowed for every verified women SHG member having a Jan Dhan Bank Account.
  • One woman per SHG to be eligible for a loan up to Rs. 1 lakh under MUDRA

• Proposal to consider issuing Aadhaar Card for NRIs with Indian Passports on their arrival without waiting for 180 days.
• Mission to integrate traditional artisans with global markets proposed, with necessary patents and geographical indicators.
• 18 new Indian diplomatic Missions in Africa approved in March, 2018, out of which 5 already opened. Another 4 new Embassies intended in 2019-20.
• Revamp of Indian Development Assistance Scheme (IDEAS) proposed.
• 17 iconic Tourism Sites being developed into model world class tourist destinations.
• Present digital repository aimed at preserving rich tribal cultural heritage, to be

• NPAs of commercial banks reduced by over Rs. 1 lakh crore over the last year.
• Record recovery of over Rs. 4 lakh crore effected over the last four years.
• Provision coverage ratio at its highest in seven years.
• Domestic credit growth increased to 13.8%.
• Measures related to PSBs:
  • Rs. 70,000 crore proposed to be provided to PSBs to boost credit.
  • PSBs to leverage technology, offering online personal loans and doorstep banking, and enabling customers of one PSBs to access services across all PSBs.
  • Steps to be initiated to empower accountholders to have control over deposit of cash by others in their accounts.
  • Reforms to be undertaken to strengthen governance in PSBs.
• Measures related to NBFCs:
  • Proposals for strengthening the regulatory authority of RBI over NBFCs to be placed in the Finance Bill.
  • Requirement of creating a Debenture Redemption Reserve will be done away with to allow NBFCs to raise funds in public issues.
  • Steps to allow all NBFCs to directly participate on the TReDS platform.
• Return of regulatory authority from NHB to RBI proposed, over the housing finance
• Rs. 100 lakh crore investment in infrastructure intended over the next five years. Committee proposed to recommend the structure and required flow of funds through development finance institutions.
• Steps to be taken to separate the NPS Trust from PFRDA.
• Reduction in Net Owned Fund requirement from Rs. 5,000 crore to Rs. 1,000 crore proposed:
  • To facilitate on-shoring of international insurance transactions.
  • To enable opening of branches by foreign reinsurers in the International Financial Services Centre.
• Measures related to CPSEs:
  • Target of Rs. 1,05,000 crore of disinvestment receipts set for the FY 2019-20.
  • Government to reinitiate the process of strategic disinvestment of Air India, and to offer more CPSEs for strategic participation by the private sector.
  • Government to undertake strategic sale of PSUs and continue to consolidate PSUs in the non-financial space.
  • Government to consider going to an appropriate level below 51% in PSUs where the government control is still to be retained, on case to case basis.
  • Present policy of retaining 51% Government stake to be modified to retaining 51% stake inclusive of the stake of Government controlled institutions.
  • Retail participation in CPSEs to be encouraged.
  • To provide additional investment space:
    • Government to realign its holding in CPSEs
    • Banks to permit greater availability of its shares and to improve depth of its market.
  • Government to offer an investment option in ETFs on the lines of Equity Linked Savings Scheme (ELSS).
  • Government to meet public shareholding norms of 25% for all listed PSUs and raise the foreign shareholding limits to maximum permissible sector limits for all PSU companies which are part of Emerging Market Index.
• Government to raise a part of its gross borrowing program in external markets in external This will also have beneficial impact on demand situation for the government securities in domestic market.
• New series of coins of One Rupee, Two Rupees, Five Rupees, Ten Rupees and Twenty Rupees, easily identifiable to the visually impaired to be made available for public use

• TDS of 2% on cash withdrawal exceeding Rs. 1 crore in a year from a bank account
• Business establishments with annual turnover more than Rs. 50 crore shall offer low cost digital modes of payment to their customers and no charges or Merchant Discount Rate shall be imposed on customers as well as merchants.

• Scheme to invite global companies to set up mega-manufacturing plants in areas such as Semi-conductor Fabrication (FAB), Solar Photo Voltaic cells, Lithium storage batteries, Computer Servers, Laptops, etc
  • Investment linked income tax exemptions to be provided along with indirect tax benefits.

• 1 trillion dollar added to Indian economy over last 5 years (compared to over 55 years taken to reach the first trillion dollar).
• India is now the 6th largest economy in the world, compared to 11th largest five years ago.
• Indian economy is globally the 3rd largest in Purchasing Power Parity (PPP) terms.
• Strident commitment to fiscal discipline and a rejuvenated Centre-State dynamic provided during 2014-19.
• Structural reforms in indirect taxation, bankruptcy and real estate carried out.
• Average amount spent on food security per year almost doubled during 2014-19 compared to 2009-14.
• Patents issued more than trebled in 2017-18 as against the number in 2014.
• Ball set rolling for a New India, planned and assisted by the NITI Aayog.

• Simplification of procedures.
• Incentivizing performance.
• Red-tape reduction.
• Making the best use of technology.
• Accelerating mega programmes and services initiated and delivered so far.

CBDT has notified detailed format of Salary Certificate, Form No. 16 , Form No. 24Q w.e.f. 12 th May 2019 vide Notification dated 12th April 2019:

Details of Salary Paid and any other income and tax deducted
1.	Gross Salary
(a)	Salary as per provisions contained in section 17(1)					Rs. …
(b)	Value of perquisites under section 17(2) (as per Form No. 12BA, wherever applicable)					Rs. …
(c)	Profits in lieu of salary under section 17(3) (as per Form No. 12BA, wherever applicable)					Rs. …
(d)	Total							Rs. …
(e)	Reported total amount of salary received from other employer(s)							Rs. …
2.	Less: Allowances to the extent exempt under section 10
(a)	Travel concession or assistance under section 10(5)					Rs. …
(b)	Death-cum-retirement gratuity under section 10(10)					Rs. …
(c)	Commuted value of pension under section 10(10A)					Rs. …
(d)	Cash equivalent of leave salary encashment under section 10(10AA)					Rs. …
(e)	House rent allowance under section 10(13A)					Rs. …
(f)	Amount of any other exemption under section 10
	clause …			Rs. …
	clause …			Rs. …
	clause …			Rs. …
	clause …			Rs. …
	clause …			Rs. …
	…			Rs. …
(g)	Total amount of any other exemption under section 10					Rs. …
(h)	Total amount of exemption claimed under section 10 [2(a) + 2(b) + 2(c) + 2(d) + 2(e) + 2(g)]							Rs. …
3.	Total amount of salary received from current employer [1(d)-2(h)]							Rs. …
4.	Less: Deductions under section 16
(a)	Standard deduction under section 16(ia)					Rs. …
(b)	Entertainment allowance under section 16(ii)					Rs. …
(c)	Tax on employment under section 16(iii)					Rs. …
5.	Total amount of deductions under section 16 [4(a)+4(b)+4(c)]							Rs. …
6.	Income chargeable under the head “Salaries” [(3+1(e)-5]							Rs. …
7.	Add: Any other income reported by the employee under as per section 192 (2B)
(a)	Income (or admissible loss) from house property reported by employee offered for TDS						Rs. …
(b)	Income under the head Other Sources offered for TDS						Rs. …
8.	Total amount of other income reported by the employee [7(a)+7(b)]								Rs. …
9.	Gross total income (6+8)								Rs. …
10.	Deductions under Chapter VI-A
							Gross Amount		Deductible Amount
(a)	Deduction in respect of life insurance premia, contributions to provident fund etc. under section 80C						Rs. …		Rs. …
(b)	Deduction in respect of contribution to certain pension funds under section 80CCC						Rs. …		Rs. …
(c)	Deduction in respect of contribution by taxpayer to pension scheme under section 80CCD (1)						Rs. …		Rs. …
(d)	Total deduction under section 80C, 80CCC and 80CCD(1)						Rs. …		Rs. …
(e)	Deductions in respect of amount paid/deposited to notified pension scheme under section 80CCD (1B)						Rs. …		Rs. …
(f)	Deduction in respect of contribution by Employer to pension scheme under section 80CCD (2)						Rs. …		Rs. …
(g)	Deduction in respect of health insurance premia under section 80D						Rs. …		Rs. …
(h)	Deduction in respect of interest on loan taken for higher education under section 80E						Rs. …		Rs. …
				Gross Amount			Qualifying Amount		Deductible Amount
(i)	Total Deduction in respect of donations to certain funds, charitable institutions, etc. under section 80G			Rs. …			Rs. …		Rs. …
(j)	Deduction in respect of interest on deposits in savings account under section 80TTA			Rs. …			Rs. …		Rs. …
(k)	Amount deductible under any other provision(s) of Chapter VI-A
	section …		Rs. …		Rs. …					Rs. …
	section …		Rs. …		Rs. …					Rs. …
	section …		Rs. …		Rs. …					Rs. …
	section …		Rs. …		Rs. …					Rs. …
	section …		Rs. …		Rs. …					Rs. …
	section …		Rs. …		Rs. …					Rs. …
	…		Rs. …		Rs. …					Rs. …
(l)	Total of amount deductible under any other provision(s) of Chapter VI-A		Rs. …		Rs. …					Rs. …
11.	Aggregate of deductible amount under Chapter VI-A [10(a) + 10(b) + 10(c) + 10(d) + 10(e) + 10(f) + 10(g) + 10(h) + 10(i) 10(j)+10(l)]									Rs. …
12.	Total taxable income (9-11)									Rs. …
13.	Tax on total income									Rs. …
14.	Rebate under section 87A, if applicable									Rs. …
15.	Surcharge, wherever applicable									Rs. …
16.	Health and education cess									Rs. …
17.	Tax payable (13+15+16-14)									Rs. …
18.	Less: Relief under section 89 (attach details)									Rs. …
19.	Net tax payable (17-18)									Rs. …
Verification
I, ……………………………. ., son/daughter of ………………………………….. working in the capacity of …(designation) do hereby certify that the information given above is true, complete and correct and is based on the books of account, documents, TDS statements, and other available records.
Place…(Signature		of person  responsible for deduction of tax)
Date…Full		Name :………………………….

“Annexure II
Details of salary paid or credited during the financial year………………………….. and net tax payable
Serial number.	Permanent Account Number of the employee.	Name of the employee.	Deductee type (Senior Citizen, Super Senior Citizen, Others).	Date from and date up to employed with current employer in the current financial year (dd/mm/yyyy).	Gross Salary as per provisions contained in section 17(1).	Value of perquisites under section 17(2) (as per Form No. 12BA, wherever applicable).	Profits in lieu of salary under section 17(3) (as per Form No.12BA, wherever applicable).	Total amount of gross salary received from current employer (see Note 1 for definition of Salary).
(330)	(331)	(332)	(333)	(334)	(335)	(336)	(337)	(338)

Reported total amount of salary received from other employer(s) (see Note 1 for definition of Salary).	Travel concession or assistance under section 10(5).	Death- cum- retireme nt gratuity under section 10(10).	Commuted value of pension under section 10(10A).	Cash equi-valent of leave salary encash-ment under section 10 (10AA).	House rent allowance under section 10(13A).	PAN of landlord, if exempt-ion is claimed under section 10(13A) (see Note 3).	Amount of any other exempt-ion under section 10.	Total amount of exemption claimed under section 10 (340 + 341 + 342 + 343 + 34 4 + 346).	Total dedu-ction under section 16(ia).
(339)	(340)	(341)	(342)	(343)	(344)	(345)	(346)	(347)	(348)

Total deduction under section 16(ii).	Total deduct-ion under section 16(iii).	Income chargea-ble under the head “Salaries” [338 + 339- (347 + 348 + 349 + 350)].	Income (or admissible loss) from house property reported by employee offered for TDS as per section 192 (2B).	PAN of lender, if interest on hous-ing loan is claimed under section 24(b) (see Note 4).	Income under the head other sources offered for TDS as per section 192 (2B).	Gross total income (351 + 352 + 354).	Deducti-on in respect of life insurance premia, contribut-ions to provident fund etc. under section 80C.	Deduction in respect of contribut-ion to certain pension funds under section 80CCC.	Deduction in respect of contribut-ion by taxpayer to notified pension scheme under section 80CCD(1).
(349)	(350)	(351)	(352)	(353)	(354)	(355)	(356)	(357)	(358)

Deducti-on in respect of amount paid or deposit-ed under notified pension scheme under section 80CCD (1B).	Deduction in respect of contribut-ion by employer to notified pension scheme under section 80CCD(2).	Deducti-on in respect of health insurance premia under section 80D.	Deducti-on in respect of interest on loan taken for higher educati-on under section 80E.	Total deduction in respect of donations to certain funds, charitable institutio-ns, etc. under section 80G.	Deducti-on in respect of interest on deposits in savings account under section 80TTA.	Amount deductible under any other provision(s) of Chapter VI‐A.	Total amount deducti-ble under Chapter VI‐A [356 + 357 + 358 (limited to Rs. 1,50,000) + 359 + 360 + 361 + 362 + 363 + 364 + 365].	Total taxable income (355 – 366).	Income tax on total income.

Rebate under section 87A, if applicable.	Surcharge, wherever applicable.	Health and education cess.	Income-tax relief under section 89, when salary, etc. is paid in arrear or advance.	Net tax liability [368 + 370 + 371 – (369 + 372)].	Total amount of tax deducted at source by the current employer for the whole year [aggregate of the amount in columns 325 of Annexure I for all the quarters in respect of each employee].	Reported amount of tax deducted at source by other employer(s) or deductor(s) (income in respect of which included in computing total taxable income in column 339).	Total amount of tax deducted at source for the whole year (374+375).	Shortfall in tax deduction (+) or excess tax deduction (-) (373-376).
(369)	(370)	(371)	(372)	(373)	(374)	(375)	(376)	(377)

1. Threshold limit under GST to take registration has now been increased to Rs. 40 lakhs (Any person, who is engaged in exclusive supply of goods and whose aggregate turnover in the financial year does not exceed forty lakh rupees) Notification No. 10/2019-Central Tax dated 07 March 2019

Particulars	Amount (In Crores)
Full value of consideration Less: Cost of acquisition (ignoring the benefit of indexation)	10 (2)
Long-term Capital Gains Less: Section 54 exemption	8 (4)
Taxable long-term capital gains	4

Particulars	Amount (In Crores)
Full value of consideration Less: Cost of acquisition (ignoring the benefit of indexation)	10 (9)
Long-term Capital Gains Less: Section 54 exemption	1 (1)
Taxable long-term capital gains	Nil

Particulars	Amount (In Crores)
Full value of consideration Less: Cost of acquisition (ignoring the benefit of indexation)	10 (2)
Long-term Capital Gains Less: Section 54F exemption (in proportion to sales consideration invested in one house, i.e., 8*4/10)	8 (3.2)
Taxable long-term capital gains	4.8

Particulars	Amount (In Crores)
Full value of consideration Less: Cost of acquisition (ignoring the benefit of indexation)	10 (9)
Long-term Capital Gains Less: Section 54F exemption (in proportion to sales consideration invested in one house, i.e., 1*0.50/10)	1 (0.05)
Taxable long-term capital gains	0.95

Disclaimer: In the illustrations no 3 & 4, we have assumed that Mr. A doesn’t own more than one residential house on the date of sale of residential house. We have taken this assumption so as to understand the impact of this amendment. In absence of this assumption, Section 54F exemption would not be available as Mr. A buys a new house within one year from date of transfer of original asset.

	Resident Individual
	Taxable Income	Tax liability (Pre Budget)	Tax liability (Post Budget)
	2,50,000	–	–
	3,50,000	2,500	–
	5,00,000	12,500	–
	6,00,000	32,500	32,500
	10,00,000	1,12,500	1,12,500
	Note: Health & Education Cess at 4% shall be in addition to income-tax calculated above

	Payer	Threshold limit if Payee is
		Senior Citizen	Others
	Banking Co.	50,000	40,000
	Co-operative Society engaged in banking business	50,000	40,000
	Post Office	50,000	40,000
	In any other case	5,000	5,000

1.		Whether such transaction would be deemed as supply of goods or supply of services or both?
2.		Whether such transaction would be exempt under S. No. 2 of the Notification No.12/2017-Central Tax (Rate), dated June 28, 2017?

Sr. No.	Chapter	Description of Services	Rate	Condition
2	Chapter 99	Services by way of transfer of a going concern, as a whole or an independent part thereof.	Nil	Nil

1.		Puja samagri, including kalava (raksha sutra)
2.		Rakhi, which is in form of kalava [raksha sutra]

Updates on Recommendations of GST Council Meeting (dt. 22 Dec. 2018): Tax Rates Cut, Clarifications, Due Dates Extension

The GST Council in its 31st Meeting (dt. 22 Dec. 2018) held at New Delhi has recommended to rationalise the 28% tax rate slab by reducing rates for various items. Further, GST Council has clarified various issues relating to GST Returns, Refunds, HSN Codes, ITC, etc. and has extended due dates for various GST Returns, as under:

CBIC Press Release dt. 22 Dec. 2018: Recommendations of GST Council on GST Rate changes for Goods and clarification

GST Council in the 31^st meeting held on 22^nd December, 2018 at New Delhi took following decisions relating to changes in GST rates, and clarification (on Goods). The decisions of the GST Council have been presented in this note for easy understanding. The same would be given effect to through Gazette notifications/ circulars which shall have force of law.

1. GST rate reduction on goods which were attracting GST rate of 28% : 

A. 28% to 18% 

i) Pulleys, transmission shafts and cranks, gear boxes etc., falling under HS Code 8483;

ii) Monitors and TVs of upto screen size of 32 inches;

iii) Re-treaded or used pneumatic tyres of rubber;

iv) Power banks of lithium ion batteries. Lithium ion batteries are already at 18%. This will bring parity in GST rate of power bank and lithium ion battery;

v) Digital cameras and video camera recorders;

vi) Video game consoles and other games and sports requisites falling under HS code 9504.

B. 28% to 5%

Parts  and accessories for the carriages for disabled persons

2. GST rate reduction on other goods,- 

A. 18% to 12% 

i) Cork roughly squared or debagged

ii) Articles of natural cork

iii) Agglomerated cork

B. 18% to 5% 

Marble rubble

C. 12% to 5% 

i) Natural cork

ii) Walking Stick

iii) Fly ash Blocks

D.  12% to Nil: 

Music Books

E. 5% to Nil 

i) Vegetables, (uncooked or cooked by steaming or boilingin water), frozen, branded and put in a unit container

ii) Vegetable provisionally preserved (for example by sulphur dioxide gas, in brine, in sulphur water or in other preservative solutions), but unsuitable in that state for immediate consumption.

F. Miscellaneous 

i) Exemption from GST on supply of gold by Nominated Agencies to exporters of article of gold Jewellery.

ii) Exemption from GST on proceeds received by Government from auction of gifts received by President, Prime Minister, Governor or Chief Minister of a State and public servants, the proceeds of which is used for public or charitable cause.

iii) Exemption from IGST/Compensation cess on vehicles imported for temporary purposes under the Customs Convention on the Temporary importation of Private Road Vehicles (carnet de passages-en-douane).

iv) Rate of 5%/18% to be applied based on transaction value of footwear

v) Uniform GST rate of 12% on Flexible Intermediate Bulk Container (FIBC) from existing 5%/12% (depending on the value)

3. GST on solar power generating plant and other renewable energy plants

i) GST rate of  5% rate has been prescribed on renewable energy devices & parts for their manufacture (bio gas plant/solar power based devices, solar power generating system (SGPS) etc) [falling under chapter 84, 85 or 94 of the Tariff]. Other goods or services used in these plants attract applicable GST. 

ii) Certain disputes have arisen regarding GST rates where specified goods attracting 5% GST are supplied along with services of construction etc and other goods for solar power plant.

iii) To resolve the dispute the Council has recommended that in all such cases, the 70% of the gross value shall be deemed as the value of supply of said goods attracting 5% rate and the remaining portion (30%) of the aggregate value of such EPC contract shall be deemed as the value of supply of taxable service attracting standard GST rate.

4. Clarifications: 

i) Sprinkler system consisting of nozzles, lateral and other components would attract 12% GST rate under S.No. 195B of notification No. 1/2017-Central Tax (Rate) dated 28.6.2018

ii) Movement of Rigs, Tools & Spares and all goods on wheels on own account where such movement is not intended for further supply of such goods but for the provision of service does not involve a supply (e.g., movement of testing equipment etc.) and is not be liable to GST.

iii) The goods with description Bagasse Board [whether plain or laminated] falling under Chapter 44 attract GST at the rate of 12%.

iv) Concessional GST rate of 5% applies to the LPG supplied in bulk to an OMC by refiners/ fractioners for bottling for further supply to household domestic consumers.

v) While animal/cattle/aquatic/poultry feed are exempt vide S. No. 102 of notification No. 2/2017-Central Tax (Rate), this exemption would not apply to their inputs such as fish meal, meat bone meal, bran, sharps, oil cakes of various oil seeds etc.

vi) Manure of determination of classification of vitamins, provitamins etc. as animal feed supplements

vii) Sattu or Chattua falling under HS code 1106 and attracts the applicable GST rate.

viii) Polypropylene Woven and Non-Woven Bags and PP Woven and Non-Woven Bags laminated with BOPP falls under HS code 3923 and attract 18% GST rate.

ix) 18% GST is applicable on wood logs including the wood in rough/log used for pulping.

x) Turbo charger is classified under heading 8414 and attracts 18% GST and not 5% GST.

xi) Fabric even if embroidered or has stitching of lace and tikki etc., and even if sold in three piece fabric as ladies suit set, will be classifiable as fabric and would attract 5% GST.

xii) Scope of concessional rate of 5% GST rate for specified equipment for waste to energy plant.

This is for information only. For exact details of changes, the notification/ Circular/ Clarification may please be referred to, as and when they are issued.

CBIC Press Release dt. 22 Dec. 2018: Decisions taken by GST Council on GST rates for Services

GST Council in the 31^st meeting held on 22^nd December, 2018 at New Delhi took following decisions relating to changes in GST rates, ITC eligibility criteria, exemptions and clarifications on connected issues.The decisions of the GST Council have been presented in this note in simple language for easy understanding. The same would be given effect to through Gazette notifications/ circulars which shall have force of law.

Reduction in GST rates/ exemptions on services: 

1. GST rate on cinema tickets above Rs. 100 shall be reduced from 28% to 18% and on cinema tickets upto Rs. 100 from 18% to 12%.

2. GST rate on third party insurance premium of goods carrying vehicles shall be reduced from 18% to 12%

3. Services supplied by banks to Basic Saving Bank Deposit (BSBD) account holders under Pradhan Mantri Jan Dhan Yojana (PMJDY) shall be exempted.

4. Services supplied by rehabilitation professionals recognised under Rehabilitation Council of India Act, 1992 at medical establishments, educational institutions, rehabilitation centers established by Central Government / State Government or Union Territories or entity registered under section 12AA of the Income-tax Act shall be exempted.

5. Services provided by GTA to Government departments/local authorities which have taken registration only for the purpose of deducting tax under Section 51 shall be excluded from payment of tax under RCM and the same shall be exempted.

6. Exemption on services provided by Central or State Government or Union Territory Government to their undertakings or PSUs by way of guaranteeing loans taken by them from financial institutions is being extended to guaranteeing of such loans taken from banks.

7. Air travel of pilgrims by non-scheduled/charter operations, for religious pilgrimage facilitated by the Government of India under bilateral arrangements shall attract the same rate of GST as applicable to similar flights in Economy class (i.e. 5% with ITC of input services).

Rationalization 

8. Parliament and State legislatures shall be extended the same tax treatment with regard to payment of tax under RCM (reverse charge mechanism)as available to Central and State Governments.

9. Security services (supply of security personnel) provided to a registered person,except Government Departments which have taken registration for TDS and entities registered under composition scheme, shall be put under RCM.

10. Services provided by unregistered Business Facilitator (BF) to a bank and agent of Business correspondent (BC) toa BC shall be put under RCM.

Clarifications 

11. To clarify that with effect from 31st January, 2018 degrees/ diploma awarded by IIMs under IIM Act, 2017 will be exempt from GST.

12. To clarify that the services provided by IFC and ADB are exempt from GST in terms of provisions of IFC Act, 1958 and ADB Act, 1966.

13. To clarify to West Bengal that services provided by Council/ Board of Primary/ Secondary/ Higher Secondary Education for conduct of examination to its students are exempt.

14. To clarify that “printing of pictures” falls under service code “998386: Photographic and videographic processing services” of the scheme of classification of services and attract GST @18% and not under “998912: Printing and reproduction services of recorded media, on a fee or contract basis”which attracts GST @12%.

15. To clarify that leasing of pumps and reservoirs by the OMCs to petrol pump dealers is a mixed supply and the Licence Fee Recovery (LFR) charged for the same shall be leviable to GST @ 28%, the rate applicable to pumps. Leasing of land and buildings along with equipment shall fall under heading 9972 (real estate services) and attract GST rate of 18%.

16. To clarify that the incentives paid by RBI to Banks under “Currency Distribution and Exchange Scheme” (CDES) are taxable.

17. To clarify under section 11(3) of the CGST Act, 2017 that scope of entry for multi-modal transport with GST rate of 12% inserted w.e.f. date 26.07.2018, covers only transport of goods from a place in India to another place in India, that is, only domestic multi-modal transport.

18. To clarify that the nature of business establishment making supply of food, drinks and other articles for human consumption will not determine whether the supply by such establishments is a supply of goods or services. It will rather depend on the constituents of each individual supply and whether same satisfies the conditions / ingredients of a ‘composite supply’ or ‘mixed supply’.

19. To clarify that GST is exempt on supply of food and drinks by an educational institution when provided by the institution itself to its students, faculty and staff and is leviable to GST of 5% when provided by any other person based on a contractual arrangement with such institutions.

20. To clarify that the banking company is liable to pay GST on the entire value of service charge or fee charged to customers whether or not received via business facilitator or the business correspondent.

21. To issue a clarification to Food Corporation of India (FCI) that the service provided by godown owner in case of lease with services, where the godown owner, besides leasing the warehouse, undertakes to carry out activities of storage and preservation of stored food grains, is the service of storage and warehousing of agricultural produce and the same is exempt.

CBIC Press Release dt. 22 Dec. 2018: Certain important issues referred by GST Council to various Committees/ GoM

The GST Council in its 31^st meeting held today at New Delhi decided to refer the following issues to Committees / GoM indicated against them:

1. Extending the Composition scheme to small service providers. The rate of tax and threshold limit to be proposed – Law Committee and Fitment Committee.

2. Tax rate on lotteries – Committee of States.

3. Taxation of residential property in real estate sector – Law Committee and Fitment Committee.

4. Threshold limit of exemption under GST regime – GoM on MSMEs.

GST council in its next meeting would take a view on the above issues in its next meeting.

CBIC Press Release dt. 22 Dec. 2018: Recommendations of GST Council on Clarifications of various issues, Extension of Due Dates, etc.

The GST Council in its 31^st meeting held today at New Delhi made the following policy recommendations: 

1. There would be a single cash ledger for each tax head. The modalities for implementation would be finalised in consultation with GSTN and the Accounting authorities.

2. A scheme of single authority for disbursement of the refund amount sanctioned by either the Centre or the State tax authorities would be implemented on pilot basis. The modalities for the same shall be finalized shortly.

3. The new return filing system shall be introduced on a trial basis from 01.04.2019 and on mandatory basis from 01.07.2019.

4. The due date for furnishing the annual returns in FORM GSTR-9, FORM GSTR-9A and reconciliation statement in FORM GSTR-9C for the Financial Year 2017 – 2018 shall be further extended till 30.06.2019.

5. The following clarificatory changes, inter-alia, shall be carried out in the formats/ instructions according to which the annual return / reconciliation statement is to be submitted by the taxpayers:

i) Amendment of headings in the forms to specify that the return in FORM GSTR-9 & FORM GSTR-9A would be in respect of supplies etc. ‘made during the year’ and not ‘as declared in returns filed during the year’;

ii) All returns in FORM GSTR-1 & FORM GSTR-3B have to be filed before filing of FORM GSTR-9 & FORM GSTR-9C;

iii) All returns in FORM GSTR-4 have to be filed before filing of FORM GSTR-9A;

iv) HSN code may be declared only for those inward supplies whose value independently accounts for 10% or more of the total value of inward supplies;

v) Additional payments, if any, required to be paid can be done through FORM GST DRC-03 only in cash;

vi) ITC cannot be availed through FORM GSTR-9 & FORM GSTR-9C;

vii) All invoices pertaining to previous FY (irrespective of month in which such invoice is reported in FORM GSTR-1 would be auto-populated in Table 8A of FORM GSTR-9;

viii) Value of “non-GST supply” shall also include the value of “no supply” and may be reported in Table 5D, 5E and 5F of FORM GSTR-9;

ix) Verification by taxpayer who is uploading reconciliation statement would be included in FORM GSTR-9C.

6. The due date for furnishing FORM GSTR-8 by e-commerce operators for the months of October, November and December, 2018 shall be extended till 31.01.2019.

7. The due date for submitting FORM GST ITC-04 for the period July 2017 to December 2018 shall be extended till 31.03.2019.

8. ITC in relation to invoices issued by the supplier during FY 2017-18 may be availed by the recipient till the due date for furnishing of FORM GSTR-3B for the month of March, 2019, subject to specified conditions.

9. All the supporting documents/ invoices in relation to a claim for refund in FORM GST RFD-01A shall be uploaded electronically on the common portal at the time of filing of the refund application itself, thereby obviating the need for a taxpayer to physically visit a tax office for submission of a refund application. GSTN will enable this functionality on the common portal shortly.

10. The following types of refunds shall also be made available through FORM GST RFD-01A:

i) Refund on account of Assessment/Provisional Assessment/Appeal/Any Other Order;

ii) Tax paid on an intra-State supply which is subsequently held to be inter-State supply and vice-versa;

iii) Excess payment of Tax; and

iv) Any other refund.

11. In case of applications for refund in FORM GST RFD-01A (except those relating to refund of excess balance in the cash ledger)which are generated on the common portal before the roll out of the functionality described in point (10) above, and which have not been submitted in the jurisdictional tax office within 60 days of the generation of ARN, the claimants shall be sent communications on their registered email ids containing information on where to submit the said refund applications. If the applications are not submitted within 15 days of the date of the email, the said refund applications shall be summarily rejected, and the debited amount, if any, shall be re-credited to the electronic credit ledger of the claimant.

12. One more window for completion of migration process is being allowed. The due date for the taxpayers who did not file the complete FORM GST REG-26 but received only a Provisional ID (PID) till 31.12.2017 for furnishing the requisite details to the jurisdictional nodal officer shall be extended till 31.01.2019. Also, the due date for furnishing FORM GSTR-3B and FORM GSTR-1 for the period July, 2017 to February, 2019/quarters July, 2017 to December, 2018 by such taxpayers shall be extended till 31.03.2019.

13. Late fee shall be completely waived for all taxpayers in case FORM GSTR-1, FORM GSTR-3B & FORM GSTR-4 for the months / quarters July, 2017 to September, 2018, are furnished after 22.12.2018 but on or before 31.03.2019.

14. Taxpayers who have not filed the returns for two consecutive tax periods shall be restricted from generating e-way bills. This provision shall be made effective once GSTN/ NIC make available the required functionality.

15. Clarifications shall be issued on certain refund related matters like refund of ITC accumulated on account of inverted duty structure, disbursal of refunds within the stipulated time, time allowed for availment of ITC on invoices, refund of accumulated ITC of compensation cess etc.

16. Changes made by CGST (Amendment) Act, 2018, IGST (Amendment) Act, 2018, UTGST (Amendment) Act, 2018 and GST (Compensation to States) Amendment Act, 2018 and the corresponding changes in SGST Acts would be notified w.e.f. 01.02.2019.

The requisite Notifications/Circulars for implementing the above recommendations of the GST Council shall be issued shortly.