Wednesday, 24 April, 2019

Union Budget 2019: Five new measures you need to know

Interim Budget 2019: Finance Minister Piyush Goyal may announce tax cuts ahead of Lok Sabha elections Budget 2019: Farmer income scheme, pension plan top highlights
Wayne Curry | 02 February, 2019, 06:37

Middle-income earners have welcomed the income tax proposals that stand-in finance minister Piyush Goyal presented in the final budget of the Narendra Modi government for 2019-20 financial year. Those earning upto Rs 6,50,000 will not need to pay tax if they invest in specific schemes such as the Public Provident Fund and prescribed equities.

No tax will be deducted on interest earned on bank and post office deposits of up to Rs 40,000 annually, up from Rs 10,000 now. Doubling the threshold exemption limit will increase the burden on the exchequer by Rs 18,500 crore.

The income tax department will give a "straight rebate" of Rs 12,500 to people having an annual income of Rs 5 lakh from the beginning of next fiscal, thus making their tax liability zero, CBDT Chairman Sushil Chandra said Friday, explaining the proposal made in the Union Budget for 2019-20.

In the last budget the rural jobs programme known as Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), had been allocated ₹ ₹55,000 crores with the government allocating another ₹6,082 crores earlier this month.

Latest on LeBron: James getting closer to NBA return
While there's pressure on James to return, the team needs to make sure he's at 100 percent before letting him come back. James was selected this week to be a starter and a team captain in the NBA All-Star Game in Charlotte on February 17.

Heavy snow to push across Upper Midwest, bitter cold follows
A winter storm brought several inches of snow to northern IL as the region braces for record-low subzero temperatures. The sudden arrival of the freezing air lowers temperatures, and that's just what it's expected to do next week.

Winter Weather Advisory Issued for Tuesday
The National Weather Service says snow is expected to develop Tuesday morning and continue through Tuesday night. The heavy snow should taper off by mid-morning but freezing rain could follow, according to the service.

For senior citizens (aged 60 years or above but less than 80 years), income up to Rs 3 lakh comes free of tax. Goyal said the tax scrutiny would be done electronically eliminating any interaction between the tax authority and the taxpayer.

There will also be no tax on notional rent on the second self-occupied house and no TDS on house rent up to Rs 2.4 lakh.

Goyal also announced an increase in the standard deduction, which provide for employee expenses, from Rs 40,000 to Rs 50,000.

The Indian automobile industry was watching the Interim Budget 2019 with great interest. The finance minister announced that within the next two years, the assessment of all tax returns will be done electronically without any personal interface.

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