- The basic exemption limit increased to Rs. 5 lacs for individual taxpayers.
- Taxpayers having total income of Rs. 5 lacs will get full tax rebate.
- No need to pay tax upto Rs. 6.5 lacs.
- No notional rent on second self occupied residential property.
- Standard Deduction on salary is increased from Rs. 40,000/- to Rs. 50,000/-.
- The tax to be deducted on Bank interest increased from 10,000/- to 40,000/- i.e. no tax will be deducted on the interest amount of Rs. 40,000/- p.a.
- The TDS on rental income from house property increased from Rs. 1.8 lacs to Rs. 2.4 lacs p.a.
- Amendment in Section 54 : The taxpayer can invest in two house property instead of one house property upto the capital gain of Rs. 2 cr. This benefit can be availed once in a lifetime.
- The deduction claimed u/s 80 IBA extended to one more year.
Key Points of Interim Budget 2019-20
