Income TaxLatest

Key Points of Interim Budget 2019-20

clarification regarding exemption limit
  1. The basic exemption limit increased to Rs. 5 lacs for individual taxpayers.
  2. Taxpayers having total income of Rs. 5 lacs will get full tax rebate.
  3.  No need to pay tax upto Rs. 6.5 lacs.
  4. No notional rent on second self occupied residential property.
  5. Standard Deduction on salary is increased from Rs. 40,000/- to Rs. 50,000/-.
  6. 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.
  7. The TDS on rental income from house property increased from Rs. 1.8 lacs to Rs. 2.4 lacs p.a.
  8. 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.
  9. The deduction claimed u/s 80 IBA extended to one more year.

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