Union Budget 2019 Highlights:Key Changes introduced in Tax Regime• Surcharge on individuals having taxable income from Rs 2 crore to Rs 5 crore, and 5 crores and above will be enhanced. The effective tax rate will increase by around 3% and 7% respectively.• In terms of Angel Tax Issue, 'startups and investors who file requisite declaration & provide information in their return will not be scrutinized in respect of share premiums.'• Relief to be provided in levy of Securities Transaction taxBusinesses with an annual turnover of over Rs 50 crore will offer low-cost digital payments. No charges will be levied on customers and merchants. RBI will bear these expenses.• Additional income tax deduction of 1.5 lakh rupees on the interest paid on loans taken to purchase e-vehicles.• Additional deduction up to Rs. 1.5 lakh will be provided to boost affordable housing for interest paid on loans borrowed up to 31st March 2020 for a house valued up to Rs. 45 lakh. • Faceless Income Tax Assessment in electronic mode to be launched in 2019 in a phased manner involving no human interface, to reduce taxpayer trouble. • Several Direct Tax Incentives to be provided to International Financial Services Centres (IFSCs) • PAN and Aadhaar made interchangeable for convenience of taxpayers; Income Tax returns can now on be filed using Aadhaar number if PAN card not available and vice-a-versa.• Export duty on raw and semi-finished leather rationalized • Increase in Special Additional Excise Duty and Road and Infrastructure Cess each by Re 1 per liter on petrol and diesel • Customs duty hiked on gold and other precious metals - Study24x7
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2082 followers study24x7 20 Jul 2019 12:03 PM study24x7 study24x7

Union Budget 2019 Highlights:

Key Changes introduced in Tax Regime
• Surcharge on individuals having taxable income from Rs 2 crore to Rs 5 crore, and 5 crores and above will be enhanced. The effective tax rate will increase by around 3% and 7% respectively.

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