The Government of India presented one of the most awaited budgets in recent times to the parliament on July 5, 2019. The budget, presented by the Finance Minister Nirmala Sitharaman, outlined the government’s plan to boost the economy and spur growth with several incentives for individuals and corporates. She also summarized the government’s ten-year vision towards the economic development of the country.
Key highlights of the Union Budget 2019
- Tax Payers can now claim an additional Rs 1.5 lakh tax relief on home loans.
- Companies having a turnover of over 400 Crore, will now be placed under 25% tax bracket.
- Tax deduction at source of 2% is levied on cash withdrawal exceeding 1 Crore rupees in a year.
- It has also proposed to:
- Reduce the GST rate on electrical vehicles from 12% to 5%.
- Increase the limit of exemption to 60% of payment on final withdrawal from NPS.
- Increase pension benefit to 3 crore retail traders and shopkeepers whose annual turnover is up to Rs1.5 Crore
