budget 2019 india

BUDGET 2019 INDIA 

7 reason why 

Income Tax slabs remain unchanged: Nirmala Sitharaman Income Tax Budget 2019 announces no change in Income Tax in case of income up to Rs 2 crore and announces an increase in customs duty on Gold and other precious metals from 10 percent to 12.5 percent. The Union Budget, presented by Finance Minister Nirmala Sitharaman, focuses on achieving the Modi's dream of USD 5 Trillion economies by 2020. It will be interesting to see what Budget 2019 holds for individual taxpayers. The Budget 2019 awaits increase in the tax exemption limits, home loan interest rate deduction and ease of the tax filing process. It is highly anticipated that Budget 2019 might provide some relief to individual taxpayers, considering the increase in consumption, job requirements and expected growth.

Income Tax Slabs of  Individual below 60 years of age
Income Slab	Income Tax Rate
Up to Rs 2.5 lakh	Nil
Rs 2. 5 Lakh to Rs 5 Lakh	5% of (Total income minus Rs 2,50,000) + 4% cess
Rs 5 Lakh to Rs 10 Lakh	Rs 12,500 + 20% of (Total income minus Rs 5,00,000) + 4% cess
Rs 10 Lakh and above	Rs 1,12,500 + 30% of (Total income minus Rs 10,00,000) + 4% cess

Nirmala Sitharaman Income Tax Budget 2019 Live Updates @ 13:10 pm: Increase in customs duty on Gold and other precious metals from 10 percent to 12.5 percent.

Nirmala Sitharaman Income Tax Budget 2019 Live Updates @ 13:05 pm: Custom duty exempted from certain parts of e-vehicles and some other electronic products.

Nirmala Sitharaman Income Tax Budget 2019 Live Updates @ 12:59 pm: Individual Taxpayers

Surcharge to be increased to 3 percent and 7 pecent on individual with income from 2 crore to 5 crore; and with Rs 5 crore and above, respectively.

Fiscal deficit target is 3.3% of GDP, brought down from 3.4%.

She tables the Budget, medium-term fiscal policy.

The Finance Bill is introduced. The Budget speech was 2 hours 15 minutes long.

House adjourned till Monday.

On indirect taxes

17 taxes and 13 cesses became one tax under GST. In the initial phase, GST witnessed teething problems, and the Centre and States worked to make it better.

Relief of above ₹92,000 crore per year has been given. GST to be further simplified to a single monthly return.

The Minister reads out various exemptions under customs duty. Defence products not manufactured in India are exempt from basic customs duty.

Proposed to increase custom duty on gold and other precious metals from 10 % to 12.5%.

Special additional excise duty on fuel of ₹1 per liter. 

Analysis:

"The budget from an indirect tax perspective was mostly aligned to the Government's Make in India, cleaner India and ease of business agenda.  Proposal of Legacy Dispute Resolution Scheme was much sought for by industry players as most of them wanted to settle litigations of the past after stepping into the new tax era.  Also, rate rationalizations for strategic goods like defence equipment, etc are as well welcome for the nation as a whole." - Abhishek Jain, tax partner, EY.

On digital payments

TDS of 2% on cash withdrawals exceeding ₹1 crore in a year from bank accounts, to discourage business payments in cash.

No charges or merchant discount rates shall be imposed on customers or the merchants. RBI and banks will absorb these costs.

Those in the highest income brackets will have to pay more surcharge for those in the ₹2-5 crore, and ₹5 crore and above, increasing the effective tax rate by 3% and 7% respectively.

Union Budget 2019: "Wings to farmers...", tweets Amit Shah
Home Minister Amit Shah tweets on Budget 2019: "Finance Minister @nsitharaman ji presents a #BudgetForNewIndia which lays the foundation of an inclusive & progressive nation, whose rise is powered by the hardwork of 130 crore Indians. The budget gives wings to India's farmers, youngsters, women and poor to fulfil their dreams.

Budget 2019: Clarity for start-ups

- Angel investors and start-ups who file tax returns won't be subjected to scrutiny. E-verification will resolve the issue of identifying the investor and the source of funds.