How Today's Budget Impacts Your Pocket

Friday, July 5, 2019 General News
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With an aim to stimulate growth, incentivise affordable housing, simplify tax administration and bring greater transparency, Finance Minister Nirmala Sithraman today presented her maiden budget.

If you are a taxpayer, here's what NDA 2.0's first budget means for you:

  • No income tax up to Rs 5 lakh income. No change in the income tax slabs proposed.
  • Lump sum withdrawal of 60 per cent from NPS has been proposed to be tax free at the time of maturity
  • Additional tax deduction of Rs 1.5 lakh on interest paid on loans borrowed up to 31 Mar, 2020 for purchase of house up to Rs 45 lakh.
  • Interchangeable PAN and Aadhaar for filing ITR, if you do not have PAN
  • Faceless income tax assessment in electronic mode involving no human interface to be launched this year in a phased manner, to reduce taxpayer harassment.
  • Surcharge hike for individuals having income between 2-5 crore and 7 crore proposed at 3 per cent and 7 per cent respectively.
  • Additional income tax deduction of Rs 1.5 lakh on the interest paid on electric vehicle loans.
  • You will now have to shell out more for fuel. Special additional excise duty of Rs 2/Litre on petrol, diesel for road and infrastructure proposed.
  • FM has proposed to increase the import duty on gold and precious metals to 12.5 per cent from 10 per cent.
  • To discourage business payments in cash, Tax Deduction at Source of 2% to be levied on cash withdrawal exceeding 1 crore rupees in a year from a bank account.


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