The Union Budget for the year 2019-20 was presented by the newly elected Finance Minister Nirmala Sitharaman at Parliament. This was the first full-fledged budget by Prime Minister Narendra Modi-led National Democratic Alliance (NDA) government after coming to power with a landslide victory.
Finance Minister Nirmala Sitharaman hiked the income tax of individuals earning more than Rs 2 crore annually to help government in recapitalizing banks and small businesses. She announced a slew of new income tax proposals that is likely to impact many taxpayers. In India, there is a large section of people who still get away without paying taxes or incorporate illegal means to evade taxes. In order to increase tax compliance and keep track of money flow, the budget has proposed several changes.
Finance Minister has proposed some ITR filing changes in the Union Budget. People travelling abroad and spending more than 2 Lakh Rupees are required to file income tax return even if their annual income is below the tax exemption limit.
In her maiden budget speech she said “We are thankful to all the taxpayers who play an important role in nation building by paying their taxes. However in the view of rising income levels, those in the higher income bracket need to contribute more towards the nation’s development”.
One of the important highlights of the budget was that resident individual below 60 years of age earning up to 2.5 lakhs is exempt from tax. For individuals aged between 60 to 80 years this exemption limit is 3 lakhs and for individual citizen above 80 years (super senior citizen) the exemption limit is 5 lakh.
The government has made PAN and Aadhar card interchangeable for filing Income tax return filing. In case a person doesn’t have a PAN card, an Aadhar card can be quoted instead. This has been proposed for ease and convenience of taxpayers.
People looking for Italian marble for their house will have to shell some extra bucks as the import duty on marble slabs has been raised by 20%.
Petrol and Diesel prices will increase by Rs. 2 per litre after the Union Budget proposed a hike in cess and duties.
Key highlights and takeaways from the Indian Union Budget 2019
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