Highlights of Full Budget 2019, With Automated Income Tax Form 16 Part B for F.Y. 2018-19

Each spending rolls out certain improvements identified with assessment structure, speculations and procedures. This was the same. In this post we rundown down the 19 features of the financial limit and how it would affect us.

Pan and Aadhar Interchangeable

In most recent one year there was a great deal of weight from government to connect Aadhaar and PAN. Many individuals addressed for what reason do we need two IDs. The administration also feels the equivalent and now both of PAN or Aadhaar can be cited where you needed to obligatorily cite PAN like assessment forms or while high worth exchanges. This is great move and I figure going ahead PAN would be eliminated.

Aadhaar card for NRIs with no holding up period

Up to this point NRIs needed to sit tight for 180 days in India before they could apply for Aadhaar. Presently this holding up period has been discarded. NRIs (with Indian Passport) are qualified for Aadhaar from their first day remain in India. This again was required as an ever increasing number of administrations are being connected with Aadhaar and it was unrealistic for NRIs to sit tight for a half year before they had their ID.

Extra Tax Deduction on home credits

Spending limit 2019 has presented another segment 80EEA which would give extra expense conclusion of Rs 1.5 lakhs on the intrigue paid on home credit to purchase reasonable home. This 1.5 lakh derivation is notwithstanding the reasoning of Rs 2 lakh on home advance. In the event that you satisfy the accompanying:

•           The home advance is taken from endorsed budgetary establishments between April 1, 2019 to March 31, 2020

•           The stamp estimation of house is not as much as Rs 45 Lakhs

•           The purchaser does not have some other house in his name while purchasing this property

All out reasoning on intrigue can be Rs 3.5 lakh (2 lakh u/s 24 and 1.5 lakh u/s 80EEA). This activity is in accordance with government’s vision of “lodging for all”

Download Automated Income Tax Form 16 Part B for the Financial Year 2018-19[ This Excel utility can prepare at a time 100 employees Form 16  Part B in new Format

 Extra Tax Deduction on vehicle credits

Spending limit 2019 has presented another area 80EEB. This area gives extra expense finding of Rs 1.5 lakh on intrigue paid on car advance for buy of electric vehicles. This is to energize the quick selection of electric vehicles.

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