Important Income Tax Changes In Budget 2019, With Automated Income Tax Form 16 Part A&B for the F.Y. 2018-19 in the new format

Aadhaar and PAN would now be made compatible for expense documenting reason. This will empower those without a PAN to record Income Tax Returns helpfully.

While no progressions were made to the personal assessment chunks, there were a few advantages declared that will simplicity load on the working class populace of the nation. Full expense discount will be given on salary up to Rs 5 lakh in money related year 2019-20.

On every single home credit for reasonable houses costing underneath Rs 45 lakh, an extra annual assessment derivation of Rs 1.5 lakh was reported U/s 80EEA. As far as possible allowed for intrigue installment against an advance on a self-involved house property was expanded to Rs 3.5 lakh from Rs 2 lakh .

Personal expense will be compelling on pay up to Rs 6.5 lakh (Rs 5 lakh + Rs 1.5 lakh under segment 80C) through an expansion in discount.

Tax reduction of Rs 18,500 crore was proposed for three crore white collar class citizens.

No assessment will be forced on notional lease on second self-involved house.

Capital Gains exception under Section 54 will presently be made accessible on two house properties

Standard reasoning was raised to Rs 50,000 from the prior Rs 40,000 TDS (charge deducted at source) limit was climbed from Rs 10,000 to Rs 40,000 on mail station reserve funds.

Rs 1.5 lakh personal expense reasoning was reported on intrigue paid on advances for buy of electric vehicles.

2 percent TDS will be forced on money withdrawals of over Rs 1 crore in a year from a financial balance. Personal expense extra charge was expanded for HNIs (high total assets people) who procure more than Rs 2 crore a year.

For those gaining between Rs 2-5 crore, they should dish out 3 percent more, with additional charge rate being expanded from 15 percent to 25 percent and those winning above Rs 5 crore should dish out an extra charge of 37 percent, from the present 15 percent.

Download Automated Income tax Excel Based Master of Form 16 Part A&B for the Financial Year 2018-19 [ This excel utility can prepare at a time 100 employees Form 16 Part A&B in new format ]

 

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