Key Income Tax Proposals in Interim Budget for FY 19-20:
》Individual tax payers with taxable annual income up to Rs 5 lakh will get *full tax REBATE*
》Std Deduction raised from 40,000/- to 50,000/- for Salaried / Pensioners
》No NOTIONAL INCOME for Second Self-occupied Property
》No TDS on interest on FDs from Bank / Post Offices up to Interest of Rs. 40,000/-
》 TDS on rent, limit increased to 240,000/-
》 Benefit of Sec. 54 exemption extended to Second House Property, with CG of up to Rs 2.00 Crore. Can be availed only once in lifetime.
》80IB exemption extended for affordable Housing project approved till 31-Mar-2020
》 No NOTIONAL INCOME of rent for unsold Properties upto a period of 2 years from the date of completion.
》 Unmanned system to be created for scrutiny of income tax returns.
By: via @AlliesFin Serve T.ME/ALLiESFiN
