Budget Highlights

Important Tax Proposals – Income Tax
1. Taxable Income up to Rs. 5,00,000/- will be exempted;
2. Standard Deduction for salaried persons will be raised from Rs. 40,000/- to Rs. 50,000/-;
3. Tax on notional house property income is exempted upto 2 self-occupied houses;
4. TDS on Interest (Sec. 194A) on Bank and Post office Deposits – Threshold limit raised from Rs. 10000/- to Rs. 40000/-
5. TDS on Rent (Sec. 194I)– Threshold limit raised from Rs. 1,80,000/- to Rs. 2,40,000/-
6. Capital Gain Investment Scheme – on the capital gain upto Rs. 2 Crore can take benefit of investments in upto 2 residential houses (available once in life time).
7. Exemption to Affordable Housing Projects extended upto 31.03.2020
8. Notional Income tax under income from housei property kept as inventory can avail exemption upto 2 years instead of 1 year