02/02/2019
Budget Highlights 2019
With respect to Direct Taxes
Rebate u/s 87A is increased to Rs. 12500 for total income up to RS. 5 lakhs. Previous slabs are very much applicable if the total income crosses RS. 5 lakhs.
5 to 10 lacs 20% as previously
Standard deduction raised to 50000 from 40000
Income tax on notional rent for individual having 2 or more houses rationalised.
2nd house no notional tax
TDS on interest to be deducted above 40000 only
TDS threshold for rent is now at 240000 pa
Under sec 54, benefit to extend to 2 house investment till up to ₹2 crores (once in a lifetime)
Notional rent for unsold stock of property waived till 2 years
Gratuity Limit raised from Rs.10Lakh to 30Lakh