Legal Notice in India

Key Announcements for Budget 2019

  1. No change in personal income tax rates.
  2. Additional Rs 1.5 lakh tax relief on home loan for purchase of a house up to Rs 45 lakhs.
  3. Custom duty hike on fuel by 1 rupee, gold and precious items; petrol and diesel to get costlier.
  4. 3% surcharge on income of Rs 2 crore, 7% on Rs 5 crore and above.
  5. Corporate tax of turnover up to Rs. 400 crore slashed to 25% from a current rate of 30%.
  6. Interchangeability of PAN and Aadhar for ITR, for those who don’t have PAN cards.
  7. 2% TDS on withdrawals of Rs 1 crore in a year from your bank account for business payments.
  8. Aadhar card for NRIs on arrival in India.
  9. ‘Stand up India’ Scheme to continue till 2025.
  10. Allocate Rs 400 crore for world-class higher education institutions in FY 20
  11. Fiscal Deficit Target revised to 3.3% of the GDP from 3.4% earlier
  12. Proposition to the SEBI that promoter holding limit be brought down from 75% to 65%
  13. A one-time government guarantee for the purchase of high-rated pooled assets of financially sound non-bank finance companies (NBFCs) up to INR 1trn
  14. Increase in custom duties on gold & precious metals, and additional cess on petrol and diesel
  15. Change in Housing Finance Companies regulator to RBI.
  16. Surcharge on 2 Individual income tax categories – Taxable income of between INR 2-5 cr at 3% and INR 5 cr & above at 7%. Now the highest tax rate in India is 42%