The finance minister started her speech upon the taxation with a quote “taxpayers performed their duty” and mentioned the government efforts to increase the revenue from 78% to 11.37 lakh crore, dealing with the most complicated Sector Tax, here are all the major points proposed to implement by our finance minister while presenting the UNION BUDGET.
- For the taxpayers minimum limit of rupees 5 lakh have been announced
- Giving rupees 7 lakh benefit to home buyers with additional subtraction upon the loans initiating from March 31, 2020 for purchasing affordable housing
- A proposal have made to increase the limit of annual turnover companies up to rupees 400 crore,aiming to cover over 99.3% companies
- Despite the GST rate on electric vehicles already proposed to decrease up to 5% an additional income tax deduction of rupees 1.5 lakh on interest on loans have been proposed in context for purchase of electric vehicle.
- To resolve the angle tax issue, startups have been excluded from any scrutiny in respect to valuation. hence funds raised by startups would not require any scrutiny by the I-T department
- Period of exemption for capital gains arising from sale of house for investment in startups are extended to march 31, 2021
- Additional Deduction of 1.5 lakh rupees for interest paid on loans for affordable housing have been borrowed up-to rupees 3.5 lakh to enhance reduction interest reduction up-to rupees rupees 3.5 lakh on loans for affordable homes
- PAN and Aadhaar are made interchangeable, thus allowing to file income tax through Aadhaar Number, plus faceless and anonymous system for income tax are being rolled out in this year in phases.
The Union Budget speech was 2.15 hours long mentioning the medium-term fiscal policy, the house have been adjourned till Monday.