Highlights of Budget 2019 from Direct Tax and Indirect Tax Perspetive

1.Within 2 years, Tax assessment will be done electronically
2.IT returns processing in just 24 hours
3.Minimum 14% revenue of GST to states by Central Govt.
4.Custom duty has abolished from 36 Capital Goods
5.Recommendations to GST council for reducing GST rates for home buyers
6.Full Tax rebate upto 5 lakh annual income after all deductions.
7.Standard deduction has increase from 40000 to 50000
8.Exempt on tax on second self-occupied house
9.Ceiling Limit of TDS u/s 194A has increased from 10000 to 40000
10.Ceiling Limit of TDS u/s 194I has increased from 180000 to 240000
11.Capital tax Benefit u/s 54 has increased from investment in one residential house to two residential houses.
12.Benefit u/s 80IB has increased to one more year i.e. 2020
13.Benefit has given to unsold inventory has increased to one year to two years.

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