BUDGET 2019: Highlights (Direct & Indirect Tax)..!!!

Direct and Indirect Tax

• Finance Minister thanks to honest Tax Payers and responsible citizens.
• Direct tax revenue increased to 11.37 lakh crores.
• Corporate Tax- Tax Rate of 25% on Companies with turnover of upto Rs. 400 crores. This will cover 99.3 % companies.
• GST rate reduced on electric vehicle from 12% to 5%. 
• Tax deduction on loan taken for purchase of electric vehicle: Additional Income tax deduction of Rs. 1.5 lakh of interest on loan taken for purchase of electric vehicle.
• Start up’s would not be require Scrutiny by IT Department.
• Additional deduction of Rs. 1.5 lakh for interest on loans borrowed for housing
• Restriction of STT(Security Transaction Tax) to the difference between settlement & strike price in case of exercise of Options.
• Interchangeability of PAN and Aadhaar for Income Tax Returns. 
• Faceless E-assessment for Tax Scrutiny.
• TDS of 2% on cash withdrawal exceeding Rs. 1 cr. from a Bank account per year.
• No charges for customer on Digital modes of payment.
• Propose to enhance surcharge on taxable income of Rs. 2 to 5 cr. 
• Automated GST refund system to be initiated.
• Custom duty raised on Auto Parts and CCTV’s.
• 5% Custom duty increased on imported books.
• Increase of custom duty on Gild.
• Decrease of excise duty on petrol.