Six key things individual taxpayers must know post Budget 2019 announcements

New Delhi: Finance Minister Nirmala Sitharaman presented her maiden Budget 2019 on July 5. A slew of changes have been proposed in the budget which taxpayers must know. For instance, the income tax exemption limit on National Pension Scheme (NPS) withdrawal has been increased to 60 per cent from the existing 40 per cent. This move will effectively make the withdrawal from the pension scheme 100 per cent tax-free.

It may be noted that if your employer doesn’t give you HRA (House rent allowance), then also you can claim a deduction of up to Rs 5,000 per month under Section 80GG of Income Tax Act. Given below are six such key budget announcements and proposals which you should be aware of-

1. For the purchase of a residential house with stamp duty value up to Rs 45 lakh, an additional tax deduction of up to Rs 1.5 lakh is available for interest on home loan taken during the period from April 1, 2019, to March 31, 2020. It may be noted that, for self-occupied house property, after a deduction for Rs 2 lakh is claimed under the house property head, additional deduction of up to Rs 1.5 lakh can now also be claimed.

However, individuals should not own any other residential property at the time of loan sanctioning. This is expected to lead to additional tax savings for middle-class homebuyers.

2. If you purchase an electric vehicle during the period from April 1, 2019, to March 31, 2020, you can avail a tax deduction of up to Rs 1.5 lakh on the interest of the loan. This will give a boost to the electric vehicle segment in India.

3. In Budget 2019, the income tax exemption limit on National Pension Scheme (NPS) withdrawal has been increased from 40 per cent to 60 per cent on the exit from the scheme. With this, the entire lump sum withdrawal from NPS (limited to 60 per cent of the total corpus) is now exempt from tax.

4. The government has also proposed to make permanent account number (PAN) and Aadhaar interchangeable for income tax return (ITR) filing. In case a person doesn’t have a PAN, the Aadhar number can be quoted instead.

5. Now it is mandatory to file an income tax return for the individuals who deposit Rs 1 crore in their current account, spent over Rs 2 lakh on foreign travel, or paid Rs 1 lakh or more on electricity bills will have to file income tax return irrespective of their annual income.

6. A tax deduction at source (TDS) of 2 per cent would be levied on the cash withdrawals of over Rs 1 crore. A surcharge of 3 per cent on income between Rs 2-5 crore and 7 per cent on incomes over Rs 5 crore has also been proposed.
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