Union Budget has been announced by Interim Finance Minister Piyush Goyal. In which Farmers and Tax payer get a big relief. Here are some highlights of budgets.

Budget Highlights :

1. Income tax Rebate u/s 87A to all taxpayers upto Income of Rs. 5 Lac

2. Standard Deduction for salaried class taxpayers increased to Rs. 50000 from Rs. 40000

3. Gratutiy Limit Exemption has been incrased to Rs. 30 lakh from Rs. 10 lakh

4. No Tax on Notional Rent of Second House.

5. No TDS on Rent expenses upto Rs. 240000, Existing Limit is Rs. 180000

6. No TDS on Interest Income upto Rs. 40000, Existing Limit is Rs. 10000

7. Business having less than Rs. 5 Crore Turnover, have to file GST Quarterely Return.

8. Custom Duty has been abolished from 36 goods.

9. Income Tax Return will be processed in Just 24 Hours of Filing

10. Tax Return Assessment will be done electronically.

11. Benefit u/s 80IB has been extended till Year 2020.

Will get you more detailed analysis in further mails

Thanks

VSURE CFO Team

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