- Additional ₹1.5 lakh income tax deduction on home loan interest paid for buyers of affordable homes till March 2020.
- Additional income tax deduction of ₹1.5 lakh to buyers of electric vehicles.
- Start-ups won’t be subject to scrutiny on angel tax.
- PAN and Aadhaar to be interchangeable, and to allow those without PAN to file income tax by using Aadhaar number.
- Faceless and anonymous assessment system for income tax being rolled out this year in phases.
- Period of exemption for capital gains arising from sale of house for investment in startups to be extended to March 31, 2021.
- GST rate on electric vehicles already proposed to be lowered to 5%. Lower rate of 25% so far only applicable to companies with turnover of ₹250 crore. Propose to increase this limit to companies with annual turnover of ₹400 crore. This will cover 99.3% of companies.
- TDS of 2% on cash withdrawals exceeding ₹1 crore from bank accounts, to discourage business payments in cash.
- Taxpayers to get online pre-filled documents after govt secures data from banks, MFs, insurance companies.
- Those earning more than Rs. 2 crore annually to pay higher surcharge.
- Additional excise duty of Re 1 on petrol and diesel to be imposed.
- Customs duty on gold and precious metals hiked to 12.5% from 10%
Housing and Electricity
- Finance Minister Nirmala Sitharaman says India plans electricity, clean cooking facilities for all Indian families by 2022.
- Aiming to achieve housing for all by 2022.
- To ensure ‘har ghar jal’ by 2024
- 1.25 lakh kilometers of roads will be upgraded
- Pension benefit to be extended to around 3 crore retail traders and shopkeepers with an annual turnover less than 1.5 crores under Pradhan Mantri Karam Yogi Man Dhan Scheme
- Finance minister proposes Rs. 50 lakh crore investment for railway infrastructure between 2018 and 2030.
- Also proposes to use public private partnership for faster development and completion of tracks.
- Bank NPAs have reduced by ₹1 lakh crore.
- PSU banks to be provided ₹70,000 crore to boost capital.
- Budget proposes to provide PSU banks one-time 6-month credit guarantee of Rs1 lakh crore to buy high-rated pooled assets of “sound” NBFCs.
- Budget proposes to hike foreign shareholding cap in PSUs to sectoral limit.
- Government plans structural reforms to kickstart foreign and domestic investment.
You can see the Finance Bill No. 2 2019 from here.