Budget(s) 2019
Interim budget 2019 was presented in Feb'19 and final budget post election was presented on 5 July 2019 by India's first woman Finance Minister and Tamil nadu's very own Smt.Nirmala Sitharaman. This blog attempts to capture the budget updates relevant to personal taxation. Key Highlights from both budgets Some of the key highlights on personal taxation for FY2019-20/AY2020-21 include: PAN & Aadhar are now interchangeable, allowing one to use Aadhar to file her/his income tax returns. Cash withdrawal in excess of Rs.1 crore will attract TDS of 2% (Tax Deduction at Source) ONE NATION ONE CARD - based on RuPAY to be introduced / used across bus travel, tolls, parking & retail across the country. Tax on Total Income For assessees with income in the range of Rs.2.5L to Rs.5L p.a, complete tax rebate is offered u/s 87A. This means zero tax for income upto Rs.5L. However, assessee must file Income Tax returns if income exceeds Rs.2.5L to claim this rebate. Not