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The President Of India Approves Interim Finance Bill 2019

The president of India assents the interim finance bill of 2019 and thus, modified it as an Act on Friday.
BY BEx Bureau
BusinessEx
Feb 22, 2019

The interim finance bill that was carried on 1st February 2019 has been modified into an act on Friday. The President of India has approved the finance bill and has made it as a law. This infers that amendments made in the reforms through the Finance Bill 2019, inclusive of tax alterations have become an act now. The bill suggested incrementing the standard deduction for remunerated employees who are earning INR 50,000 from earlier INR 40,000. Further, the bill suggested exempting tax liability to all bread earners who are earning up to INR 5 lakh, with effect from the onset of Financial 2019-2020.

Besides the tax concession, there are various other proposals as well which are as follows:

  1. Exemption on long-term capital gains on the sale of residential property, if:
  • Gains are invested in two residential properties in India.
  • The amount of capital gain is limited to INR 20, 00,000.
  • Taxpayers can utilize this benefit once in a lifetime
  1. As per the proposal, TDS (Tax deducted at source) bracket for the interest income has been incremented to INR 40,000 from the earlier, INR 10,000.
  2. As per the new proposal, TDS rental for rental income has been incremented to INR 2, 40,000 from the earlier, 1, 80,000 per financial year.

The information has been published in the Indian daily newspaper- Economic Times.

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