Page 27 - Plastics News July 2019
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FeAtures
Budget 2019 Highlights
to purchase electric vehicles under section 80EEB.
Faceless and anonymous assessment system for
income tax being rolled out this year in phases.
2. Infrastructure
Focus on investment in infrastructure, national
highways and aviation sectors
The second phase of Bharat Mala to develop state
highways
A comprehensive restructuring of national highways
will be taken up
1.Direct Taxation
3. Education
Interest deduction on housing loan under Section
80EEA increased by 1.5 lakh for home loans taken on National education policy to propose major changes
self-occupied house property by 31/3/2020, houses in both secondary and higher education
with the cost of Rs 45 lacs will be eligible for this. Swayam Initiative – Digital education to be promoted
Interchangeability of PAN and Aadhar for ease and Greater focus on research and development – National
convenience of taxpayers! Income Tax return can be Research Foundation to fund and promote research –
filed using Aadhar Number!! pooling of research grants from various ministries and
To discourage cash payments TDS@ 2% on withdrawals disbursing them, preventing duplication of research
exceeding 1Cr per annum from a bank account under projects
a new section 194N. For the Youth – New national educational policy to
Surcharge for individuals having taxable income transform the Indian education system
from Rs 2 crores to Rs 5 crores increased to 25% – FY 4. Startup Development
2019-20
Government to introduce a host of exclusive
Surcharge for individuals having taxable income programs for startups on DD News
from Rs 5 crores to Rs 10 crores increased to 37% –
FY 2019-20 5. Household
Proposal to give relief in levy of securities transaction Provision of housing, electricity, clean cooking
tax facility, safe and adequate drinking water to all in
rural India
Corporate tax worth 25% that is applicable to
companies with an annual turn over Rs 250 crore will Encouragement of rainwater harvesting, groundwater
be applicable to the ones with an annual turnover recharge, and management of household wastewater
of Rs 400 crore for reuse in agriculture
Section 35AD deduction extended to Li-On battery, Har Ghar Jal – to all rural household by 2024, 7 crore
semi-conductor, Laptops, Fabrication & Photovoltaic LPG connections delivered to rural households
cell. 6. Pension
Additional income tax deduction of up to Rs. 1.5 lakhs 1.Proposed pension benefit to 3 crore retail traders and
is proposed on payment of interest on loan is taken shopkeepers whose annual turnover is up to Rs 1.5 crore
27 July 2019 Plastics News
