{"id":52994,"date":"2019-07-12T08:53:42","date_gmt":"2019-07-12T08:53:42","guid":{"rendered":"https:\/\/www.apnacfo.com\/blogs\/?p=52994"},"modified":"2025-11-14T11:25:52","modified_gmt":"2025-11-14T11:25:52","slug":"budget-2019-key-changes-in-income-tax","status":"publish","type":"post","link":"https:\/\/www.apnacfo.com\/blogs\/budget-2019-key-changes-in-income-tax\/","title":{"rendered":"Budget 2019 Key Changes in Income Tax"},"content":{"rendered":"

kept the income tax slab rates unchanged but announced a slew of new income tax proposals that could impact many tax payers.<\/p>\n

    \n
  1. Additional income tax deduction of \u20b91.5 lakh on home loans for affordable houses costing below \u20b945 lakh. This benefit will be available for home loans taken till March 2020. Cumulatively, the interest paid on home loan deduction will go up to \u20b93.5 lakh, from the current \u20b92 lakh for self-occupied house property.<\/li>\n
  2. The government also announced \u20b91.5 lakh income tax deduction on interest paid on loans for purchase of electric vehicles.<\/li>\n
  3. Increased income tax surcharge for HNIs (high net worth individuals) earnings more than \u20b92 crore a year.<\/li>\n<\/ol>\n

    Income 2 Crore to 5 Crore  increased to 25% form 15%
    \nIncome above 5 Crore increased to  37% from 15%<\/p>\n

      \n
    1. The government also announced 2% TDS on cash withdrawal on amount exceeding \u20b91 crore in a year.<\/li>\n
    2. Transfer of any money or property situated in India by a person to a non-resident person as gift will be treated as income accrued in and will be taxable, except gift on the occasion of marriage or by closed relative as defined in U\/S 56(2)(x) that is also exempted in India.<\/li>\n
    3. Mandatory filling of returns by U\/S 139 if<\/li>\n<\/ol>\n
        \n
      • Has deposited an amount of one crore or more in one or more accounts maintained with Banking company during the year.<\/li>\n
      • Has incurred expenses of Rs.2 Lacs or more on foreign travel.<\/li>\n
      • Has incurred expenses exceeding Rs.1 Lacs on electricity.<\/li>\n<\/ul>\n

        Or any other condition if that may me prescribed.\t<\/p>\n","protected":false},"excerpt":{"rendered":"

        kept the income tax slab rates unchanged but announced a slew of new income tax proposals that could impact many tax payers. Additional income tax deduction of \u20b91.5 lakh on home loans for affordable houses costing below \u20b945 lakh. This benefit will be available for home loans taken till March 2020. Cumulatively, the interest paid […]<\/p>\n","protected":false},"author":1,"featured_media":53043,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pagelayer_contact_templates":[],"_pagelayer_content":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-52994","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/www.apnacfo.com\/blogs\/wp-json\/wp\/v2\/posts\/52994","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.apnacfo.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.apnacfo.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.apnacfo.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.apnacfo.com\/blogs\/wp-json\/wp\/v2\/comments?post=52994"}],"version-history":[{"count":4,"href":"https:\/\/www.apnacfo.com\/blogs\/wp-json\/wp\/v2\/posts\/52994\/revisions"}],"predecessor-version":[{"id":52998,"href":"https:\/\/www.apnacfo.com\/blogs\/wp-json\/wp\/v2\/posts\/52994\/revisions\/52998"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.apnacfo.com\/blogs\/wp-json\/wp\/v2\/media\/53043"}],"wp:attachment":[{"href":"https:\/\/www.apnacfo.com\/blogs\/wp-json\/wp\/v2\/media?parent=52994"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.apnacfo.com\/blogs\/wp-json\/wp\/v2\/categories?post=52994"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.apnacfo.com\/blogs\/wp-json\/wp\/v2\/tags?post=52994"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}