In Budget 2019, the Finance Minister has declared an additional advantage on Home Loan. Presently, you will get more expensive finding on your home credit intrigue. At present, you are qualified for assessment reasoning up to Rs. 2 lakh on home advance intrigue. The legislature has upgraded it up to Rs. 3.5 lakh under New Section 80EEA. This reasoning is material since first April 2020.
Wednesday, 11 September 2019
Tuesday, 10 September 2019
The
Interim Budget presented by the finance minister, Piyush Goyal, on
February 01, 2019, made some major changes to the tax rates applicable to individuals. Effectively, the budget has made net taxable income free of tax up to Rs5 lakhs. But there is a catch here. The tax slabs have not been tinkered with. Instead, the tax on the lowest slab will be given as rebate to the assessee. For example, the Finance Bill envisages
a maximum tax rebate of Rs12,500 under Section 87A of the Income Tax
Act. What needs to be remembered is that these new rates of tax will be applicable from the financial year 2019-20 corresponding to the assessment year 2020-21. Let us understand this issue better as we go through the individual slabs for income tax applicable.
Monday, 9 September 2019
· Surcharge hiked for those earning above Rs.2 crore; higher deduction on home loan interest for low-cost housing
· Extra deduction for interest paid on loans taken in current FY for buying a house priced up to Rs.45 lakh
Finance minister maiden budget speech lasted for over two hours but she spent about five minutes on direct taxes. Clearly, after February’s populist Interim Budget, there was little room to offer more benefits. But the budget was not entirely without implications for taxpayers.
Sunday, 8 September 2019
Saturday, 7 September 2019
Friday, 6 September 2019
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