Step by Step Guide Income tax Return and Highlights Budget 2019

Step by Step Guide Income-tax Return. We are providing free service at our portal www.taxmitr.net (Taxmitr).   you can apply your income tax return free of cost by uploading your details and form-16

The Point to highlights of Union Budget Speech 19-20:-

  • No Income tax on individuals having income up to Rs.5 lac.
  • Threshold limit for TDS on rent increased from Rs.180000 to Rs.240000.
  •  Salaried Employees for Standard deduction raised from Rs. 40,000 to Rs. 50,000.
  • No tax-ability on the deemed basis under the head “house property” even if an assessee has two self-occupied houses.
  • Threshold limit for TDS on interest income increased from Rs.10000 to Rs.40000.
  • Section 54 benefit will be available in respect of 2 houses.

  • Direct tax collection has increased from 6.38 lac crore to 12 lac crores.
  • Farmers owning land up to 2 hectares to get Rs.6000 per annum under PM Kissan Yojna and 75000 crore per year to be spent on PM Kisan Yojna.
  • Persons working in unorganised sector and having income upto Rs.15000 per month will get pension of Rs.3,000 per month under Pradhan Mantri Shram Yogi Maandhan Yojana.
  • Farmers severely affected by natural calamities will get 2% interest subvention and additional 3% interest subvention on timely repayment of loan.
  • 99.54% income-tax returns accepted as having been filled without any scrutiny.

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