Taxation Alterations from the New Budget in Effect from 1st April 2019

Each year a new budget is proposed based on the factors of economy and this has a direct impact on the performance of all the enterprises throughout the financial year. In effect from April 1st, the 2019 budget is applied to all the financial systems and the alterations it introduced have led to a resultant change in operations and business affairs. Now is the time to get along with your financial planning and taxation affairs to help find a suitable approach that will lead to better benefits in the current financial year.  
                  
The company tax advisor at Gupta Anoop and Co. is dedicated to guiding business enterprises for complying with all the tax affairs and also satisfy necessary requisites. Being in effect from this month, let’s take a look at all the key points of the budget and revisit the changes in tax rules for the financial year beginning April 2019.

Company Tax Advisor


§  For the current year, the income tax rebate has been increased and for a taxable annual income of 5 lakh, no tax is to be paid. Moreover, the rebate limit has been increased to 12,500 from 2,500. 

§  In the case of medical reimbursement and conveyance allowance, the standard deduction limit has increased from 40,000 to 50,000. Only salaried individuals and pensioners can avail these benefits. 

§  As per the 2019 budget applicable from this April, property owners have been relieved from paying any notion rent on the second house ownership.

§  From this year, no TDS will be deducted if the total interest earned from deposits is below or up to 40,000. The hike in interest TDS limit will benefit a vast majority with total earned interests being less than 40,000.  

§  As per the Budget 2019, for once in a lifetime the capital gains from selling a house property can be utilized to purchase two new houses in place of just one as was the case till last year. This benefit is on the condition that the total capital gain should not exceed 2 crores. 
                        
The above stated changes in the tax rules are a welcome benefit for most and the taxpayers can avail its benefits from this month of April 2019. Apart from these tax rule alterations, certain new tasks and requisites are to be fulfilled that have been stated in the new budget. 
     
§  For the deducts on interests, the limit has increased to 40,000. However, if the interest earned is less than 40,000 then a form claiming the same needs to be submitted. Those below 60 years of age will have to submit Form 15G and the ones above will submit Form 15H. The forms will be valid for a year only.

§  The Form 12BB needs to be submitted to the employer stating all the investments and declaring the expenses such as rent, education expenditures, loans, etc. the TDS will be deducted accordingly.          

The company tax consultant at Gupta Anoop and Co. has immense expertise in offering the best guidance to companies and individuals for gaining the best benefits. The professionals let you identify the suitable gains from every budget and offer an enlightening consultation in order to streamline financial prospects.
Location: India

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