Govt. notifies the Finance Act 2019, which has received the assent of the Hon’ble President of India, the final approval for the financial proposals of Budget 2019 (including on the direct/ indirect taxes) for the FY 2019-20/ AY 2020-21:
Finance (No. 2) Act 2019 : GOI Notification dt. 01/08/2019
THE FINANCE (NO. 2) ACT, 2019
No. 23 of 2019 Dated 01/08/2019
An Act to give effect to the financial proposals of the Central Government for the
financial year 2019-2020.
BE it enacted by Parliament in the Seventieth Year of the Republic of India as follows:
1. Short title and commencement:
(1) This Act may be called the Finance (No. 2) Act, 2019.
(2) Save as otherwise provided in this Act,—
(a) sections 2 to 69 shall be deemed to have come into force on 01/04/2019;
(b) sections 92 to 112 and section 114 shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint. (contd… please refer above attachment).
Finance Act, 2019 : GOI Notification dt. 21/02/2019
THE FINANCE ACT, 2019
No. 7 of 2019 Dated 21/02/2019
An Act to continue the existing rates of income-tax for the financial
year 2019-2020 and to provide for certain relief to taxpayers and to make
amendments in certain enactments.
BE it enacted by Parliament in the Seventieth Year of the Republic of India as follows:—
1. Short title and commencement: (1) This Act may be called the Finance Act, 2019.
(2) Save as otherwise provided in this Act, sections 2 to 10 shall come into force on 01/04/2019. (Contd… please refer the above Notification)
Union Budget India 2019-20/ Finance Bill, 2019
India’s Union Budget (2019-20)/ Finance Bill, 2019 has been presented by MoF Sh. Piyush Goyal in the Parliament on 01/02/2019:
Tax proposals made by the Finance Minister Sh. Piyush Goyal in the Interim Budget 2019 have mainly focussed to provide much awaited relief to middle class. Public, Media and Professionals are all appreciating the Budget 2019 as a progressive budget for small taxpayers (middle class) since the proposed measures would provide immediate relief to small taxpayers and benefit the salaried taxpayers with enhanced take home pay.
Lower/ Middle Class, Pensioners, Senior Citizens those who are mainly dependent on rental/ pension/ interest income, have benefited the most with enhanced tax free income, enhanced threshold for TDS on Rent/ Interest.
Direct Tax Proposals made in the Budget 2019 (FY 2019-20/ AY 2020-21) mainly includes i) full tax rebate for individual taxpayers having total income up to Rs. 5 lacs, ii) enhanced standard deduction (from Rs.40,000 to Rs. 50,000), iii) allowing self-occupation of two residential house properties without tax liability for notional rental income of second property, iv) increase in threshold for TDS on interest from bank/post office deposits (from Rs.10,000 to Rs.40,000), v) increase in threshold for TDS on rent (from Rs.1,80,000 to Rs.2,40,000), vi) allowing investment in two residential houses for claiming capital gains exemption under section 54, etc.