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February 1, 2019
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Income Tax

1. Basic exemption limit not increased to Rs.5,00,000 from present 2,50,000 but relief u/s 87A is increased from 2,500 to 12,500 upto income of Rs.5,00,000. So persons having income exceeding Rs.5,00,000 existing slabs will apply and no relief u/s 87A will be allowed.
2. Standard deduction for salaried class has increase from present Rs.40,000 to Rs.50,000
3. There will not deemed rent/ notional rent on second self occupied property.
4. Threshold Limit of TDS u/s 194A is proposed to be increased from Rs.10,000 to Rs.40,000 in case interest received from banking and post office.
5. Threshold Limit of TDS u/s 194I is proposed to be increased from Rs.1,80,000 to Rs.2,40,000.
6. Capital gain tax Benefit u/s 54 has increased from investment in one residential house to two residential houses provided capital gain is upto Rs.2 crores and this specific exemption is available for once in a lifetime.
7. Deduction u/s 80IB has increased to one more year i.e. 2020
8. Benefit from Notional rent from unsold inventory is proposed to be provided to developers from one year to two years.

Other Areas

9. Rs. 6000 per annum has to be given to every farmer having upto 2 hectare land. Applicable from Sept 2018. Amount will be transferred in 3 installments
10. National kamdhenu ayog for cows. Rs. 750 crores for National Gokul Mission
11. 2% interest subvention for farmers pursuing animal husbandry and also create separate department for fisheries.
12. 2% interest subvention for farmers affected by natural calamities and additional 3% interest subvention for timely payment.
13. Tax free Gratuity limit increase to 20 Lakhs from 10 Lakhs.
14. Bonus will be applicable for workers earning 21,000 monthly.
15. A new scheme called Pradhan Mantri Shram Yogi Mandhan, which will provide assured monthly pension of Rs. 3,000 with contribution of Rs. 100 per month for workers in unorganized sector after 60 years of age.
16. 2% interest relief is proposed for MSME GST registered person
17. 26 weeks of Maternity Leaves to empower the women.
18. Single window for approval of India film makers.

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