DIRECT TAX PROPOSALS - 2019 [W.E.F. Assessment Year 2020-21]
PERSONAL TAX v Rebate for Resident Individuals : Currently: § Rebate of Rs. 2,500/- if total income does not exceed Rs. 3,50,000/- Proposed : § Rebate increased to Rs. 12,500/- if total income does not exceed Rs. 5,00,000/- v Standard Deduction from Salary Income : Currently: § Rs. 40,000/- allowed as standard deduction Proposed : § Rs. 50,000/- shall be allowed as standard deduction v Notional Rent exemption : Currently: § Only 1 house property can be treated as self-occupied property. Tax on 2 nd house property to be paid on notional rent Proposed : § The benefit shall be extended to 2 house properties. Tax on 3 rd house property to be paid on notional rent v Reinvestment of Sale of House Property : Currently: § Capital Gain on Sale of House Property exempted if invested in 1 house property Proposed : § Now investment allowed in 2 house...