The Finance Minister, Mr. Piyush Goyal has presented the interim Finance Bill 2019 today. The key highlights of the finance proposals are as follows:
1. Individual tax payers: Income up to Rs. 5 lakh will get full rebate from income tax.
2. Standard deduction for salaried persons and pensioners increased to Rs. 50,000/-.
3. No income under notional rent in case of second self-occupied house.
4. TDS threshold on interest on bank deposits/ Post office deposits increased to Rs. 40,000 from Rs. 10,000/-.
5. TDS threshold on rent to increase to Rs. 240,000 from existing Rs. 180,000/-.
6. Rollover of capital gains up to Rs. 2 crore for purchase of two residential houses. This can be taken once in a life time.