The Union budget 2019 was announced by Nirmala Sitharaman in Parliament on Friday. This year’s budget has a lot of change and you must be aware of them. Here's how the new Union budget will affect you as a commoner.
>Budget 2019 proposed to increase the interest deduction on home loans as taken for the reasonable housing by Rs 1.5 lakh which makes the total deductions to Rs 3.5 lakh per annum.
>Targeting towards abridging the tax supervision and for bringing more transparency, the finance minister planned the inter-changeability between PAN and Aadhaar.
>In order to lessen taxpayer’s pestering, the government will bring the unidentified income tax assessment via electronic mode thereby removing human interface completely.
>The government declared Rs 1.5 lakh tax deduction for the interest paid on the loans taken for the purchase of electric vehicles to boost the EV segment overall.
>Union budget offers to upsurge the present surcharge rates, so the current rate of 15 percent is set to rise to 25 percent for an income slab of Rs 2 crore to Rs 5 crore and the same 15 percent will become 37 percent for people making above Rs. 5 crore.
>The government suggests to issue Aadhaar card to all the NRIs having Indian passports without the worry of waiting for 180 days. This will help NRIs get KYC done quickly and capitalize effortlessly as well.
>As per the new budget, the government will come out with the pre-filled tax returns form which will be obtainable for the people earning income from salary, capital gains or interest income.
>The Union Budget 2019 made provisions to raise customs duty on gold and precious metals to mobilize resources. Customs duty on import of gold has been rambled from the current 10 per cent to 12.5 per cent, thus making gold even pricier.
So, now as you can go through the above pointers, you can decide how the budget will affect you.