CA Pooja Madhan
  1. Individuals having income upto Rs. 5 lakh are no longer required to pay taxes.
  2. Standard deduction provided to salaried employees earlier Rs. 40,000 has now been raised to Rs. 50,000/-
  3. Threshold limit for TDS deduction u/s 194I has been raised to Rs. 2,40,000 from Rs. 1,80,000/-
  4. The income under the head house property will not be counted on the basis of deemed income even if the assessee has two self occupied house properties.
  5. Threshold for TDS on interest has been raised to Rs.40,000 from Rs. 10,000/-
  6. Deduction under seciton 54 can now be availed for two houses can be availed only once for a lifetime.
  7. The collection from direct taxes has been almost doubled from 6.38 lac crore to 12 lac crores.
  8. The percentage of non scruitiny and accepted Income Tax Returns has been raised to 99.54%
  9. Rs. 75000 Crore budget has been set under PM Kisan Yojna for the farmers having land upto 2 hectares to receive Rs. 6,000/- per annum under the scheme.
  10. Pradhan Mantri Shram Yogi Maandhan Yojana has been introduced to provide the pension of Rs. 3,000/- per month to the workers of unorganized sector earning monthly income upto Rs. 15,000/-
  11. 2% rebate will be provided on interest on loan upto Rs. 1 crore for GST registered SME.
  12. 2% interest subvention will be provided for farmers affected by natural calamities and additional 3% interest subvention for farmers repaying the loans on timely basis.
  13. Rs. 1.3 lac crore taxes were recovered under anti black money measures taken by the goverment.
  14. Section 80-IBA deduction has been extended to one more year till 31st March 2020.
  15. Exemption from leavy of rent on unsold inventory has been extended from one year to two years begining from the year in which the project is completed.
  16. GST returns will be filed quarterly for SMEs with turnover upto Rs. 5 Crore.
  17. The requirement for sourcing from SMEs by Government enterprises has been raised to 25% including 3% reservation for Women owned MSEs.
  18. The Government will soon implement a business loan upto Rs. 1 crore in 59 minutes.
  19. More than 35000 crore has been allocated for defence personnels under the ‘One Rank One Pension’ scheme.
  20. Maternity leave to women will be given for 26 weeks.