New Delhi: Finance Minister Nirmala Sitharaman presented her first Budget in the Parliament on Friday. The Modi government has tried to give something to every region in this first budget of its second term.
Learn what is for the Tax sector in this Budget
Nirmala Sitharaman put forward the following proposals:
- To raise the annual turnover limit from Rs 250 crore to Rs 400 crore for availing a lower corporate tax rate of 25 per cent
- Additional tax deduction of Rs 1.50 lakh on interest paid on home loans taken up to March 2020
- Additional tax deduction of Rs 1.50 lakh on interest paid on home loans taken up to March 2020.
- To provide income tax deduction of Rs 1.5 lakh on interest paid on loans taken for purchase of electric vehicles
- Investment-linked tax benefit on the manufacturing of products like lithium batteries and solar chargers
- 25 per cent corporate tax will apply on companies with up to Rs 400 crore turnover; covering 99.3 pc of corporate India
- Simplify tax administration and bring transparency
On startups, she said those who provide details in returns will have no scrutiny in respect of valuation of share premium, saying startups have taken firm root and their growth needs to be encouraged
Funds raised by startups will not require any scrutiny by tax department, she said adding the period of exemption from capital gains from sale of start-up has been extended
READ: Budget 2019: Learn what is for the Railway Sector in this Budget
