Union Budget 2019: SME watch

Personal tax

Our experts share insights and in-depth analysis from Union Budget 2019 on the critical issues and key reforms announced on 5th July, 2019.

An exciting budget with a mix of proposals for enhancing tax revenues, providing relief to the taxpayers and simplifying the procedural requirements.

One of the revenue garnering measures is the proposal to increase the surcharge on the higher income category to 25% and 37% respectively (for tax payers with total income between INR 2 crores and INR 5 crores and above INR 5 crores). On the other hand, the budget also aims to provide relief for the middle and lower income group through deductions for interest on home loans / purchase of electric vehicles subject to conditions.

On the procedural front, tax payers could be in for a new experience in the form of pre-filled tax returns and full-fledged electronic assessments.

Sudhakar Sethuraman
Subject Matter Expert, Deloitte India

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