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Interim Budget 2019-20: Full tax rebate on Income upto Rs 5 Lakh Under Section 87A

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Income Tax reduction in budget 2019-2020

New Delhi- Individuals with yearly income up to Rs 5 lakh will get full tax rebate under section 87A, the Union Minister for Finance, Corporate Affairs, Railways & Coal, Piyush Goyal informed while presenting the Interim Budget 2019-20 in Parliament today.

In the Finance Bill, 2019 the maximum amount of tax rebate under section 87A of the Income Tax Act has been proposed to increase to Rs 12,500 from the existing Rs 2,500. This proposed tax rebate will be admissible to taxpayers having total income up to Rs 5 lakh instead of current Rs 3.5 lakh 

As a result, the Finance Minister added that persons having gross income up to Rs. 6.50 lakhs may not be required to pay any income tax if they make investments in provident funds, specified savings, insurance etc. With additional deductions such as interest on a home loan up to Rs.2 lakh, interest on education loans, National Pension Scheme contributions, medical insurance, medical expenditure on senior citizens etc, persons having even higher income will not have to pay any tax, Goyal said.

If your net taxable income after availing all the deductions under section 80C to 80U of the Income tax act does not exceed Rs 5 lakh, then you will not be required to pay any tax. However, if your net taxable income (after availing deductions under section 80C to 80U), exceeds Rs 5 lakh then taxes will be calculated as per the current tax structure. 

says the Economic Times explaining the decision

 STANDARD DEDUCTIONS RAISED

For salaried persons, Standard Deduction is being raised from the current Rs.40, 000 to Rs.50,000. This will provide an additional tax benefit of Rs.4, 700 crores to more than 3 crore salary earners and pensioners, the Finance Minister said.

 TDS THRESHOLD INCREASED

Tax Deduction at Source (TDS) threshold on interest earned on bank/post office deposits has been proposed to be raised from Rs.10,000 to Rs.40,000. 

RELIEF TO RESIDENTIAL HOUSES

It has been proposed to exempt the levy of income tax on notional rent on a second self-occupied house.  Currently, income tax on notional rent is payable if one has more than one self-occupied house.  

Further, the Finance Minister proposed to increase the benefit of rollover of capital gains under Section 54 of the Income Tax Act from investment in one residential house to two residential houses for a taxpayer having capital gains up to Rs. 2 crores. This benefit can be availed once in a lifetime.  For making more homes available under affordable housing, the benefits under Section 80-IBA of the Income Tax Act is being extended for one more year, i.e., to the housing projects approved till 31st March 2020. 

Finance Minister proposed to extend the period of exemption from levy of tax on notional rent, on unsold inventories, from one year to two years, from the end of the year in which the project is completed.

You can read the Budget Summary and Other Highlights of Interim Budget 2019-20 Here

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CM Jairam Thakur Tests Positive for COVID-19, Quarantined

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HImachal Pradesh CM Tests Positive for COVID-19

Shimla-Chief Minister of Himachal Pradesh, Jairam Thakur, have tested positive for COVID-19 and has been quarantined at his official residence. The report was confirmed by the Chief Minister through a tweet in which he informed that he was under quarantine at his residence after coming into contact with a COVID-19 positive person. On the appearance of symptoms, he got himself tested and the report was found to be positive, he informed.

According to the initial report, the Chief Minister had come in contact with some COVID-19 positive persons in Manali. MLA of Banjar, Surinder Shourie, who was positive for COVID-19 had participated in the event organized on the occasion of the inauguration of Rohtang Tunnel, had also tested positive. Shourie had spent the entire day with the Chief Minister, reports said.

His private secretary had also tested positive, and there are chances that the Chief Minister might have contracted the infection from him. However, there is no certainty regarding the contact who infected the Chief Minister.

Other than Chief Minister, three Cabinet ministers – Urban Development Minister Suresh Bharadwaj, Power Minister Sukh Ram Chaudhary, Jalshakti Minister Mahender Singh- have tested positive so far.  Over ten MLAs have already tested positive and some of them have recovered too.

Meanwhile, despite community spread, the testing and tracing seem to have fallen and the fatality rate has witnessed a steep rise. Till 12 pm today, the COVID-19 death tally for the state was 245, and the total number of cases registered was 17414. But these are official statistics and these numbers are likely to be much higher. 

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Himachal: COVID-19 Kills 59 in 9 Days, Govt Still Clueless About Actual Number of Cases

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Himachal PRadesh Jairam Thakur

Shimla-COVID-19 continue to wreak havoc in Himachal Pradesh as the death tally spirals upward rapidly. Currently, 240 people have lost their lives due to COVID-19. Fifty nine of these deaths have been reported during the last nine days of October month, which is quite alarming. But contrary to that, the attitude of the state government, as well as, the public is becoming more casual. The SOPs issued by the government are hardly being followed anywhere. The fact that with the community spread, the cases of COVID-19 are falling in the official information released by the state Health Department.

On October 9, the Department traced only 199 cases but reported seven deaths. The total number of active cases was cited to be 2856. The deceased included three females and four males aged between 49 -75 years. View details of the deceased in the below-given table:

Shimla-covid-19 deaths in himachal pradesh

The total number of cases, as per the official statistics, had reached 16977 till yesterday evening (9 PM). But these are official statistics and the real number is likely to be much higher due to a community spread. Similarly, the actual number of COVID-19 deaths could be higher than the official statistics. Despite it, the state government is reluctant to release any projection regarding the real numbers. No statements have been issued regarding the current situation and strategy to combat the rising fatality rate. Rather, the state appears to be refraining from bringing up the matter.

The oppositions, HP Congress and CPI (M), are targeting the government over its failure to combat the spread of COVID-19. However, this opposition is quite feeble and hasn’t resulted in any reforms in the attitude of the government.

In a statement to media, Sanjay Chauhan, former Mayor of Shimla and a senior CPI (M) leader, said that the rise in fatalities is the result of the government’s lackadaisical attitude. The suicide committed by a positive patient at the DDU COVID-19 hospital is evidence of it, he said. He said this approach has endangered health lives of ministers, officials, and the staff at their offices. Further, he said, health staff, paramedical staff, and police staff are getting infected, and even losing lives due to the government’s unpreparedness.  The government had even compromised the safety of the Prime Minister and Education Minister by violating norms set regarding COVID-19, he said.

HP Congress chief, Kuldeep Rathor also expressed shock over the presence of COVID-19 positive MLA of Banjar, Surender Shourie, in the event organized for the PM. He alleged that by violating all norms, the MLA concealed information regarding his COVID-19 positive status and did not quarantine himself, which reflects the state government’s attitude toward management of the corona pandemic. He had demanded registration of an FIR against Shourie and action against erring officials.

Sanjay Chauhan, further said that the government did not prepare itself to combat the pandemic the way it was expected to. The people of the state had followed the lockdown and sacrificed their livelihood with a hope that the government would prepare itself during this period to combat the spread and to strengthen the health infrastructure and services. But instead, the government indulged itself in making people clap and beat ‘thalis’.  The Chief Minister adopted and preached unscientific practices like performing a ‘havan’.  Despite a steep rise in fatalities, the government is still not serious about the situation, he said. 

He said the CPI (M) demands that the government starts working on war footing to prepare a strategy by involving health experts, strengthening the health services by recruiting doctors, para-medical and other staff, and constitute a task force to deal with the situation. The government should work diligently on following the norms set for prevention from COVID-19, he added.  

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Shocker for Himachal as Ex-CBI Chief & Governor Ashwani Kumar Found Dead at His Shimla Residence

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Himachal IPS Officer Ashwani Kumar found deat in shimla

Shimla-Ashwani Kumar – 1973 IPS officer from Himachal Pradesh cadre who had served as the Director-General of HP Police (2006-2008) and CBI chief (August 2008 to November 2010), and was later appointed the Governor of Nagaland in 2013-was found dead at his residence in Shimla on Wednesday evening. The news came as a shocker as Kumar was considered as one of India’s finest and honest officers.

Superintendent of Police, Shimla, Mohit Chawala, in statement to news agencies, confirmed the report. According to the initial report, he reportedly hanged himself and ended his life. However, no formal statement was issued regarding the suicide. According to the police, a suicide note was also recovered from the spot. However, the note was yet to be verified.

Kumar was a well known name as he had dealt with famous cases including that of Arushi Talwar murder and fake encounter of Sohrabuddin Sheikh in which current Home Minister Amit Shah was arrested in 2010.

He was one of the first appointees made to resign from the post of Governor, Nagaland, as soon as the current ruling party came into power in 2014. He also remained Governor of Manipur for a short period of time. After his retirement, Kumar was serving as the Vice-Chancellor of a private university in Shimla.

The officials who have served under Aswani Kumar have expressed shock over his demise in such a manner. 

Director-General of Police, Sanjay Kundu, and a team of medical staff was rushed to the spot. More details are awaited as the district police have not issued any formal statement regarding the incident.

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