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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

Misc News/Press Release

Season’s First Spell of Snow in Shimla, Manali, Cold Wave Intensifies Across State

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Snowfall in Shimla and Manali 2019

Shimla-Manali and Shimla received the first spell of snow in this season on Thursday. Tourist destinations like Kufri, Narkanda, Kharapather, Kotkhai etc were covered in snow.

The Rampur-Shimla Highway was closed to traffic after snow piled up. The traffic on this route was re-routed through Basantpur. About 20 routes in the upper Shimla region, including Chaupal and Rohru, are also hit by snow. 

After some minor accidents were reported, Shimla Police has requested drivers to be careful while driving in snowy conditions.

Drive Carefully! With season's first spell of snow, roads in #Shimla became riskier to drive. On Thursday morning, an…

โพสต์โดย Himachal Watcher เมื่อ วันพฤหัสบดีที่ 12 ธันวาคม 2019

Another popular tourist destination of the state, Manali, also received the first spell of snow in this season, cheering the hospitality industry. Solang Nala and Gulaba received about one foot of snow, while Marhi received two feet. Rohtang Pass has received over three feet of snow. All traffic on Rohtang Pass and Solang Nala routes was stopped near Nehrukund. Snow has hit traffic movement and electricity supply in some parts of Manali.

Other than these destinations, Lahaul-Spiti, Pangi, and Kinnaur were also disconnected from the rest of the state due to snow. Over 75 routes across Himachal were hit by snow.

Some parts of Sirmaur including Churdhar and higher reaches of Mandi district, including Shikari Devi and Kamarunag, also received a spell of snow. 
Shimla city and plains witnessed rain since morning.

The cold wave has intensified in the state with the ongoing spell of snow and rain. The Himachal Pradesh met department has predicted more snowfall on December 13. The Met on Wednesday had issued a yellow weather warning for 12th and 13th December with a prediction of rain and snow in most places across the state.

The Met has predicted that the state could receive more snow and rain till December 15, which would further intensify cold wave.

Weather Prediction for Himachal Pradesh 2019

Source: HP Met

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Missing Youth Case: Friend to Face Polygraph Test, Family Questions Police Investigation

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Missing Shimla Youth Shubham

Shimla-In the case related to the disappearance of Shubham, a local of Shimla’s Rohru, his arrested friend, Puneet, will go through a polygraph test. It was informed by an official of the Shimla Police on Tuesday.

After local police remained clueless in the case, a plea was submitted to a court seeking permission to conduct polygraph test on the suspect. The court has granted permission, the official informed.

The family of the missing youth is now raising questions over the investigation. They expressed a possibility that police could be working under some kind of pressure.

After 11 days of Shubham’s disappearance, the district police has revealed new details, which are obtained by questioning the suspect. Following the dissatisfaction expressed by the family, the SP has announced formation of a Special Investigation Team to investigate the case. The district police has already announced reward for anyone who would provide information related to Shubham.

As per the statement by the Superintendent of Police, Shimla, Ompati Jamwal, search operations are being conducted under the supervision of the DSP, Theog.  Daily 25-40 police personnel have been searching the area from where Shubham had gone missing. He also said that dog squad and drones were being used in the search operation.

Shubham had left with his friends to attend a car rally. His friend, Puneet had asked Shubham to photograph him during the rally. They were returning to Jubbal from Deha when Subham went missing.

“According to the version given by Puneet (to the police), along with 15 other youth, they had stayed at some house and had consumed liquor. After they left the house, Puneet stopped the vehicle (Gypsy) somewhere in Deha as Subham said he wanted to vomit. Subham got out of the car,”

SP Jamwal told media.

“Puneet said he fell asleep, and when he woke up, Shubham had not returned,”

Jamwal said. However, Jamwal said this information is based only on initial investigation and claims of the suspect were yet to be confirmed.

Father of Shubham, Krishan Chand, has expressed suspicion on Puneet. On Monday, the disheartened father of the missing youth held a press conference in Shimla where he burst into tears.

“I am sure that Puneet is behind all this, and he knows about my son,”

the father told media.

“The entire area is a jungle. For the last 10 days, over 100 people along with 60-70 locals from Deha village have been searching the area. We did not find anything. Still, the police is only searching the same area every day,”

the father said.

“I request the government to find my son. No matter in what condition, but find him soon,”

he said.

The SP hoped that a polygraph test would help crack the case. The test could be conducted within this week.

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Snowfall, Rain Predicted in Himachal, Yellow Warning Issued for 12, 13 Dec

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Snowfall in shimla and kullu manali in december 2019

Shimla– At least seven districts of Himachal Pradesh are likely to witnesses snowfall and rain till 16 December 2019.  The Himachal Pradesh Meteorological Department, Shimla, has issued a yellow-coded weather warning for 12 and 13 December. The warning is issued for Mandi, Shimla, Kullu, Sirmaur, Kinnaur and Lahaul-Spiti districts.

Rain and thundershowers are predicted at most places in the plains and rain/snow in Middle Hills on 12 December. For Higher Hills, the Met predicts rain/snow in most places.

On 13 December, widespread rain/snowfall is predicted in Middle and Higher Hills. Plains are likely to receive widespread rain.

snowfall in shimla and kullu in december 2019

Source: HP Met

Further, Met dept. predicts rain/snow in Middle and Higher Hills at isolated places from 14-16 December. The weather is likely to remain dry on 15 and 16 December in the plains.

Following the prediction of the Met Department, District Administration, Shimla, has issued an advisory requesting trekkers and locals to avoid going to higher reaches of the district on 12 and 13 December. The administration said Narkanda, Kharapathar, Kufri could receive snow on the said dates.

The district administration said it is prepared to keep roads open in case of snow.

The temperature is likely to drop, intensifying the cold condition across the state.

It is important to note that Rohtang Pass remains closed to traffic and locals are left to cross the pass on foot. The locals complained that the only link between Lahaul-Spiti and Kullu in winters is the Rohtang Tunnel, which is non-functional, and no helicopter flights are being provided.

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