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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

Environment

Total 332 Bird Species Located in Himachal Pradesh

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Bird Species Count in Himachal Pradesh

Shimla-As per the Great Backyard Bird Count (7th Indian edition), the number of bird species in Himachal Pradesh was 332 in 2018, a spokesman of State Forest Department informed on February 21, 2019.  

PCCF (WL) Dr. Savita said that among the Indian States, Himachal Pradesh shared the topmost position with Uttrakhand where the highest number of species was recorded.  

Birding locations included wildlife sanctuaries, national parks, conservation reserves, villages and urban areas. He said that more than 150 bird species were recorded in Mandi, Shimla, Kangra and Sirmaur districts.

The Great Backyard Bird Count is a citizen science initiative intended to encourage both amateur and professional bird-watchers to contribute towards the understanding bird and their biology in a better way.

The Department said that amateur birders from across the state contributed in the count in addition to 287 checklists that were uploaded into e-Bird by 55 participants.

 Participation in the event involved a minimum of 15 minutes bird watching during which all the bird species seen were counted and listed.  It involved bird watching sessions with school teachers and students, birding involving local villagers and panchayat representatives and training of frontline staff of the forest department in bird identification.

The Department said a detailed report is in preparation and will be circulated by the first week of March

This initiative was coordinated by Joint Secretary (Forests) Sat Pal Dhiman, Chief Conservator Forest (HQR) Nagesh Guleria, Chief Conservator Forest (WL) South Sushil Kapta, DFO (Hqr) N.P.S. Dhaulta along with other senior officers of the department.

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Campus Watch

Foundation Stone of HP Central University in Kangra laid, Will Be Ready in 3 Years, Says Govt

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HP Central University In Dehra, Kangra district

Kangra-The foundation stone of the Central University of Himachal Pradesh at Dehra in Kangra district was laid today by the Union Human Resource Minister Prakash Javadekar and Chief Minister Jai Ram Thakur.

Prakash Javadekar said that the forest clearance for construction of this University was also accorded when he was the Union Forest and Environment Minister. The State Government deposited Rs 6 crore under CAMP Act for forest clearance.

As per the official information released, the Central University will have two campuses at two different locations. The first Campus would be at Jadrangal near Dharamshala, which would be spread in an area of 750 hectares. The second campus would be established at Dehra in an area of 287 hectares.

The Government said about Rs.1300 crore would be spent on construction of both these campuses and the same would be completed in the next three year, the government said. These campuses would be spread in an area of about 1000 hectare, making it one of the biggest University of the region.

The Government said that an amount of Rs.7044 crore was being spent on the education sector during the current financial year and a provision of Rs.7600 crore had been made for the next financial year.

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Misc News/Press Release

5MW Solar Power Plant in Bilaspur’s Naina Devi Ji Inaugurated

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Solar Power Plant in Naina Devi In Bilaspur district - himachal pradesh

Shimla-The 5MW Berry Dol Solar Power Plant constructed near Shri Naina Devi Ji Shrine in Bilaspur district was inaugurated today. The HP Power Corporation Ltd. claimed it spent Rs. 36.24 crore on this project.

As per the official information released by the State Government, this power project is synchronised with Himachal Pradesh State Electricity Board (HPSEB) Ltd 33/11 KV network Kot.

The power generated was being sold to HPSEB. T

This power project is expected to generate 101-lakh unit electricity per annum, earning revenue of Rs. 4.40 crore to the State exchequer.

Chief Minister Jai Ram Thakur, MPP and Power Minister Anil Sharma, MLA Jhanduta  J.R.Katwal , IG Himanshu Mishra, Deputy Commissioner Bilaspur Vivek Bhatia, CO IRB Gaurav Singh were present on the occasion.

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