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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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Himachal: 80% Voter Turnout in 2nd Phase of Panchayat Polls

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Second phase of Panchayat elections in himachal pradesh

Shimla-Himachal Pradesh Election Commission informed that the elections for 1208 Gram Panchayats were held today in the second phase in which around 80 percent polling was registered.

Overall, 75 COVID-19 patients and persons in isolation cast their votes as per the standard operating procedures.

The highest polling has been registered in Nandpur Gram Panchayat of Nalagarh developmental block of Solan district where the voter turnout was reported to be 96 percent.

The poll was held peacefully and there was no report of any untoward incident in the state. The counting of votes for Pradhan, Up-Pradhan and members was under the process and the results were awaited till late evening. The counting of votes for Zila Parishad and Panchayat Samiti will be held on 22 January 2021 at block headquarters.

Election-related process and results have been uploaded for the general public on sechimachal.nic.in.

The election for third and final phase for 1137 Panchayats would be held on 21 January 2021.

The first phase of elections to Panchayati Raj Institutions in Himachal Pradesh was held in 1228 Gram Panchayats on January 17, 2021. The overall polling percentage in the first phase was reported to 77.50%.

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Bird Flu Confirmed in Dead Poultry Dumped Near Himachal Borders, Ban on Poultry Products Extended   

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Himachal Pradesh Extends Ban on poultry

Shimla-Himachal Pradesh Government has temporarily extended the ban on entry of poultry and poultry products into the State from neighbouring states for one more week. A notification to this regard was issued on January 18, 2021.

 The Government said that during the past few days, there had been incidences of dumping of dead poultry in the border areas of the State. Samples were collected from these dead birds, and disposed of the remaining birds as per protocol, it said. NIHSAD Lab, Bhopal, has confirmed Avian Influenza-H5N8 in the dumped birds.

Hundreds of dead poultry birds were found dumped along the Parwanoo-Solan stretch on the National Highway. The police was yet to identify culprits responsible.

However, the State Government said that the Flu has not been detected in the local poultry.

The State Government said that a “Bird Flu” outbreak was notified on January 6, 2021, in Pong Dam wetland of district Kangra. The count for migratory bird death due to the Flu had mounted to 4936 till January 18, 2021. On January 17, only 21 migratory birds died in the Pong Dam wetland area.

The State Government said a sharp decline was reported in death of migratory birds due to avian influenza outbreak in the Pong dam lake wildlife sanctuary.

Ten Rapid Response Teams (RRTs) of Wildlife Wing would continue to work in the wetland for collection and safe disposal of dead birds as per protocol till no mortality is recorded. 

Till January 18, 2021 outbreaks of Avian Influenza have been confirmed in 5 States for poultry birds and in 9 States for crows, migratory and wild bird.

Culling of poultry birds had to be taken in all the affected epicentres including CPDO, Mumbai. Culling operation of poultry in Haryana was also underway. The outbreak has is causing losses worth crores to poultry farmers. 

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447 Cases of Adverse Effect Including 3 in Himachal Reported Post COVID-19 Vaccination

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COVID-19-vaccination-adverse effect in himachal pradesh

Shimla– Amid skepticism over the COVID-19 vaccination, India has reported over 400 cases of adverse effect post-vaccination, informed the Ministry of Health. To be more specific, a total of 447 Adverse Event Following Immunization (AEFIs) were reported on 16th Jan & 17th Jan’21.

Out of these, three required hospitalization. Of these, one was discharged from Northern Railway Hospital Delhi within 24 hours; one was discharged from AIIMS Delhi, and one is under observation in AIIMS Rishikesh and is being monitored.

Most of the AEFIs reported so far are minor like Fever, Headache, Nausea etc.

In Himachal Pradesh, about three cases of AEFIs were reported on day 1 of vaccination drive. These were reported from Dr Rajendra Prasad Government Medical College Tanda, Kangra, Civil Hospital Paonta Sahib, and Maharishi Markandeshwar University Medical College, Solan.

In these cases, symptoms reported included dizziness, anxiety, nausea and shivering and persons recovered after management as per protocol, it was informed.

In Himachal, 2,499 health care workers were to be administered dose through 27 identified sites in the State on January 16. However, only 1535 healthcare workers could be vaccinated on the first day. It was 61 percent of this set target. The second round would be held today.  

Two types of COVID-19 vaccines have been supplied for the vaccination drive. These include Covishield vaccine (made by Serum Institute of India Ltd) that has been supplied to all States/UTs.

The second is Covaxin vaccine (made by Bharat Biotech International Ltd) that has been supplied to 12 States.

An Adverse Event Following Immunization (AEFI) is any unexpected medical occurrence which follows immunization. It may not be related to the vaccine or vaccination process. The Ministry had laid down protocols for reporting, immediate case management at vaccination session site, transportation and hospitalization and further care of such cases. Protocols are also in place for systematic investigation and causality assessment of serious AEFIs, the Ministry said.

India has vaccinated the highest number of persons on Day1 under its COVID19 vaccination program, the world’s largest such exercise.

Total of 2,24,301 beneficiaries have been vaccinated till today as per the provisional report.

The second day of the massive countrywide COVID-19 vaccination program was also conducted successfully. A total of 553 sessions were held in six States. As many as 17,072 beneficiaries were vaccinated on Day2, as per the provisional reports.

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