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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

HP Cabinet Decisions July 2019: Nod to ‘HP Construction, Demolition Waste Policy and Strategy’ & ‘HP Direct Selling Guidelines, 2019’

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HP Cabinet Decisions July 2019

Shimla– Himachal Pradesh Cabinet meeting was held on July 16, 2019, under the chairmanship of Chief Minister Jai Ram Thakur

The cabinet has recommended the Governor to convene Monsoon session of Himachal Pradesh Vidhan Sabha from August 19 to August 31, 2019, with a total number of 11 sittings.

The Cabinet decided to provide State subsidy of 30 percent of system cost including installation of solar water heating systems of capacities 100 LPD and 200 LPD only to all the domestic consumers in the state.

HP Construction and Demolition Waste Policy and Strategy

It decided to frame Himachal Pradesh State Construction and Demolition Waste Policy and Strategy to avoid, minimise, reuse, recycle and dispose-off construction and demolition waste and avoid and minimize construction waste through design and construction management. This would help in checking the environmental problems that arise owning to open dumping of these wastes. Under the policy, suitable land would be provided for the dumping of construction and demolition waste and further its processing through private operators/agencies or by Urban Local Bodies.

 HP Direct Selling Guidelines, 2019

The Cabinet decided to approve Himachal Pradesh State Direct Selling Guidelines, 2019. The government claimed it would regulate the business of direct selling and multi-level marketing and strengthen the existing regulatory mechanism on direct selling and multi-level marketing. It’ll also prevent fraud and protect the legitimate rights and interests of the consumers, the government said.  

 The Cabinet approved the change of equity in favour of three power projects and also cleared a policy for imposing a penalty in case of change of equity and name without the approval of the government. Project developers would be given a period of 60 days when to get them approved without penalty.

 It accorded approval to

  •  Fill up five posts of Civil Judges in Himachal Pradesh High Court through direct recruitment to ensure speedy disposal of various cases
  • Fill up seven posts of Junior Office Assistant (IT) and 10 posts of Statistical Assistant in Health and Family Welfare Department on contract basis through Himachal Pradesh Staff Selection Commission, Hamirpur.
  • Open Health Sub Centres at Kashimblidhar in Gram Panchayat Kuklah and at Chunani in Gram Panchayat Kashaud in Tehsil Balichowki and in Gram Panchayat Tandi in Chachiot tehsil of Mandi district alongwith creation and filling up of requisite posts.
  •  Open Primary Health Centre at Shilhanu in Mandi district alongwith creation of two posts to man the centre.

 Other Decisions

 Honorarium of Water Guards Hiked

The Cabinet gave its nod to increase the honorarium of water guards from Rs. 2100 to Rs. 3000 and para fitters and para pump operators from Rs. 3000 to Rs. 4000 engaged in Irrigation and Public Health Department. This would benefit about 6220 water guards and about 500 para fitters and para pump operators.

The Cabinet decided to continue the Market Intervention Scheme (MIS) for procurement of apple during the current apple season. It also decided to enhance the procurement price under MIS from Rs. 7.50 to Rs. 8 per kg.  As many as 279 procurement centres would be opened in different parts of the state to facilitate the apple growers.

The Cabinet also decided that state-level function would be organized at Shimla on the birth anniversary of first Chief Minister Dr. Y.S Parmar on 4th August 2019.

 It gave its consent to accord District level status to Nalwar Mela Lambathach in Thunag tehsil of Mandi district.

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Solan Building Collapse: Death Toll Rises to 14 Including 13 Jawans and 1 Civilian, Rescue Operation Concluded

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Solan Building Collapse death toll

Solan-The toll of those killed in the collapse of a multi-storey building yesterday in Kumarhatti of Solan district that also housed a restaurant ‘Sehaj Tandoori Dhaba’ has risen to 14 as the rescue teams recovered more bodies. Over 25 people have been rescued and sent to Dharampur hospital for treatment. The deceased included 13 army jawans and one civilian, confirmed the Vivek Chandel, ADM, Solan. The rescue operation has concluded. As per the administration, total 42 people were trapped including 30 Jawans of Assam Rifles and 12 civilians. 

“Since yesterday, 17 Armymen and 11 civilians have been rescued. Three teams of the National Disaster Response Force have taken over the rescue,”

the Deputy Commissioner KC Chaman told PTI.

The building located on the Nahan-Kumarhatti road that housed a restaurant on one of the floors came down around 4 PM on July 14. As it was Sunday, several army personals of Assam Rifles had come to dine at the restaurant. The hotel owner also lived in the building along with his wife and two children. While the children were playing in the neighbourhood, their mother was present in the building. She reportedly died in the collapse, confirmed Additional SP Shiv Kumar Sharma.

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Chief Minister Jai Ram Thakur on July 15 also visited the spot and ordered a magisterial probe to ascertain the cause of the collapse. An FIR against the owner of the building has also been registered.
Jairam thakur in solan

With this tragedy, questions are being raised over the legality of the construction. The building that was constructed in 2009 had at least four storeys. One of the storeys, as per reports, was added recently.Some reports suggested that complaints were also filed regarding the construction of this building.

Solan Rescue Operation

Currently, weak foundation and non-compliance with existing rules regarding the construction of buildings are considered as causes of the collapse. However, the district administration officials said the actual causes could only be ascertained after a probe.

Over 250 men of National Disaster Relief Force, District Police, and army jawans from nearby cantonment were continuously carrying out rescue work since yesterday. 

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2 killed, Several Trapped as Multi-Storey Building Collapses in Solan’s Kumarhatti

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Solan Building Collapse

Solan– A multi-storey building collapsed in Kumarhatti in Solan district today. Twp people said to have been killed. As per initial information available, over 35 people were present inside the building, which is said to be a dhaba (restaurant) when it collapsed. Over 15 persons were pulled out of debris and rescued while several others are feared to be still trapped. The incident occurred during a heavy downpour.


Several of these trapped people included army jawans. The army personnel and their family members were on their way to Uttarakhand and had stopped at the restaurant for lunch, a district official told PTI.

Solan building

As per a Tweet by the Chief Minister Jairam Thakur, about 40 people were trapped under the debris. Out of these, 19 were rescued and operation is in progress to rescue others.

Latest update from ANI said that 22 people were rescued. The rescued injured were taken to Dharampur hospital for treatment.

Injured in solan building collapse
As per the district administration, a team of National Disaster Response Force (NDRF) was sent for from Panchkula for carrying out the rescue operation.

The Deputy Superintendent of Police, Solan, and the Additional District Magistrate had also reached the spot.
Himachal pradesh building collapse

solan

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