Advertisement
Monday, Oct 03, 2022
Outlook.com
Outlook.com

Five Takeaways For Middle Class From Union Budget 2019-20

Finance Minister Nirmala Sitharaman presented the Union budget on Friday and said the NDA government had set the ball rolling for a "new India" in its first term, saying there is a lot to cheer about for the middle class.

Five Takeaways For Middle Class From Union Budget 2019-20
| File Photo
Five Takeaways For Middle Class From Union Budget 2019-20
outlookindia.com
2019-07-05T16:12:22+05:30

Finance Minister Nirmala Sitharaman presented the Union budget on Friday and said the NDA government had set the ball rolling for a "new India" in its first term, saying there is a lot to cheer about for the middle class. Here are five takeaways:

 1. PAN and Aadhaar interchangeable: People who do not have PAN to file Income Tax returns can now simply do it by quoting their Aadhaar number and also use it wherever they are required to quote PAN.

 2. Faceless e-assessment: The existing system of scrutiny assessments in the Income-Tax Department involves a high level of personal interaction between the taxpayer and the department, which leads to certain undesirable practices on the part of tax officials. To eliminate such instances, a scheme of faceless assessment in electronic mode involving no human interface is being launched this year in a phased manner. To start with, such e-assessments shall be carried out in cases requiring verification of certain specified transactions or discrepancies.

 3. Pension for 3 crore retail traders & small shopkeepers: The government has decided to extend the pension benefit to about three crore retail traders and small shopkeepers whose annual turnover is less than Rs 1.5 crore under a new Scheme namely Pradhan Mantri Karam Yogi Maandhan Scheme. Enrolment into the scheme will be kept simple requiring only Aadhaar and a bank account and rest will be on self-declaration.

 4. Additional interest deduction on affordable housing: Union Budget 2019-20 announced additional interest deduction of up to Rs 1,50,000/- for interest paid on loans borrowed up to 31st March 2020 for purchase of an affordable house valued up to Rs 45 lakh. Therefore, a person purchasing an affordable house will now get an enhanced interest deduction up to Rs 3.5 lakh. This will translate into a benefit of around Rs 7 lakh to the middle-class home-buyers over their loan period of 15 years.

 5. Electric Vehicles: Government will provide additional income tax deduction of Rs 1.5 lakh on the interest paid on loans taken to purchase electric vehicles. This amounts to a benefit of around Rs 2.5 lakh over the loan period to the taxpayers who take loans to purchase an electric vehicle.

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

In happy times and sad, Habba Khatun’s sensuous songs make both young and old emotional. With the never-ending conflict bringing tragedies to every doorstep, Habba’s lyrics of separation amplify their mourning.

How Indian Laws Govern People’s Right To Love And Live

How Indian Laws Govern People’s Right To Love And Live

In India, only those relationships between a man and a woman are considered to be legitimate when there is a marriage between the two.

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Virat Kohli, 33, had recently stepped down as India's T20I captain and was subsequently removed as the ODI captain.

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

A Mahila Congress leader, who is the face of the ‘Ladki Hoon, Lad Sakti Hoon’ campaign, however, has accused the party of anti-women bias after she was denied a ticket.

Advertisement