Key Highlights of Union Budget 2019-20
PAN and Aadhaar will become interchangeable. Aadhaar can be used wherever PAN is required. Additional deduction up to Rs. 1.5 lakhs(total 3.5 lakh) for interest paid on loans borrowed up to 31st March, 2020 for purchase of house valued up to Rs. 45 lakh. STT restricted only to the difference between settlement and strike price in case of exercise of options. Additional income tax deduction of Rs. 1.5 lakh on interest paid on electric vehicle loans. Surcharge enhanced on individuals with Rs. 2-5 crore income by 3 per cent, Rs. 5 crore and above by 7 per cent. Tax rate reduced to 25% for companies with annual turnover up to Rs. 400 crore Customs duty exempted on certain parts of electric vehicles. TDS of 2% on cash withdrawal exceeding ₹1 crore in a year from a bank account to promote less cash economy. No charges or MDR on specified digital mode of payments. These modes are to be compulsorily provided b...