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Finance Bill 2019: Details, Features, Highlights
Finance Bill 2019: Details, Features, Highlights
The Finance Bill 20198 was passed by the Rajya Sabha, it was earlier passed in the Lok Sabha on July 18.
The Finance Bill 2019 includes tax proposals for the current fiscal year.
The Finance Bill 2019 aims to give effect to the financial proposals of the Central Government for the financial year 2019-20.
The Finance Bill 2019 implies to increase surcharge from 15 percent to 25 percent on taxable income between Rs 2-5 crore, and from 15 percent to 37 percent for income above Rs 5 crore.
With the increase in surcharge, the effective income tax rate for individuals with a taxable income of Rs 2-5 crore will go up from 35.88 percent to 39 percent, and for those above Rs 5 crore it would go up to 42.7 percent.
Under Finance Bill 2019, the imposition of 2 percent TDS on cash withdrawal beyond Rs 1 crore, could be adjusted against the liability of the assesses and hence there will be no additional burden on the taxpayers
