Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

Key takeaways from Interim Budget Speech

This is for the first time in the Indian history that Interim Budget has been announced as on 1 February. Modi Government's current tenure is about to end and this is the last budget before 2019 Lok Sabha elections. The final budget will be presented in July, 2019 by the newly elected Government. Traditionally, no major changes are announced in the Interim Budget. However, this year some major announcements were expected from the Government to woo the voters.

Key takeaways from Interim Budget Speech are given hereunder: 
1. No tax on individuals having income upto Rs. 5 lac
2. Standard deduction for salaried employees raised from Rs. 40,000 to Rs. 50,000
3. Threshold limit for TDS on rent increased from Rs. 180000 to Rs. 240000
4. No taxability on deemed basis under the head "house property" even if an assessee has two self-occupied houses
5. Threshold limit for TDS on interest income increased from Rs. 10000 to Rs. 40000
6. Section 54 benefit will be available in respect of 2 houses
7. Direct tax collection has increased from 6.38 lac crore to 12 lac crores
8. 99.54% income-tax returns accepted as having been filed without any scrutiny
9. Farmers owning land up to 2 hectares to get Rs. 6000 per annum under PM Kissan Yojna and 75000 crore per year to be spent on PM Kisan Yojna.
10. Persons working in unorganised sector and having income upto Rs. 15000 per month will get pension of Rs. 3,000 per month under Pradhan Mantri Shram Yogi Maandhan Yojana.
11. GST registered SME will get 2% rebate on interest on loan upto 1 Cr.
12. Farmers severely affected by natural calamities will get 2% interest subvention and additional 3% interest subvention on timely repayment of loan.
13. Anti-black money measures have brought Rs 1.30 lakh crore under tax net.

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