• Start-ups get a boost as the funding pool grows with the inclusion of Category II AIFs enjoying exemption from Angel tax alike Category I AIFs
  • Appropriate administrative steps to be taken to amicably resolve pending Angel Tax assessments.
  • E-verification mechanism to be developed to identify investors and other critical information. Start-ups and investors providing this information will not be assessed for fair market valuations
  • Provisions for set off and carry forward of losses relaxed for start-ups        
  • The turnover outer limit for levy of income tax @ 25% for companies enhanced to INR taxaton400 Crores from the previous limit of INR 250 Crores
  • Addition income tax on distributed income on account of buy-back of shares, extended to listed companies
  • Surcharge in case of an individual, Hindu undivided family, association of person, body of individual or artificial juridical person, enhanced @ 15%, 25%, 37% of tax where the income or aggregate of incomes paid or likely to be paid exceeds INR 1 Crore, INR 2 Crore & INR 3 Crore respectively. Surcharge at 10% continues for incomes below INR 1 Crore
  • Section 194M introduced to be effective from 1st Sept, 2019 wherein individuals & HUFs need to deduct TDS @ 5% for payments made to contractors or professionals in excess of INR 50 Lakhs
  • TDS @ 2% on cash withdrawals exceeding INR 1 Crore in a year from a bank account
  • Various sections mandating payment/receipt of money through A/c payee cheque, bank draft or ECS, amended to include electronic modes to be prescribed
  • Full tax rebate for individuals with net taxable income up to INR 5 Lakhs as declared in the interim budget
  • Standard Deduction of INR 50 thousand to continue as declared in the interim budget
  • Additional deduction of INR 1.5 Lakhs towards interest paid on housing loan taken for 1st house with stamp duty value of the property not exceeding INR 45 Lakhs
  • Deduction upto of INR 1.5 Lakhs towards interest payments on loan for Electric Vehicle subject to certain riders
  • Customs duty for certain sub-class of commodities under construction materials, precious materials, automobile parts, electronics and electrical equipments, oil and associated chemicals, petroleum and petrochemicals, plastic and rubber, paper & paper products and Iron & steel is increased whereas certain commodities under defense, medical devices, nuclear & nuclear energy projects and parts of electrical vehicles have been lowered
  • Export Duty on certain leather commodities has been reduced
  • Excise duty on petroleum products and tobacco products has been increased
  • Certain procedural & enforcement amendments and clarifications have been made in the CGST act.