New Income Tax Rules – Are you a direct taxpayer? The new Income Tax rules will be revolutionary. Read ahead what the Modi Government 2.0 has stored for the Income Tax Return applicant.
With the commencement of the Modi Government once again in India, Income Tax slab for AY 2019-20 will see a slight change. The dates for the report to be submitted was earlier 31st May 2019 by the task force. Now the reports claim that it has been shifted ahead to 31st July, intriguing the readers for what is going to be the end result of the new Income Tax by Modi Government.
The PTI news agency has claimed that Arjun Jaitley has himself manifested the postponement of the new Income Tax rules 2019 report submission to 31st July 2019 straight after the elections were won by the Modi Government.
In 2014, the full budget was disclosed followed by the commencement of Lok Sabha Elections, so it’s evident to happen again in 2019.
To highlight the need of the hour, our honorable Prime Minister Narendra Modi Ji had perused back in September 2017 that the Income Tax was written and approved half a century ago. This doesn’t make sense to the present living conditions which are another cause of the tension between the Indian citizens in terms of filing Income Tax Returns in time.
Supposedly, the new Direct Tax Act is going to replace the Income Tax Act, 1961. For more inputs, it should be noticed that the current direct tax code is a corpus of Income Tax as well as other taxes, which have gone through certain changes over the last 50 years and more.
Also, the main reason behind the changes to be brought forward is that the Shri Narender Modi Ji and the cabinet ministers have finally started to realize that the Indian economy needs to change the way it operates, leveling up to the foreign economic, financial, and political policies.
What readers and taxpayers are expecting from the latest draft of the new Income Tax Slab for AY 2019-20:
- Easiness in respect of Individual Income Tax Return Filing.
- Equality to be highlighted in the matter of the Income Tax Return claimants across the country irrespective of their class.
- New practices and amendments to be made regularly. We wouldn’t need to wait another 50 years for the new Income Tax rules.
The myriad of newspapers has also claimed that the new direct tax will focus on bringing fundamental changes to the Income Tax Act, 1961 instead of changing the Income Tax Slabs for AY 2019-20. What it means is that the report to be submitted by 31st July—will focus on how to make the Income Tax Act simpler and reliable to the newer generation. As for the past decade, the standard of living of the Indian citizens has boomed, the GDPis currently at 6.8 %, further to exceed $3 Trillion; marking it to become the 5th largest economy worldwide by the end of this year.The Income Tax Act and its entitlements are compelled to be revised. They were impending and Modi Government has realized it on-time, thought’s 50-year slate.
As per the latest news on Income Tax Return by Hindustan Times newspaper, Indian citizens are about to see some of the transformation changes in the Income Tax Slabs for 2019-20. It is conjectured that the Tax rates will be set at 30%, extending the tax base; a chance for ceremonious taxpayers to adhere to the laws as they wish to.
Similarly, the money launders will difficult face the tough times ahead, which was confirmed by one of the anonymous official, privy to the new Income Tax rules.
Moving on, this initiative is not new to the local taxpayers. From the first term of The National Democratic Alliance (NDA), till the formation of the tax force dated 22nd November 2017, the proposed draft was to be submitted by May 2018. From hence, the date has been changed multiple times.
Talking about the numbers, the count of loyal taxpayers in India is as close to 74 Lakhs against the population of 130 Crores.
Here’s a brief on what the interim Income Tax Slab for 2019-20 already has to convey:
- Up to Rs 5 lakhs: no tax levied.
- 50,000 worth standard deduction for salaried employees.
- TDS on rental income is now Rs 2.4 Lakhs, whereas earlier it was Rs. 1.8 Lakhs.
- TDS on interest from bank deposits as well as post office savings is now Rs. 40,000.
The above-mentioned laws are only one side of the interim Income Tax Slab. Let us know in the comments below what you are expecting from the new draft of Income Tax Return.
