Union Budget 2019 Income Tax live updates

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Finance Minister Nirmala Sitharaman is presenting her first Union Budget on Friday, and all eyes are on announcements related to taxation. It is widely expected that Prime Minister Narendra Modi-led central government will provide some tax relief for the common man. However, concerns have been raised in the Economic Survey regarding challenges in the fiscal front due to the economic slowdown impacting tax collections amid rising state expenditure on the agriculture sector.

In Union Budget 2019, Finance Minister Nirmala Sitharaman announced that PAN and Aadhaar will be interchangeable and taxpayers can use either to file Income Tax returns.. The Finance Minister is also expected to lower corporate taxes for Micro, Small and Medium Enterprises (MSMEs).

In the interim budget presented by Piyush Goyal under the previous Modi government, income tax rebate for individual taxpayers with taxable annual income up to Rs 5 lakh was announced. The move benefitted nearly 3 crore taxpayers, but the government could not make any announcement for the benefit of those who earn more than Rs 5 lakh annually. It is now to be seen if India’s first full time woman Finance Minister will bring smiles on the faces of the salaried class.

Here are the live updates:

05 July 2019

13:09 IST

GST has completed two years, we have huge pending litigations from pre-GST regime. There is a need to unload this baggage. I propose a Legacy Dispute Resolution scheme that will allow quick closure of litigation, says Finance Minister Nirmala Sitharaman.

13:08 IST

Customs duty on gold and precious metals increased from 10% to 12.5%.