Budget 2019 – IT returns can now on be filed using Aadhaar number, if PAN card not available

Budget 2019 – Highlights

Budget 2019
  • PAN and Aadhaar to be made interchangeable for convenience of tax payers; Income Tax returns can now on be filed using Aadhaar number, if PAN card not available.
  • Govt simplifying the GST processes. A simplified single monthly return will be rolled out to enable those with a Turnover of less than Taxpayers with annual turnover less than 5 crore will be required to file theirs returns only quarterly returns.
  • Fully automated GST Refund module shall be implemented; multiple tax ledgers to be replaced by one; invoice details to be captured in a central system
  • Surcharge on individuals having taxable income from 2 crore – 5 crore and 5 crore and above to be enhanced,- 2- so that effective tax rate will increase by around 3% and 7% respectively.
  • Surcharge on individuals having taxable income above Rs 5 crore to be enhanced. Effective tax rate to increase by around 7%.
  • Faceless income tax assessment in electronic mode involving no human interface to be launched this year in a phased manner, to reduce taxpayer harassment.
  • To discourage business payments in cash, Tax Deduction at Source of 2% to be levied on cash withdrawal exceeding 1 crore rupees in a year from a bank account.
  • Giving big boost to electric vehicles “Additional income tax deduction of 1.5 lakh rupees on the interest paid on the loans taken to purchase electric vehicles”
  • To provide further impetus to affordable housing, additional deduction of 1.5 lakh rupees on interest paid on loans borrowed upto 31 Mar, 2020 for purchase of house up to 45 lakhs.
  • Relief in levy of Securities Transaction tax to be provided.
  • Business establishments with annual turnover more than 50 crore rupees may offer low-cost digital payments; no charges or merchant discount rates to be imposed on customers or merchants for these.
  • Customs Duty on gold, precious metals hiked from 10% to 12.5%.
  • 5% customs duty imposed on imported books.

Lok Sabha discusses The Aadhaar Amendment Bill 2019

Law Minister Ravi Shankar Prasad moves The Aadhar and other Laws(Amendment)Bill,2019 in Lok Sabha

Aadhaar is a great medium of honesty. My name and address is there is my Aadhaar Card, but does not contain my caste, religion or medical record : Law Minister Ravi Shankar Prasad in the Lok Sabha today


The right to be forgotten must also form a part of the Aadhaar Bill: Manish Tewari, Indian National Congress

People’s data is allowed to benefit private sectors, it’s shameful. If 65 cr people connected their mobile phones to Aadhaar, it’s because there was no other option:
Supriya Sule, NCP

Nobody is against technological reforms, but the Data Protection Bill should also have come: P L Kunhalikutty, IUML

Government should look into data misuse and privacy concerns: Dr. Shrikant Eknath Shinde, Shiv Sena