2. Petrol, diesel to get costlier:
Finance Minister Nirmala Sitharaman
Friday raised cess on petrol and diesel by Re 1 per litre. The move will result in a hike in fuel prices.
“Crude prices have softened from their highs. This gives me a room to review excise duty and cess on petrol and diesel,” Finance Minister Nirmala Sitharaman
said in her budget
speech on Friday.
3. Gold to become more expensive:
Custom duty on gold has been raised to 12.5 per cent. "It is also proposed to increase custom duty on gold and other precious metals from 10 per cent to 12.5 per cent," finance minister Sitharaman said during her Budget speech.
The announcement led to a sharp fall in the stock prices of gems and jewellery companies on the Bombay Stock Exchange.
4. Additional Income Tax deduction on affordable home loans:
The finance minister announced an additional Income Tax
deduction of Rs 1.5 lakh on affordable home loans.
"To provide further impetus to affordable housing, additional deduction of Rs 1.5 lakh will be given on interest paid on loans borrowed upto 31 March 2020 for purchase of house up to Rs 45 lakh," Nirmala Sitharaman said.
5. Rs 1.5 lakh income tax deduction on loans taken to buy EVs:
Sitharaman announced that there will be an income tax deduction of Rs 1.5 lakh on loans taken to buy electric vehicles.
"Government has already moved GST council to lower the GST rate on electric vehicles (EV) from 12 per cent to 5 per cent. Also to make electronic vehicles affordable for consumers our government will provide additional income tax deduction of Rs 1.5 lakh on the interest paid on the loans taken to purchase EVs," announced Nirmala Sitharaman.
6. Super rich to pay more tax: Budget 2019
proposes to increase the surcharge for those earning Rs 2-5 crore to 3 per cent and for those earnings above Rs 5 crore to 7 per cent.
7. 2 per cent TDS on cash withdrawal of over Rs 1 crore: The finance minister has proposed to levy tax deduction at source (TDS) of 2 per cent on cash withdrawal of more than Rs 1 crore from a bank account in one financial year.
The decision has been taken to discourage business payments in cash.