Union Budget 2019-20: No Income Tax Cheer for Middle Class, Petrol and Diesel to Get Costlier

New Delhi: In a major set back to the middle clash income tax payer, the Government has not slashed any exemption limit this year on Income Tax.

Quick Aadhaar for NRIs on arrival in India, public-private partnership in railways, commercialization of space ventures under ISRO, plans to expand FDI in aviation and insurance, allowing social enterprises to list on stock exchange are among the major announcements made by finance minister Nirmala Sitharaman in her budget speech so far.

In a major move, Sitharaman announced that the regulation of housing finance companies will move from National Housing Bank (NHB) to the RBI.

Promoting the purchase of e-vehicles, Sitharaman announced additional income tax deduction of Rs 1.5 lakh on interest paid on loans taken for e-vehicles.

Sitharaman also announced additional Rs 1.5 lakh deduction in interest paid for affordable housing loans till March 2020.

To encourage a digital economy, 2% TDS will be levied on cash withdrawals over Rs 1 crore in a year from one bank account.