Key changes that will take place from 01-April-2019

We would like to wish you good luck at the inception of financial year and we hope all your financial goals are achieved before the end of the financial year.
We would like to highlight some key changes that will take place from 01-April-2019, Kindly take note for the same:

👉🏻 Annual Limit of Turnover for taking GST registration has been raised from 20 Lacs to 40 Lacs.

👉🏻 Turnover limit for composition dealer has been raised from 1 crore to 1.5 crore.

👉🏻 It is expected that E way bill system will be updated and is enabled to auto calculate the route distance for movement of goods based on Postal pin codes of source and destination between suppliers and destination locations.

👉🏻 Eway bill system shall be now updated to make sure only one way bill can be generated on one Tax invoice.

👉🏻 Those having net taxable income upto 5 Lacs need not to pay tax and can avail rebate upto 12500.

👉🏻 Standard deduction for salaried employees has been raised from 40,000 to 50,000.

👉🏻 If person have two house properties, second property will no longer be deemed as let out and no notional rent needs to be offered as an income.

👉🏻 Benefit of capital gain exemption on reinvestment in two house property is allowed. The benefit will apply where capital gain is less than 2 crore.

👉🏻 Annual limit of TDS on rent has been raised from 1.80 Lacs to 2.40 Lacs

Feel free to Reach Us in case of any queries.

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