How Will Budget 2019 Affect Common Man?
Budget time is when the man in the street and business executives hold their breaths. Announcements can either fill them with joy or add another burden. Rich taxpayers are not at all pleased with this year’s budget that raised surcharge from 15% to 25% on income between Rs 2 crores and Rs 5 crores. However, that is not likely to make much of a dent in their deep pockets. It is the common man who will have to tighten purse strings and make do with less. What is the effect of budget 2019 for a common man ? Some things have become expensive and that is to be expected. There are no fireworks or reason to burst crackers this budget. Tax deductions on loan The budget allows additional deduction of Rs 150000 on loan interest the provided loan is for residential house and provided it has a value less than Rs 45 lakhs. This deduction is in addition to the deduction of Rs 200000 available under section 24. Electric scooters see taxes reduced and if one buys an elect...