Additional tax deduction of Rs 1.50 lakh on interest on home loans taken up to Mar 2020 proposed
New Delhi: Finance Minister Nirmala Sitharaman Friday said the government is proposing additional tax deduction of Rs 1.50 lakh on interest paid on home loans taken up to March 2020.
Presenting the first Budget of the Modi government in its second term, Sitharaman said the government will also provide income tax deduction of Rs 1.5 lakh on interest paid on loans taken for purchase of electric vehicles.
The finance minister also proposed investment-linked tax benefit on manufacturing of products like lithium batteries and solar chargers.
Sitharaman also proposed that 25 per cent corporate tax will apply on companies with up to Rs 400 crore turnover; covering 99.3 pc of corporate India.
The government aims to simplify tax administration and bring transparency, she added.
On startups, she said those who provide details in returns will have no scrutiny in respect of valuation of share premium, saying startups have taken firm root and their growth needs to be encouraged.
Funds raised by startups will not require any scrutiny by tax department, she said adding the period of exemption from capital gains from sale of start-up has been extended.
She also said one-time six-month partial credit guarantee to be given to PSU banks for purchase of high-rated pooled assets of financially sound NBFCs amounting to Rs 1 lakh crore in 2019-20.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Dharwad Corporation zonal offices raided after complaints of corruption in issuing land records
Hubballi: Karnataka Lokayukta officials on Friday conducted raids at multiple zonal offices of the Hubballi-Dharwad City Corporation following complaints alleging bribery and delay in issuing land-related documents, including e-Swathu records.
The raids were carried out in the morning under the leadership of Siddalingappa S.T.. Separate teams inspected 12 zonal offices of the Corporation and examined records linked to land ownership and document processing.
According to sources, the Lokayukta received complaints from members of the public alleging that Corporation officials were demanding bribes for issuing e-Swathu and other land documents.
Residents reportedly alleged that applications were being deliberately delayed if bribes were not paid.
Based on these complaints, officials carried out inspections of files and records connected to land ownership and issuance of documents.
Further investigation is underway.
