What’s happening this week
- Rohit Sharma becomes the first batsman to hit 5 centuries in a world cup
- Hitting the NYSE before the Moon. Richard Branson’s Virgin Galatic is going public this year
- Instagram is testing a new anti-bullying feature that allows you to flag comments and quietly ‘restrict’ users.
- Greece has a new prime minister- Kyriakos Mitsotakis. He promised broad economic reform to the troubled European nation.
Hey!
Rain stopped Mumbai for 2 days but not India vs New Zealand semi-final yesterday.
Did you pray for rains in England too?
Get a pocket-sized weekly dose of investments, taxes, finance & more. Subscribe to Quicko Bytes.
Cricket Fever
Rain, Rain, go away, come again another day… were the chants throughout the world cup (except yesterday). The rains were not in India’s favour, and hustling Mumbai came to a standstill last week.
Last day… India was heartbroken when Dhoni was run out on his last world cup match? Also, 10th July was the last date to receive Form 16 from your employer.
Crucial 4… The initial wickets of team India were an absolute shocker. But well played Team India. Here are 4 important documents required to file your income tax return this season.
The documents change based on income sources and the ITR Form required to file. Know your ITR Form for AY 2019–20. File ITR online for free using Quicko.
Budget 2019
The Modi Sarkar 2.0 aims to make India a $5.0 trillion economy in the coming 5 years from the current $2.7 trillion economy. Here are the key budget highlights from the first woman lead Finance Minister.
Earn more, pay more… Super-rich will have to pay 3% more as a surcharge on income above INR 2 crore and 7% on income above INR 5 crore.
Ditch petrol, let’s electrify… cess on petrol and diesel increased by INR 1/liter. Whereas, electric vehicles to get cheaper after GST on EVs were reduced to 5% from 12%. Also, gain a tax deduction of INR 1.5 lakh on interest payment of loans on EVs.
Welcome home… tax relief of INR 1.5 lakh is available on interest paid for a house up to INR 45 Lakh. The home loan should be taken before 31st March 2020. The first time home buyer can also claim a deduction u/s 80EE.
‘Study in India’ to be started to bring in foreign students into the Indian higher education system INR 400 crore allocated for World Class Institutions in 2019–20.
‘Nari Tu Narayani’ introduced to encourage women entrepreneurship, Women Self-help Groups (SHGs) Interest Subvention Programme. One woman in every SHG shall be made eligible for a loan of 1 lakh rupees under MUDRA scheme.
It’s out of the Earth… India is on a mission to emerge as a major space power. A new public sector enterprise- New Space India Limited (NSIL) is incorporated to tap the benefits of ISRO.
Key Takeaways:
- The tax slabs remain unchanged
- Petrol, Gold and other precious metals to cost more.
- Additional deduction of Rs. 1.5 lakhs for houses which cost up to Rs. 45 lakhs.
- Aadhaar allowed instead of PAN
- NRIs can get Aadhaar on arrival in India
Byte of the Day
“Expected Fin Min to hit Boundaries” – Anand Mahindra