Interim Budget 2019 highlights – Union Budget 2019-20 highlights : Tax Relief for Salaries Class, Middle Class, Assured Income for Farmers, Pension Scheme for workers in unorganized sector, GST, Tax Limits on Investment etc. Finance Minister Piyush Goyal presented the Union Interim Budget 2019 in Parliament. Finance Minister announced the mega relief for Aam Aadmi, Middle Class, Service Class, unorganized sector. The main highlight of union budget 2019 is mega tax relief for common man. Government doubled Tax Exemption Limit from 2.5 lakh to 5 lakh in Budget 2019.
Here are some important highlights from Union Budget 2019.
Union Budget 2019 – Key Highlights from Finance Minister’s Speech
Income Tax Relief –
- Tax Exemption Limit doubled from 2.5 L to 5.0 L for Income Tax Payers.
- Standard deduction increased from ₹ 40000/- to ₹ 50000/-.
- Gratuity Limit increased from ₹ 10 L to ₹ 20 L.
- Income Tax Returns to be processed in 24 hours; returns to be paid immediately
Tax Limit on Investments –
- Individuals with income up to ₹ 6.5 L need not to pay any tax if they make investment in provident funds or other prescribed equities.
- No TDS for home rent up to ₹ 2.4 L (earlier it was 1.8 L)
- TDS limit on Interest Income from Post Offices, Banks raised from ₹ 10000/- to ₹ 40000/-.
- Capital gain tax exemptions under Section 54 to be available to ₹ 2 crore. Capital Gain exemption to be available on 2 house properties.
- Income Tax Relief on notional rent from unsold houses extended to 2 years from 1 year.
Budget 2019 Highlights for farmers
- Pradhan Mantri Kisan Samman Nidhi – Assured income of ₹ 6000/- per year for small and marginal farmers.
- Money will be paid in three installments into farmer’s bank account.
- Farmer with holding of less than 2 hectares of land will get assured income benefits.
- Effective from 1 December 2018.
Interest Subvention for Farm Loan takers
- 2 percent interest subvention for farmers affected by Natural Calamities.
- 2 percent interest subvention on timely repayment.
- 2 percent interest subvention to farmers who pursue animal husbandry, fisheries jobs through Kisan Credit Cards
Budget 2019 highlights for workers in Unorganized Sector
- Pension Scheme “Pradhan Mantri Shram Yogi Mandhan”
- Monthly pension of ₹ 3000/- per month after 60 years of age for workers in unorganized sector.
- Govt allocate ₹ 500 crore for the scheme.
Budget 2019 Highlights for Defence
- Defence Budget increased to over ₹ 3 L.
- FM said, “₹35000/- crore disbursed under OROP scheme.”
- Group of Ministers examining how prospective house buyers can benefit under GST.
- Direct Tax Collection increased from ₹ 6.38 L Crore in 2013-14 to almost ₹12 L Crore.
- Tax Base is up from ₹ 3.79 Crore to ₹ 6.85 Crore.
- Businesses with less than ₹ 5 crore annual turnover, comprising over 90 percent of GST payers will be allowed to return quarterly returns.
- Indian customs to fully digitised exim transactions and leveraging RFID for logistic. Govt abolish duties on 36 capital goods.
- GST Collection in January 2019 has crossed ₹ 1 L Crore.
- Within 2 years, almost all assessment and verification of IT returns will be done electronically by an anonymized tax system without any intervention by tax officials.
Budget 2019 Highlights – Rural Allocations
- ₹ 60000/- crore for MNREGA.
- ₹ 19000/- crore allocated for construction of rural roads under GRAM SADAK YOJANA.
Budget 2019 highlights – Social Schemes
- To build 1 lakh digital villages
- To Increase MSP by 1.5 times the production cost for all 22 crops for the welfare of farmers and doubling their income.
- To ensure cleaner fuel and health assurance, we embarked upon Pradhan Mantri Ujjwala Yojana, a programme to give 8 crore free LPG connections to rural households, 6 crore connections have been given already
- Committee under NITI Aayog to be set up to for denotifed nomadic & semi nomadic communities
- A single window clearance for filmmakers to be made available to filmmakers, anti-camcording provision to also to be introduced to Cinematography Act to fight piracy.