Union Minister Piyush Goyal just presented the Interim Budget 2019-20 in the Parliament. The budget has something for everyone. From TDS Exemptions to Tax Rebate for income up to 5 lakh to income to the marginalized farmer. Check the highlights of Piyush Goyal’s Interim Budget 2019 speech-
- Within 2 years, Tax assessment will be done electronically
- IT returns processing in just 24 hours
- Minimum 14% revenue of GST to states by Central Govt.
- Customs duty has abolished from 36 Capital Goods
- Recommendations to GST council for reducing GST rates for home buyers
- Full Tax rebate up to 5 lakh annual income after all deductions.
- Standard deduction has increased from 40000 to 50000
- Exempt on tax on second self-occupied house
- Ceiling Limit of TDS u/s 194A has increased from 10000 to 40000
- Ceiling Limit of TDS u/s 194I has increased from 180000 to 240000
- Capital tax Benefit u/s 54 has increased from investment in one residential house to two residential houses.
- Benefit u/s 80IB has increased to one more year i.e. 2020
- Benefit has given to unsold inventory has increased to one year to two years.
- State share has increased to 42%
- PCA restriction has abolished from 3 major banks
- 2 lakhs seats will increase for the reservation of 10%
- 60000 crores for MNREGA
- 1.7 Lakh crore to ensure food for all
- 22nd AIIMS has to be opened in Haryana
- Approval has to be given to PM Kisan Yojana
- Rs. 6000 per annum has to be given to every farmer having up to 2-hectare land. Applicable from Sept 2018. The amount will be transferred in 3 installments
- National Kamdhenu Ayog for cows. Rs. 750 crores for National Gokul Mission
- 2% interest subvention for farmers pursuing animal husbandry and also create a separate department for fisheries.
- 2% interest subvention for farmers affected by natural calamities and additional 3% interest subvention for timely payment.
- Tax-free Gratuity limit increase to 20 Lakhs from 10 Lakhs
- The bonus will be applicable to workers earning 21000 monthly
- The scheme, called Pradhan Mantri Shram Yogi Mandhan, will provide assured monthly pension of Rs. 3,000 with the contribution of Rs. 100 per month for workers in the unorganized sector after 60 years of age.
- Our government delivered 6 crores free LPG connections under Ujjawala scheme
- 2% interest relief for MSME GST registered person
- 26 weeks of Maternity Leaves to empower the women
- More than 3 Lakhs crores for defense
- One lakh digital villages in next 5 years
- Single window for approval of India filmmakers
After the budget 2019 speech was over, financial experts around the country quoted it as the ‘Growth oriented and balanced budget’. However, the historical step by the NDA government is the tax rebate up to 5 Lakh annual income after all deductions.
Previous UPA government reached Rs 2.5 Lakh annual income for tax rebates in 70 years of governance. Conversely, the NDA government has doubled the range in just 5 years.