Union Budget 2019

Yashwant Kale General Knowledge Leave a Comment

Union budget was presented on February 1, 2019 by Finance Minister Piyush Goyal in Lok Sabha. Piyush Goyal was appointed as interim Finance Minister on 23 January, 2019 with Arun Jaitley who is presently undergoing treatment in United States. Some of the key features of Union Budget 2019 are:

  1. Full tax rebate for individual tax payers who have annual income of 5 lakh rupees. Individuals with annual income of 6.5 lakh rupees will not have to tax if they are investing in provident funds and also in prescribed equities.
  2. Individuals with annual income over 5 lakh remain unchanged.
  3. Deduction in standard taxation for salaried person has been raised from 40,000 to 50,000 rupees.
  4. Finance Minister also stated that “Around 3 crore middle-class taxpayers will get exempted due to the measures”.
  5. A raise in the TDS threshold rental income has been stated from 1.8 lakh rupees to 2.4 lakh rupees.
  6. TDS on interest income from deposited banks and post-office was earlier 10,000 rupees, now have been increased to 40,000 rupees.
  7. An increase in the limit for Gratuity from 10 lakh to 30 lakh rupees.
  8. For all housing projects till the end of 2019-2020 have been benefited under section 80(i)BA (extended to one year)
  9. Quarterly returns to business with less than 5 lakh annual turnover along with over 90% GST payers.
  10. It is stated that GST has been reducing which is resulting in the relief of 80,000 crore rupees customers; there has been a tax bracket of 0%-5% for items of daily use for poor and middle class.
  11. There has been interest subvention on loans of 1 crore for MSME units which are GST registered.
  12. “Cost for data and voice calls in India is now possibly the lowest in the world; mobile and mobile part companies have been increased from 2 to 268”, Finance minister stated.
  13. Rashtriya Gokul Mission has increased allocation to 750 crore in current year.
  14. For farmers having animal husbandry and fisheries get subvention of two percent.
  15. For clear baking 4R approach has been launched: Recognition, Resolution, Recapitalization and Reform.
  16. Finance Minister also laid out the vision for 10 most important dimension as for 2030 which have included job creation, physical and social infrastructure building, pollution free and a nation with clean riers.
  17. Mega pension yojana ensures to provide assured a monthly pension of 3000 rupees along with a contribution of 100 rupees per month for workers under unorganized sector who are above the age of 60 years.
  18. This pension yojana is set to benefit about 10 crore workers under unorganized sector.
  19. 6000 rupees each year to farmers in three installments will be provided to farmers account with less than 2 hectares of land under Pradhan Mantri KisanSamman Nidhi.
  20. A 3.4% decrement in Fiscal deficit; Current account deficit is likely to be about 2.5% of the current GDP pf this year.

By considering all the above-mentioned points, we can say that Union Budget 2019 is like a win-win situation for everyone.

 

 

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