Union budget 2019 highlights
/ Income tax exemption in Budget 2019

Union budget 2019 highlights

Finance Minister Piyush Goyal, who was appointed on January 23rd, presented the much awaited Interim budget on February 1, 2019. It is the last budget of the Modi Government before the 2019 Lok Sabha elections.

Following are the key highlights of the interim Budget 2019-20 presented by Finance Minister Piyush Goyal in the Lok Sabha

  • Income up to Rs five lakh exempted from taxation
  • Standard deduction raised to Rs 50,000 from Rs 40,000
  • Direct tax proposals to supply Rs 23,000 metal relief to three crore taxpayers
  • Persons with gross income up to Rs 6.50 lakh not needed to pay any taxation if they create investments in provident funds, such that savings and insurance.
  • 12 crore tiny, marginal farmers to be provided assured yearly income of Rs 6,000 under PM-KISAN scheme
  • TDS threshold raised to Rs 40,000 from Rs 10,000 on interest earned on bank/post workplace deposits
  • Tax exempted on notional rent on a second self-occupied house
  • TDS threshold for deduction of tax on rent to be redoubled to Rs two.40 large integer from Rs one.80 lakh
  • Tax edges for cheap housing extended until March 31, 2020
  • Tax exemption period on notional rent on unsold inventories extended to 2 years from one year
  • Allocated Rs 20,000 crore in 2018-19, Rs 75,000 crore for FY2019-20 for PM-KISAN theme
  • Interest subvention of twenty-two during disaster to be provided to farmers for the whole period of reschedulement of loan
  • 2% interest subvention to farmers for husbandry and fisheries activities; further third-dimensional just in case of timely compensation
  • Rs 3,000/month pension for 10 cr unorganised sector workers with contribution of Rs 100/55 per month underneath PM Shram Yogi Maandhan theme
  • Fiscal deficit pegged at 3.4% of gdp for 2019-20; target of three of fiscal deficit to be achieved by 2020-21
  • Current Account Deficit pegged at 2.5% of gdp for FY20
  • The 4R approach has been implemented to ensure clean banking:
  • Recognition
  • Resolution
  • Recapitalization
  • Reforms
  • Single window clearance for filmmaking to be made available to Indian filmmakers, anti-camcording provision to be introduced to Cinematography Act to combat film piracy.
  • Allocation for north-eastern region proposed to be increased to INR 58,166 crores in this year an increase of over 21% from the previous year.
  • Increased allocation for Rashtriya Gokul Mission to INR 750 crores in current year.
  • 2% interest subvention to farmers pursuing animal husbandry and fisheries.
  • Adding to his statement, Goyal said, “Urgent action to increase hydrocarbon production to decrease imports; change in bidding procedure and exploration procedure being implemented.”
  • Committee under NITI Aayog to be set up to identify and denotify nomadic and semi-nomadic communities; Welfare Development Board to be set up under Ministry of Social Justice and Empowerment for welfare of these hard-to-reach communities and for tailored strategic interventions.

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