Union Budget 2019-20 Highlights – Major relief from Modi Government

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Union Budget 2019-20 Highlights – Major relief from Modi Government

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Finally! The wait is over, Finance Minister Mr. Piyush Goyal today presented government’s 6th and final budget 2019 before polls.

First time in the history the government has shared 10 years vison in a budget speech.

The Highlights from the Interim Budget 2019:

Tax Announcements:

  • Happiness is NO TAX till INR 5 Lakhs for individuals’ tax-payers
  • Individuals with gross income up-to 7.5 lakhs INR will not pay tax, if they make investments in prescribed equities and provident funds.
  • Standard deduction increased to INR 50,000 FROM INR 40,000 for salaried individuals.
  • Increased in TDS threshold for home-rent from INR 1.8 Lakh to INR 2.4 Lakhs.
  • Interest income up-to INR 40,000 in banks and post offices made tax-free
  • NO tax on notional rent for second ‘self-occupied home’.
  • Capital gains tax exemptions (section 54) to be available for ‘two homes’.
  • Income Tax returns to-be processed within 24 hours; returns will be paid immediately.
  • Nearly within 2 years, almost assessment and verification of IT returns will be done in a digitalized way (electronically) without the intervention of any official.
  • The limit of gratuity increased for workers.

Other Announcements:

  • INR 6,000/ year pension for farmers
  • INR 3,000/year for un-organized sector workers
  • Businesses with less than INR 5 crore annual turnover (comprising over 90% of GST payers) are allowed to quarterly returns.
  • A single window clearance for filmmakers
  • Interest subvention for farm loan-takers

Priority Areas: For building next-generation infrastructure

  • Clean and Green India
  • Building a Digitalized India that reaches every Indian
  • Clean Rivers
  • Safe drinking water
  • Expanding rural industrialization using modern technologies
  • Coastlines and Oceans – To be taken care of
  • India is becoming launchpad globally
  • Healthy India – Happy India
  • Minimum government – Maximum Governance with friendly, responsible, and pro-active bureaucracy.
  • Self-sufficiency in Food
  • Improving Agricultural productivity by emphasizing on organic food.

Experts are hailing it as a perfect Gujarati Thali for all sections of the society with Malpua reserved for the middle-class people.

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