Union Budget 2019 Highlights

By: Makemymoney

Finance Minister Piyush Goyal revealed the much awaited Union Budget 2019 on 1st.February. Reaction after the declaration of 2019 budget is quite favorable. Let’s figure out what is actually hidden in a new budget tale.

  • Taxpayers with total annual income of Rs.5 Lakh get a full tax rebate
  • Individual with gross income of Rs. 6.5 lakh per annum need to pay tax if they are making an investment in PF and other prescribed equities
  • Gratuity limit increased from 10 lakh to 30 lakh

Here are some more Budget 2019 highlights, also learn about tax saving options beyond section 80C

  • Tax slab will remain the same for a taxpayer earning above Rs. 5Lakh pa
  • For a salaried person, a standard tax deduction for a salaried person raised from Rs. 40,000 to 50,000/-
  • From 1.8 lakh to 2.4 Lakh TDS threshold on rental income has been raised 
  • For all housing projects, benefits under section 80(i) BA are being extended till the end of 2019-20
  • TDS from interest income deposit in post offices and banks up to rs. 40,000 against Rs 10,000 earlier
  • Businesses with less than 5 crore turnover are allowed to return quarterly return, compromising over 90% of GST payers
  • GST registered for MSME units get 2% interest subvention on loan of 1 crore

Budget 2019: Who got what? 

  • Within almost 2 years, tax assessments, verifications and IT return electronically
  • Data & voice call cost will be reduced to its minimum costs in India, and this possibly be the lowest one in the world
  • Allocation for north-eastern region proposed to be increased by 21% from the previous year
  • Farmers pursuing animal husbandry and fisheries will get 2% interest subvention
  • Mega pension yojana, to provide assured Rs.3000/- per month monthly pension, with the contribution of 100Rs per month, for workers in the unorganized sector after 60 Years of age
  • 6000/- per year for each farmer in three installments under Pradhan Mantri Kisan Samman Nidhi, transferred directly into the account of an individual with less than 2 hectares of land holding
  • The 4-R approach i.e. Recognition, Reform, Resolution, Recapitalization, will soon be implemented

After presenting the Budget 2019 in Lok Sabha, Finance Minister attended a press conference where he mentioned that considering the hard situation faced by farmers we have decided to introduce Pradhan Mantri Kisan Nidhi Scheme for the growth and welfare of farmers.   

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