HIGHLIGHTS OF INTERIM BUDGET 2019

alltaxtricks- Interim budget 2019
alltaxtricks- Interim budget 2019

On Feb 01st 2019, Finance Minister Piyush Goyal Presented Much awaited Interim Budget in Lok Sabha in the front of all assembly members.

In this blog, We will discuss the Highlights of the Interim budget (Sector by sector).

Here is a look at the main points or Highlights of the Interim Budget 2019, which was presented by Piyush Goyal.

Interim budget 2019- Allatxtricks
Interim budget 2019 – alltaxtricks

INCOME TAX

  • No income tax Deductions for earnings up to ₹5 lakh.
  • Individuals with gross income of up to ₹6.5 lakh need not pay any tax if they make investments in provident funds and prescribed equities.
  • Standard tax deduction for salaried persons raised from ₹40,000 to ₹50,000.
  • TDS threshold on interest on bank and post office deposits u/s 194A raised from ₹10,000 to ₹40,000.
  • TDS threshold on rental income u/s 194I increased from ₹1.8 lakh to ₹2.4 lakh.
  • Tax free Gratuity limit increase to ₹30 Lakhs from ₹10 Lakhs.
  • Income Tax returns to be processed within 24 hours and refunds will be paid immediately.
  • Within the next 2 years, all verification of tax returns to be done electronically eradicating Manual intervention.
  • Benefit has given to unsold inventory has increased to one year to two years.

AGRICULTURE / FARMERS

  • Package of ₹6000 per annum for farmers with less than 2 hectares of land. Scheme to be called Pradhan Mantri Kisan Samman Nidhi.
  • All farmers affected by severe natural calamities to get 2% interest subvention and additional 3% interest subvention upon timely repayment
  • Decision taken to increase MSP (minimum support price) by 1.5 times the production cost for all 22 crops.
  • 2% interest subvention for farmers pursuing animal husbandry.

RAILWAYS:

  • Railway’s operating ratio seen 96.2% in FY-19 Vs 95% FY-20.
  • Railway capex for FY-20 set at record ₹1.6 lakh crore.
  • Steps to eradicate unmanned railway crossing on the broad gauge in India.
  • Vande Bharat Express, an indigenously developed semi high-speed train, to be launched.

GST: 

  • Group of Ministers to suggest ways to reduce GST for house buyers.
  • Businesses with less than ₹ 5 crore annual turnover, comprising over 90% of GST payers, will be allowed to file quarterly returns.
  • Indian Customs to fully digitised EXIM transactions and leverage RFID for logistic.

RURAL ALLOCATIONS:

  • An Amount of ₹ 60,000 crore for MNREGA (Mahatma Gandhi National Rural Employment Gurantee Act)
  • An amount of ₹ 19,000 crore allocated for construction of rural roads under Gram Sadak yojana

DEFENCE:

  • Govt increases defence budget to over ₹ 3 lakh crore.
  • Govt will provide additional funds for Defence, if needed. 
  • Till now Govt has disbursed ₹ 35,000 crores under #OROP scheme (One Rank & One Pension Scheme) in the last few years.

FILM MAKING:

  • A single window clearance will be made available to filmmakers, anti-camcording provision to also to be introduced in Cinematography Act to fight piracy.

SOCIAL SCHEMES: 

  • Govt to build 1 lakh digital villages.
  • To ensure cleaner fuel and health assurance, we embarked upon Pradhan Mantri Ujjwala Yojana, a programme to give 8 crore free LPG connections to rural households, 6 crore connections have been given already.
  • Committee under NITI Aayog to be set up for denotifed nomadic & semi nomadic communities.
  • ₹ 3,000 per year pension for unorganised sector workers.
  • New Pradhan Mantri Shram Yogi Maandhan Yojana for unorganised sector workers with income up to ₹ 15,000 per month. Beneficiaries will get ₹ 3,000 per month pension with a contribution of ₹ 100 per month after retirement. Govt. allocates ₹ 500 crore for this scheme.

List of Top priority sectors for govt: 

Govt. gives priority to build next-generation infrastructure – physical as well as social; Below is the list of Top Priority sectors for govt:

  1. To build a Digital India that reaches every citizen;
  2. Clean and Green India;
  3. Expanding rural industrialization using modern industrial technologies;
  4. Clean Rivers – with safe drinking water to all Indians;
  5. Oceans and coastlines (Maintenance & Protection);
  6. India becoming launchpad of the world;
  7. Self-sufficiency in food and improving agricultural productivity with emphasis on organic food;
  8. Healthy India;
  9. Minimum Government Maximum Governance, with proactive, responsible and friendly bureaucracy.

Conclusion:

Hope this blog gives adequate information of Interim Budget 2019.

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Author: SRINIVASAN VENKATESH

The author is a Digital marketer & also worked as a TDS (Tax Deducted at Source) Operations Manager, He has more than 4 years of Experience in TDS Processing & Uploading, also has experience on TDS Default Clearance which raised by Income Tax Department (Reflected in TRACES). He was also handled a Project of “Entire Employees PAN Database Error identification & Rectification” for Murugappa Group (Various units like EID Parry (India) Ltd, Parry Agro Industries Ltd, Murugappa Holdings Ltd etc.., ), Which helped them to avoid huge Tax Defaults & due to this project the company saved a lot of amount. He worked as a TDS Consultant in the PVT Firm in Bangalore, Handled Corporate Clients Like South Western Railway (Bangalore Division), Karnataka Traffic Police (Bangalore Division), Karnataka Power Corp (KPTCL), Bangalore Electricity Company (BESCOM), Gulburga Electricity Company (GESCOM) Mphasis, Axiss Dental, LifeStyle International, State Bank of India, UCO Bank, Food Corporation of India (Chennai & Bangalore), Life Insurance Corporations & Govt Institutions in Karnataka & Tamil nadu. For any Support, Kindly contact us… Our email : [email protected]
About SRINIVASAN VENKATESH 19 Articles
The author is a Digital marketer & also worked as a TDS (Tax Deducted at Source) Operations Manager, He has more than 4 years of Experience in TDS Processing & Uploading, also has experience on TDS Default Clearance which raised by Income Tax Department (Reflected in TRACES). He was also handled a Project of "Entire Employees PAN Database Error identification & Rectification" for Murugappa Group (Various units like EID Parry (India) Ltd, Parry Agro Industries Ltd, Murugappa Holdings Ltd etc.., ), Which helped them to avoid huge Tax Defaults & due to this project the company saved a lot of amount. He worked as a TDS Consultant in the PVT Firm in Bangalore, Handled Corporate Clients Like South Western Railway (Bangalore Division), Karnataka Traffic Police (Bangalore Division), Karnataka Power Corp (KPTCL), Bangalore Electricity Company (BESCOM), Gulburga Electricity Company (GESCOM) Mphasis, Axiss Dental, LifeStyle International, State Bank of India, UCO Bank, Food Corporation of India (Chennai & Bangalore), Life Insurance Corporations & Govt Institutions in Karnataka & Tamil nadu. For any Support, Kindly contact us... Our email : [email protected]

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