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.
- 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.
- 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.
- 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.
- 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
- Govt increases
defencebudget to over ₹ 3 lakh crore.
- Govt will provide additional funds for
- Till now Govt has disbursed ₹ 35,000 crore
s under#OROP scheme (One Rank & One Pension Scheme) in the last few years.
- A single window clearance will be made available to filmmakers, anti-camcording provision to also to be introduced in Cinematography Act to fight piracy.
- 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
crorefree 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
- 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:
- To build a Digital India that reaches every citizen;
- Clean and Green India;
- Expanding rural industrialization using modern industrial technologies;
- Clean Rivers – with safe drinking water to all Indians;
- Oceans and coastlines (Maintenance & Protection);
- India becoming
launchpad of the world;
- Self-sufficiency in food and improving agricultural productivity with emphasis on organic food;
- Healthy India;
- Minimum Government Maximum Governance, with proactive, responsible and friendly bureaucracy.
Hope this blog gives adequate information of Interim Budget 2019.
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