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Union Budget 2019

Interim Finance Minister of India Mr. Piyush Goyal on Friday 01/02/2019 presented the Union Budget 2019 in Lok Sabha.
The FM Said in his speech that:

We have resolved many problems which were coming in the way of realising our full potential as a society and an economy. We are poised to become a Five Trillion Dollar Economy in the next five years and aspire to become a Ten Trillion Dollar Economy in the next 8 years thereafter.

For detailed finance bill click here https://www.indiabudget.gov.in/ub2019-20/fb/bill.pdf

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 The brief highlights of the union budget 2019 are as: 

 Individual taxpayers do not have to pay tax on annual income of Rs 5,00,000.
If individual make investment in prescribe equity and provident fund then no need to pay tax on gross income of Rs 6,50,000

and many more:
1. Within 2 years, Tax assessment will be done electronically
2. IT returns processing in just 24 hours
3. Minimum 14% revenue of GST to states by Central Govt.
4. Custom duty has abolished from 36 Capital Goods
5. Recommendations to GST council for reducing GST rates for home buyers
7. Standard deduction has increase from 40000 to 50000
8. Exempt on tax on second self-occupied house
9. Ceiling Limit of TDS u/s 194A has increased from 10000 to 40000
10. Ceiling Limit of TDS u/s 194I has increased from 180000 to 240000
11. Capital tax Benefit u/s 54 has increased from investment in one residential house to two residential houses.
12. Benefit u/s 80IB has increased to one more year i.e. 2020
13. Benefit has given to unsold inventory has increased to one year to two years.
*Other Areas*
14. State share has increased to 42%
15. PCA restriction has abolished from 3 major banks
16. 2 lakhs seats will increase for the reservation of 10%
17. 60000 crores for manrega
18. 1.7 Lakh crore to ensure food for all
19. 22nd AIIMS has to be opened in Haryana
20. Approval has to be given to PM Kisan Yojana
21. Rs. 6000 per annum has to be given to every farmer having upto 2 hectare land. Applicable from Sept 2018. Amount will be transferred in 3 installments
22. National kamdhenu ayog for cows. Rs. 750 crores for National Gokul Mission
23. 2% interest subvention for farmers pursuing animal husbandry and also create separate department for fisheries.
24. 2% interest subvention for farmers affected by natural calamities and additional 3% interest subvention for timely payment.
25. Tax free Gratuity limit increase to 20 Lakhs from 10 Lakhs
26. Bonus will be applicable for workers earning 21000 monthly
27. The scheme, called Pradhan Mantri Shram Yogi Mandhan, will provide assured monthly pension of Rs. 3,000 with contribution of Rs. 100 per month for workers in unorganized sector after 60 years of age.
28. Our government delivered 6 crores free LPG connections under Ujjawala scheme
29. 2% interest relief for MSME GST registered person
30. 26 weeks of Maternity Leaves to empower the women
31. More than 3 Lakhs crores for defence
32. One lakh digital villages in next 5 years
33. Single window for approval of India film makers
34.   Interest other than "Interest on securities" (Section 194A(3)(i)) The limit has been exceed from Rs 10,000 to Rs 40,000

Disclaimer: The above information is based on my interpretation. Before acting on this information all readers must go through the official gazette notifications and /or to the source of information. Don't act solely on this information. I have taken care of errors while writing this article but as human if any error came in light of reader then he/she can inform me and i am not responsible for that errors. I advise readers to read the information available in official gazette and/or source of this information in case of confusion or doubt. I am not liable if someone acts on this information and suffer any type of loss or legal consequences.

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