Union Budget 2019 Highlights:
.Finance Minister Piyush Goyal presented the union budget 2019 in Lok Sabha(Piyush Goyal is interim Finance Minister of India in place of Arun Jaitley who is undergoing treatment)
- Individual taxpayers with annual income upto 5 lakh rupees to get full tax rebate
- Individuals with gross income up to 6.5 lakh will not need to pay any tax if they make investment in provident fund
- Standard tax deduction for salaried person raised from 40000Rs to 50000Rs
- Gratuity limit increased from 10 lakh to 30 lakh rupees
- Two per cent interest subvention on loan of 1 crore for GST registered MSME units.
- 12 crore small, marginal farmers to be provided assured yearly income of Rs 6,000 under PM-KISAN scheme if having land area upto 5 acre.
- TDS threshold raised to Rs 40,000 from Rs 10,000 on interest earned on bank/post office deposits
- Tax benefits for affordable housing extended till March 31, 2020
- Allocated Rs 20,000 crore in 2018-19, Rs 75,000 crore for FY2019-20 for PM-KISAN scheme
- Interest subvention of 2% during disaster to be provided to farmers for the entire period of reschedulement of loan
- Government increased fund for agriculture sector by 73%.Earlier it was 86000rs,but now increased to 150000rs.Also fund of steel sector increased by 55% and of revenue department by 94.4%
- Rs 3,000/month pension for 10 cr unorganised sector workers with contribution of Rs 100/55 per month under PM Shram Yogi Maandhan scheme
- Defence budget to cross Rs 3,00,000 cr for the first time
- One lakh villages to be transformed into digital ones in 5 years
- 22nd AIIMS to be setup in Haryana in Rewari
- Rs 60,000 crore allocation for MGNREGA in 2019-20
- India poised to become USD 5 trillion economy in next 5 years; aspires to become USD 10 trillion in the subsequent 8 years
- TDS Rebate in house rent increased from 1.80 to 2.40 lakh rs.
- 3000rs pension amount will be given after 60 years after paying 100rs every month.
- A separate Department of Fisheries to be created for welfare of 1.5 crore fisherman
Tax Rates for Individuals
Rates of Income Tax
Individual (Age less than 60 Years)
Senior Citizen (Age above 60 Years)
Super Senior Citizen (Age above 80 Years)
|1.||Up to Rs. 2,50,000||Nil||Nil||Nil|
|2.||Rs. 2,50,000 to Rs. 3,00,000||5%||Nil||Nil|
|3.||Rs. 3,00,000 to Rs. 5,00,000||5%||5%||Nil|
|4.||Rs. 5,00,000 to Rs. 10,00,000||20%||20%||20%|
|5.||Above Rs. 10,00,000||30%||30%||30%|
Union Budget 2019 Highlights Union Budget 2019 Highlights Union Budget 2019 Highlights Union Budget 2019 Highlights Union Budget 2019 Highlights Union Budget 2019 Highlights Union Budget 2019 Highlights