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 |
||||
Income |
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