2019 budget highlights: Modi government announces a dream budget for everyone. The most important thing in this budget is no income tax till Rs 5 lakh and Rs 6,000 income for farmers. The real acha dhin for all Indians.
Piyush Goyal, Union Finance Minister’s budget has proposed income tax breaks for the middle-class people and for farmers and millions of workers and staff in the unorganized sector.
Income up to Rs 5 lakh per year will be exempted from tax paying; farmers owning up to 5 hectares of land will get supporting help of Rs 6,000 every year and unorganized sector employees will get Rs 3,000 per month pension.
Here are the highlights from the Budget 2019:
Income Tax reliefs:
* No income tax till Rs 5 lakh for individuals taxpayers
* Standard deduction increased from Rs 40,000 to Rs 50,000 for salaried class.
* TDS threshold for home rent increased to 2.4 lakh from Rs 1.8 lakh.
* Interest income up to Rs 40,000 in banks and post offices made tax free.
* Capital gains exemption to be available on 2 house properties. Capital gains tax exemptions under Section 54 to be available up to Rs 2 crore.
Income tax relief on notional rent from unsold houses extended to 2 years from 1 year
Other tax-related reliefs are:
* Income Tax returns will be paid immediately
* Within nearly two years, almost all assessment and verification of IT returns will be done electronically by an anonymized tax system without any intervention by officials
Budget 2019 acha dhin for farmers:
* Rs 6,000 per year assured income support for small and marginal farmers.
* Farmers having up to 2 hectares of agricultural lands will get Rs 6,000 per year in three equal installments. The farmer’s scheme will be effective from 2018 December.
* Interest subvention for farm loan takers: Farmers affected by natural calamities to get 2% interest subvention and additional 3% interest subvention upon timely loan repayment.
* 2% interest subvention to farmers who pursue animal husbandry, fisheries jobs through Kisaan credit cards
* Kamdhenu scheme for animal husbandry
* Group of Ministers to suggest ways to reduce GST for house buyers
* Direct tax collections increased from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore; The tax base is up from Rs 3.79 crore to 6.85 crore
* Businesses with less than Rs 5 crore annual turnover, comprising over 90% of GST payers, will be allowed to return quarterly returns
* Indian Customs to fully digitized exit transactions and leveraging RFID for logistic. Govt abolishes duties on 36 capital goods
* GST collections in January 2019 has crossed Rs 1 lakh crore
Sops for workers:
* Rs 3,000 per year pension for unorganized sector workers
* New Pradhan Mantri Shram Yogi Maandhan Yojana for unorganized sector workers with income up to Rs 15,000 per month. Beneficiaries will get Rs 3,000 per month pension with a contribution of Rs 100 per month after the retirement. Govt allocates Rs 500 crore for the scheme. Gratuity limit increased for workers
* Rs 60,000 crore for MNREGA
* Rs 19,000 allocated for construction of rural roads under Gram Sadak Yojana
* Govt increases the defense budget to over Rs 3 lakh crore. Govt will provide additional funds for Defence if needed.
* We have disbursed 35,000 crore rupees under #OROP scheme in the last few years
*Railway’s operating ratio seen 96.2% in FY19 Vs 95% FY20.
*Railway capex for FY20 set at record Rs 1.6 lakh crore
* Today there is not a single unmanned railway crossing on the broad gauge in India.
Photo credits: HT