BUDGET SUMMARY WITH MAJOR HIGHLIGHTS OF THE INTERIM BUDGET 2019-20
Interim Budget 2019-20 was presented in Parliament today by the Union Minister for Finance, Corporate Affairs, Railways & Coal, Shri Piyush Goyal. Besides having a major Scheme for the farmers, it provides tax sops and sets the Developmental Agenda for the years to come.
Major highlights of the Interim Budget 2019-2020:
- Individual taxpayers having taxable annual income up to Rs.5 lakhs will not be required to pay any income tax.
- For salaried persons, Standard Deduction is being raised from the current Rs.40,000 to Rs.50,000
- TDS threshold on interest earned on bank/post office deposits is being raised from Rs. 10,000 to Rs.40,000
- TDS threshold for deduction of tax on rent is proposed to be increased from Rs. 1,80,000 to Rs.2,40,000 for providing relief to small taxpayers.
- Within 2 years, Tax assessment will be done electronically
- IT returns processing in just 24 hours
- Custom duty has abolished from 36 Capital Goods
- Exemption on levy of income tax on notional rent on a second self-occupied house is also now proposed. Currently, income tax on notional rent is payable if one has more than one self-occupied house.
- Announcing an allocation of Rs.60,000 crores for MGNREGA for Budget Estimates 2019-20, the Finance Minister said that additional allocations will be made, if required.
- Pradhan Mantri Gram Sadak Yojana (PMGSY) is being allocated Rs.19,000 crore in BE 2019-20 as against Rs.15,500 crore in RE 2018-19.
- 2% interest subvention for farmers affected by natural calamities and additional 3% interest subvention for timely payment.
- world’s largest healthcare programme, Ayushman Bharat, to provide medical treatment to nearly 50 crore people in the country, around 10 lakh patients have already benefited through free treatment for medical treatment which would have otherwise cost them Rs. 3,000 crore
- Allocation for Integrated Child Development Scheme (ICDS) is being increased from Rs.23,357 crore in RE 2018-19 to Rs.27,584 crore in BE 2019-20.
- More than 3 Lakhs crores for defence
- One lakh digital village in next 5 years
- Single window for approval of India film makers
- Capital support from the budget for Indian Railways is proposed at Rs.64,587 crore in 2019-20 (BE)
- New Scheme- namely “PRADHAN MANTRI KISAN SAMMAN NIDHI (PM-KISAN)” to extend direct income support at the rate of Rs. 6,000 per year to farmer families, having cultivable land upto 2 hectares is announced.
- Under this Government of India funded Scheme, Rs.2,000 each will be transferred to the bank accounts of around 12 crore Small and Marginal farmer families, in three equal instalments. This programme would be made effective from 1st December 2018 and the first instalment for the period upto 31st March 2019 would be paid during this year itself,
- To provide pensionary benefits to at least 10 crore labourers and workers in the unorganised sector a new Scheme called ‘PRADHAN MANTRI SHRAM-YOGI Maandhan’ is announced.