Budget 2019 Highlights

2019-The Government Budget is an annual financial statement presenting the revenues and spending for a financial year that is often passed by the legislative, approved by the Chief Executive or President and presented by the Finance Minister to the Nation.

Highlights of Budget 2019

Full Tax rebate up to 5 lakh annual income after all deduction

1. Individual taxpayers with annual income up to Rs.5 lakh to get a full tax rebate.
2. Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in PF and prescribed equities.
3. Exempt on tax on the second self-occupied house.
4. Standard tax deduction for salaried persons raised from Rs.40,000 to Rs.50,000.

Taxation and Compliances

1. TDS threshold on rental income raised from 1.8 lakh to 2.4 lakh.
2. Ceiling Limit of TDS u/s 194A has increased from 10000 to 14000.
3. Ceiling Limit of TDS u/s 194l has increased from 180000 to 240000.
4. A capital tax benefits u/s 54 has increased from investment in one residential house to two residential houses.
5. Benefit u/s 80IB has increased to one more year i.e.2020.
6. Benefit has given to unsold inventory has increased to one year to two years.
7. Tax-Free Gratuity limit increased from 10 lakhs to 30 lakhs.
8. Benefits under Sec 80(i)BA is extending for one more year, for all housing projects approve until the end of 2019-20.
9. Businesses with less than 5 crores annual turnover, comprising over 90% of GST payers, will be allowed to return quarterly returns.
10. GST has continuously reduced, resulting in relief of 80,000 crores to consumers; most items of daily use for the poor and middle class are now in the 0%-5% tax bracket.
11. Mega Pension Yojana, namely PMRPY, to provide assured monthly pension of Rs.3000 per month, with the contribution of Rs.100 per month, for workers in the unorganized sector after 60 years of age.
12. This will benefit 10 crores workers in the unorganized sector, may become the world's biggest pension scheme for the unorganized sector in five years.
13. Under Pradhan Mantri Kisan Samman Nidhi, Rs.6000 per year for each farmer, in three installments, to transfer directly to farmers' bank accounts, for farmers with less than 2 hectares landholding.

Other Areas

1. PCA restriction has abolished from 3 major banks.
2. 1.7 lakh crore to ensure food for all.
3. 22nd AIIMS to be open in Haryana.
4. Rs.6000 per annum has to be given to every farmer having up to 2-hectare land. Applicable from Sept 2018. The amount will transfer in 3 installments.
5. National Kamdhenu Ayog for cows Rs.750 crores for National Gokul Mission.
6. 2% interest subvention for farmers affected by natural calamities and additional 3% interest subvention for timely payment.
7. 26 weeks of Maternity Leaves to empower women.
8. More than 3 lakh crores for defense.
9. one lakh digital villages in next 5 years.
10. Single window approval of India filmmakers.

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