INTERIM BUDGET 2019

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Highlights of Interim Budget 2019

Tax proposals 2019-2020 at a glance for Individuals

  1. Income Tax slabs will remain the same for FY 2019-20.
  2. No tax on notional rent of second Self-occupied House under “Income from House Property” i.e. up to two self-occupied house properties to be considered for exemption.
  3. Tax Rebate Limit under 87A increased from Rs. 3.5 lakhs to Rs. 5 lakhs for taxpayers. The maximum limit of the tax rebate increased to Rs.12,500 from the present limit of Rs. 2,500.
  4. TDS limit under Section 194A hiked from Rs 10,000 to Rs 40,000 on Post Office Savings and Bank Deposits.
  5. Standard Deduction for the salaried class increased from Rs 40,000 to Rs 50,000.
  6. Section 54 exemption now available on the second house property, provided the capital gains is less than or equal to Rs. 2 crores – to be availed only once in a lifetime.

Tax proposals 2019-2020 at a glance for Businesses, MSME & Real estate

  1. Benefits under Section 80-IBA to be extended for one more year – to the housing projects approved till 31 March 2020.
  2. Period of exemption from levy of tax on notional rent, on unsold inventories is extended from one year to two years, starting from the end of the year in which the project is completed.
  3. SMEs with earnings below Rs 5 Crores will soon file GST returns only once in 3 months.
  4. MSMEs and Traders to note that GST Registered SME units will get 2% interest rebate on an incremental loan of Rs. 1 Crore.
  5. The requirement of sourcing from SMEs by Government enterprises has been increased to 25% with 3% reserved for women-owned SMEs.
  6. A scheme of ‘Business loans up to Rs. 1 crore in 59 minutes’ will be implemented.
  7. Limit to deduct TDS on Rent under Section 194I has been increased from Rs 1,80,000 to Rs. 2,40,000.

Measures for the poor and backward class

  1. 60,000 crores are being allocated for MGNREGA in Budget Expenditure 2019-20. Additional amount would be provided if required.

Women Empowerment

  1. Providing cleaner fuel for rural women – out of the 8 crores promised free LPG connections, 6 crore is already delivered under Ujjwala Yojana and remaining will be deliveredin the coming year.
  2. More than 7,000 beneficiaries of PM Mudra Yojana are women. 15.56 crore loans of ₹7.23 lakh crore disbursed under MUDRA Yojana.
  3. Benefits of maternity leave of 26 week have provided support to women.

Banking Reforms & Insolvency and Bankruptcy Code (IBC)

  1. Outstanding loans of public sector banks increased from Rs 18 lakh crore to Rs 52 lakh crore. Under the clean banking initiative, the 4R approach i.e. Recognition, Resolution, Recapitalisation and Reforms is being followed.
  2. 3 banks namely Bank of India, Bank of Maharashtra and Oriental Bank of Commerce are out of Prompt Corrective Action (PCA)
  3. 8 public sector banks still remain within PCA framework which imposes restrictions on lending and expansion.
  4. IBC has instituted a resolution-friendly mechanism to speed-up recovery of NPAs. Consequently, Rs 3 lakh crore has already been recovered to this effect.
  5. A sum of Rs 2.6 lakh crore has been directed towards recapitalisation of Public Sector Banks (PSBs).
  6. Amalgamation of banks in place to avail economies of scale, better capital and wider geographical coverage.

Positive disruptions in Pension Sector

  1. Benefits to 10 crore workers in the unorganised sector as part of the Mega Pension Yojana.
  2. Contribute Rs. 55-100 per month and govt will contribute the same – to get Rs. 3000 pension monthly post 60.
  3. Over Rs. 35,000 crore has been allocated under the ‘One Rank One Pension’ scheme for Defence personnel.
  4. Rs. 500 crore allotted for pension schemes for individuals in other sectors.
  5. NPS rules amended in December are implemented – with increased Government contribution from 10% to 14%.

Agriculture Reforms

  1. Minimum Support Price (MSP) fixed at 50% more than the cost for all the 22 crops.
  2. Pradhan Mantri Kisan Samman Nidhi (PM-kisan) to benefit around 12 crore small and marginal farmers with a direct income support of Rs 6000 annually. Rs 75,000 crore has been allocated towards this.
  3. The amount of interest subvention has been doubled and crop loans to farmers increased to Rs 11.68 lakh crore.
  4. Allocation for Rashtriya Gokul Mission increased to Rs 750 crore. Rashtriya Kamdhenu Aayog has been established to genetically upgrade cow resources.
  5. Under Kisan Credit Card scheme, farmers pursuing animal husbandry and fisheries will get 2% interest subvention. An additional 3% interest subvention will be provided for timely loan repayment.
  6. Under National Disaster Relief Fund (NDRF), farmers affected by natural calamities will get 2% interest subvention. A prompt repayment incentive of 3% will be given for entire loan reschedulement period.

UNION BUDGET 2019

New Finance Minister Nirmala Sitaraman will now present her maiden budget on 5th July after chairing the 35th GST Council Meet recently.

CATCH LIVE UPDATES ON UNION BUDGET 2019

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Interim Budget Updates

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12:45 PM
194IB limit increased to Rs 2,40,000 from current Rs 1,80,000
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12:43 PM
Development became a Jan Andolan (people’s movement) under the present Government: FM Piyush Goyal
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12:43 PM
This is not just an Interim Budget, this is a vehicle for the developmental transformation of the nation.
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12:41 PM
Income Tax on notional rent for inventory with housing developers exempted for 2 years.
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12:40 PM
Benefit on rollover of capital gain under Section 54 from Investment in one residential house to 2 residential houses; for a taxpayer having capital gains up to 2 crore rupees; can be exercised once in a lifetime: FM Piyush Goyal
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12:40 PM
80IBA extended to all housing projects approved to 31.3.2020.
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12:39 PM
Benefit on rollover of capital gain under Section 54 from Investment in one residential house to 2 residential houses
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12:39 PM
TDS threshold on rental income raised from 1.8 lakh to 2.4 lakh rupees.
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12:37 PM
TDS on FD in Bank and Post office from Rs 10,000 to Rs 40,000
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12:38 PM
Deemed Let Out Property (DLOP) abolished on second house property.
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12:38 PM
Standard deduction incresead to Rs.50,000.
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12:36 PM
Individuals with gross income up to Rs 6.5 lakhs will not need to pay any tax if they make investments in provident funds and prescribed equities: FM Piyush Goyal
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12:33 PM
Main tax proposals in Regular Budget in June 2019..
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12:31 PM
Both tax collection and tax base have shown significant increase due to government initiatives in recent years, and we have moved to a moderate tax regime, with high collection.
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12:30 PM
56,619 crore made in BE 2018-19 for welfare of SCs and STs, increased to 62,474 crore in RE 2018-19 has been further increased to 76,800 crore in BE 2019-20.
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12:29 PM
Stamp Duty in Financial Security Transaction – Amendment proposed to streamline the process at Stock Exchange and shared with State Govt.
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12:29 PM
Allocation of health care for SC / ST – increased to 76801 Crore i.e. 35.6% increased as compared to current year.
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12:28 PM
FM announces fiscal deficit as a proportion of GDP – 3.4% for the coming year, considering need for income support for farmers.
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12:26 PM
10) #MinimumGovernmentMaximumGovernance, with proactive, responsible and friendly bureaucracy, electronic governance is the 10th dimension of our vision for India for 2030: FM Piyush Goyal
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12:25 PM
(8) Self-sufficiency in food and improving agricultural productivity with emphasis on organic food: FM Piyush Goyal
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12:26 PM
9th Healthy India – Healthy Society with envt. of health assurance and necessary infrastructure with Ayushaman Bharat Scheme. Comprehensive wellness system for all. Equal rights and concern for safety for women.
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12:25 PM
7) India becoming launchpad of the world, placing an Indian astronaut in space by 2022: FM Piyush Goyal
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12:26 PM
6) Oceans and coastlines is the sixth dimension of our vision for 2030: FM Shri Piyush Goyal #Budget2019
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12:24 PM
5) Clean Rivers – with safe drinking water to all Indians, sustaining and nourishing life, using micro-irrigation techniques; long coastline can be pivotal for the economy, using strength of blue economy and SagarMala: FM Piyush Goyal
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12:23 PM
3) Clean and Green India – an India that drives electric vehicles, with Renewable Energy becoming major source of energy, bringing down import dependence and increasing energy security for our people: FM Piyush Goyal
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12:23 PM
4) Expanding rural industrialization using modern industrial technologies, based on #MakeInIndia approach, using grassroot MSMEs and startups across the country.
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12:20 PM
2) To build a Digital India that reaches every citizen, our youth will lead us in this, by creating innumerable startups and jobs: FM Piyush Goyal
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12:16 PM
1) To build next-gen infrastructure – physical as well as social – for a 10 trillion dollar economy and to provide.
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12:16 PM
We are poised to become a 5 trillion dollar economy in the next five years, we aspire to become a 10 trillion dollar economy in the next eight years: FM Piyush Goyal
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12:15 PM
Infrastructure Development 1. More than 100 operational airports 2. Domestic passenger traffic doubled in last 5 years 3. Today, India is the fastest highway developer in the world We have gone beyond incremental growth,to attain transformative achievements : FM Piyush Goyal
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12:15 PM
80% increase in direct tax collections in 2017-18, 1.06 crore people included in tax base; more than 1 crore citizens filed IT returns for the first time, after demonetization.
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12:14 PM
Committed to eliminating the ills of black money; anti-#blackmoney measures taken have brought undisclosed income of about 1.30 lakh crore rupees to the surface; 3.38 lakh shell companies deregistered.
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12:13 PM
Demonetization – brought undisclosesd income 1.3 lac crore of tax.
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12:11 PM
Indian Customs is implementing full digitization of EXIM transactions and leveraging RFID for logistics: FM Piyush Goyal
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12:12 PM
14% growth in state tax collections was guaranteed and underwritten by Government of India.
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12:11 PM
Going forward, GST aim to benefit to small traders manufacturers and buyers by reducing their burden by filing only 1 return and turnover less than Rs. 5 crore may opt for composition scheme and file returns quarterly!!: FM Piyush Goyal
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12:10 AM
GST collections for January 2019 crossed Rs 1 lakh crore! Final figures and details of collections for the entire month will be intimated on 2nd February, 2019.
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12:08 AM
GST has been continuously reduced, resulting in relief of 80,000 crore rupees to consumers; most items of daily use for poor and middle class are now in the 0%-5% tax bracket.
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12:05 AM
Our government implemented the GST, which is undoubtedly the biggest taxation reform since Independence:
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12:03 AM
Within 2 Years all Scrunity Assessments to be done ONLINE!! Processing done by Tax experts at scrutiny at a back office. This is a welcome move.
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12:04 AM
e-assessment portal to enable seamless processing of scrutiny cases.
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12:03 AM
Within 2 Years all Scrunity Assessments to be done ONLINE!! This is a welcome move
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12:03 AM
All the scrutiny cases to be digitalised and physical interference to minimised
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12:03 AM
As declared previously, all returns to be processed in 24hours.
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12:01 AM
Simplification of Direct tax system will benefit taxpayers; Direct tax reduced and tax interface made simpler and faceless to make life easier; resulting in increase in tax collections and return filings: FM Piyush Goyal
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12:02 AM
“We have reduced tax rates for the common man and middle class”: FM
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12:01 AM
Direct Tax updates!! – Tax collection increased from Rs. 6.38 lakh crore in 13-14 to approx Rs. 12 lakh crore this year
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12:01 AM
99.54% of All Income Tax Returns were accepted without scrutiny.
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12:01 AM
Our commitment to promote renewable energy is reflected in our initiative to set up International Solar Alliance; installed solar generation capacity has increased 10 times in last five years; lakhs of new jobs being created by the sector: FM Piyush Goyal
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12:01 AM
In the last 5 years under all categories of workers, minimum wages increased by 42% which is the highest ever.
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12:00 AM
Single window clearance for filmmaking to be made available to Indian filmmakers, anit-camcording provision to be introduced to Cinematography Act to combat film privacy.
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11:58 AM
Entertainment Industry – Single window clearance for ease of shooting films will be now available for India Film Makers as well!
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11:59 AM
Aadhaar almost universally implemented; ensuring poor and middle class receive government benefits directly
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11:57 AM
Cost of data and voice calls in India is now possibly the lowest in the world; mobile and mobile part manufacturing companies have increased from 2 to 268: FM Piyush Goyal
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11:58 AM
34 Crore Jan Dhan Bank Accounts opened.
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11:58 AM
Allocation for #NorthEasternRegion proposed to be increased to 58,166 crore in this year, a 21% rise over previous year.
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11:56 AM
North Eastern states to receive significant infrastructural support.
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11:55 AM
Renewable energy sector – Installed solar energy generation capacity increased by 10 times!
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11:54 AM
India provided leadership to the global climate change effort: FM Piyush Goyal
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11:55 AM
Our commitment to promote renewable energy is reflected in our initiative to set up International Solar Alliance; installed solar generation capacity has increased 10 times in last five years; lakhs of new jobs being created by the sector.
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11:54 AM
Vande Bharat Express will provide speed, service and safety to citizens and will give a boost to ‘Make In India’.
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11:54 AM
Speed Highspeed Train – Vandey Bharat Express under Make in India
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11:53 AM
Railways – All unmanned level crossing on broad gauge network completely eliminated
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11:54 AM
All farmers affected by severe natural disasters to will continue to get 2 per cent interest subvention and additional 3 per cent on timely loan repayment
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11:52 AM
Defence Budget enhanced beyond Rs. 3 lakh crores: FM Piyush Goyal
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11:53 AM
India is the fastest highway developer in the whole world, 27 kms of highways built each day, projects stuck for decades completed; #SagarMala will help faster handling of import and export cars
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11:50 AM
75% of woman beneficiaries under PM Mudra Yojana, 26 weeks of maternity leave and Pradhan Mantri Matritiva Yojana are empowering women to be fiscally independent.
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11:48 AM
9 nine priority areas identified; National Artificial Intelligence Portal to be developed soon: FM Shri Piyush Goyal
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11:49 AM
Transactions of more than Rs. 17,500 crore on @GeM_India, resulted in savings of 25%-28%: FM Shri Piyush Goyal
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9:48 AM
One Rank One Pension which was pending for last 40 years and announced previously 35000 cr have been disbursed.
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11:47 AM
Under the Mudra Yojana – Rs. 15.56 crore businesses have been given loans
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11:48 AM
Govt. eMarketplace (GeM) has transformed public procurement and has saved approx. 28% in public procurement
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11:45 AM
GST registered SME – 2% interest concession on loans
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9:48 AM
Pradhan Mantri Matru Vandana Yojana have provided financial support to Pregnant Women themselves.
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11:43 AM
8 Crore free LPG connection under Ujwala Yojana, 6 crore have already been distributed
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11:35 AM
Max cap of Gratuity exemption raised from Rs 10 lakhs to Rs 20 lakhs
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11:41 AM
10 Cr. labourers from unorganised sector would be benefited from PM Shram Yogi Mandham – Mega Pension Yojana
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11:41 AM
Unorganized sectors workers to get Rs 3000 pm as pension after the age of 60
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11:35 AM
ESI limit raised from 15000 p.m to 21000 p.m
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11:40 AM
5% subvention to farmers for timely loan repayment
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11:35 AM
People earning salary upto Rs 21000 pm will get bonus of upto 7000 pm
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11:39 AM
Workers bonus increased from 3500 p.m upto 7000 p.m
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11:39 AM
NPS scheme liberalized from to 14% govt. contribution
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11:37 AM
Majdooor and Kaamgar i.e. the Working Class have already received 7th Pay Scale + New Pension Revised Employer contribution to 14% +Gratuity revised to 20,00,000/-
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11:36 AM
Without disturbing the existing reservation system, a 10% reservation for Economically weaker sections in educational institutions and government jobs has been ensured
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11:35 AM
In place of rescheduling of crop loans, all farmers severely affected by severe natural calamities will get 2% interest subvention and additional 3% interest subvention upon timely repayment
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11:35 AM
Rashtriya kamdhenu aayog established to enhance productivity of cows and safe genetic modification
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11:33 AM
Increased allocation for Rashtriya Gokul Mission to 750 crore in current year
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11:33 AM
This initiative will benefit 12 crore small and marginal farmers, at an estimated cost of Rs. 75,000 crore, this will enable farmers to earn a respectable living
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11:30 AM
20000 Cr is the revised estimate in the current year for PM Kisan Yojana
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11:29 AM
Under Pradhan Mantri Kisan Samman Nidhi, 6000 rupees per year for each farmer, in three installments, to be transferred directly to farmers’ bank accounts, for farmers with less than 2 hectares land holding
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11:26 AM
Worlds largest health care programme, Ayushyaman Bharat to provide Medical treatment to 50 Crore people.
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11:24 AM
Ayushman Bharat to provide free medicare to poor people.
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11:22 AM
PM Gram Sadak Yojanaa – 19000 Cr allocated
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11:18 AM
7000Cr alloted for Mahatma Gandhi National Rural Employment Gurantee Act
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11:11 AM
Fiscal deficit has been brought down to 3.4%in the revised estimate of 2018-19
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11:04 AM
Piyush Goyal goes live with the Budget 2019
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10:03 AM
FM Piyush Goyal reaches Parliament ahead of Budget 2019
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