Union Budget 2019-20 Highlights

July 6, 2019 Hot from the Oven Valli Sarvani No comments

Nirmala Sitharaman, the first woman Union Finance Minister of India in almost five decades presented the Union Budget for the financial year 2019-20 in the Parliament.

Here are the highlights of Union Budget 2019-20:

There is no change in the existing income tax slabs.
IT returns can be filed with Aadhaar card also as almost all the citizens have it.
Additional deduction of ₹1 lakh on interest paid on a loan for the affordable house of ₹45 lakh obtained before March 31, 2020.
The affordable home buyers will gain tax benefit of ₹7 lakh in the period of the interest deduction.
NRIs with Indian passports can get Aadhaar cards without waiting for the mandatory 180 days.
Cess on petrol, diesel raised by ₹1 per litre.
In order to discourage cash transactions, two per cent TDS is applicable on cash withdrawal of more than ₹1 crore in a year from the bank account.
Surcharge increased to 3 per cent on an income of ₹2 crore and 7 per cent on ₹5 crore and above.
Corporate tax was slashed to 25 per cent from 30 per cent to all companies that have an annual turnover of up to ₹400 crore.
There is a proposal to set up a TV channel exclusively for startups. No scrutiny by the tax department is required for the funds raised by the startups subject to filing income tax returns.
Under Mudra Yojana, one woman in each SHG can get a loan up to ₹1 lakh.
Jal Jeevan Mission to provide water supply to all rural households by 2024.
New series of coins will be put into circulation for visually challenged people including ₹1, 2, 5, 10 and 20.
In order to attract foreign students, Study in India programme will be launched.
Pension will be provided to shopkeepers and retailers if they pay a specific amount for a certain period of time. But, their turnover should be less than ₹1.5 crore.
Customs duty on certain parts of electric vehicles would be removed.
Proposal of ‘One Nation, One Grid’ to make sure states get Power at affordable rates. All the grids will be connected to the regional grids and there will be one national frequency.