Union Budget Highlights 2019 | Fusion - WeRIndia

An Interim Budge was presented by Union Finance Minister Piyush Goyal yesterday.

As an Interim Budget does not unveil new policy measures, the full-pledged Budget would be presented after the general elections.

The government said that the Budget focuses on all sections of people.

Here the highlights of Interim Budget 2019:

• People who earn up to ₹5 lakh are essentially tax exempted due to increased rebate of ₹12,500.
• Even the individuals who earn more than that up to ₹6.5 lakh also need not pay tax. But they have to invest in provident and prescribed equities.
• Standard tax deduction for salaried employees has been raised to ₹50,000. It was ₹40,000 earlier.
• TDS threshold increased to ₹40,000 from ₹10,000 on interest on deposits in banks and post offices.
• TDS threshold on rental income also raised from ₹1.8 lakh to ₹2.4 lakh.
• The process of tax returns will be eased. The processing of returns will be done in 24 hours.
• In the coming 2 years, all verification regarding tax returns would be done electronically.
• Pradhan Mantri Kisan Samman Nidhi is unveiled under which each farmer that has less than 2 hectares of land gets ₹6,000 per annum.
• Under Pradhan Mantri Shramyogi Maan Dhan Yojana, workers in the organised sector with an income of less than ₹15,000 per month would get a pension of ₹3000 after the age of 60.
• Around one lakh villages are aimed to be developed digitally in the next five years.
• Vande Bharat Express will be launched. It is a semi-high speed train developed indigenously.
• Allocation of funds to Northeast region has been increased to ₹58,166 crore for the development of infrastructure.
• Single window clearance assured for Indian filmmakers.
• In order to prevent piracy of Bollywood films, anti-camcord regulations would be introduced in the Indian Cinematograph Act.
• ESI cover limit and minimum pension has been increased to ₹21,000 and ₹1000 respectively.
• The MSP (minimum support price) has been increased by 1.5 times the production cost for all 22 crops.
• Farmers pursuing animal husbandry would get a subsidy of 2 percent interest. The farmers who are affected by natural calamities would also get this subsidy. And a timely repayment would get an additional 3 percent subvention in interest.

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