Union Budget Highlights 2019 | Fusion - WeRIndia

Union Budget Highlights 2019

Union Budget Highlights 2019

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.

Image credit: Image by Steve Buissinne from Pixabay (Free for commercial use)

Image Reference: https://pixabay.com/it/photos/risparmio-bilancio-investimenti-2789112/

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