On Friday, Interim finanace minister Mr. Piyush Goyel presented the much awaited Union Budget 2019 on Lok shabha. Goyal was appointed interim finance minister on 23rd January. Arun Jaitley undergoing treatement on united states. Main points of the budget are as follows
- Within 2 years, Tax assessment will be done electronically:
No doubt, this is a great step towords Digital India movement.
- IT returns processing in just 24 hours
Another a appriciatable movement by Mr. Goyel.
- Minimum 14% revenue of GST to states by Central Govt.
This is an issue for every state for a long time. Hope this will help.
- Custom duty has abolished from 36 Capital Goods
Good news for common people.
- Recommendations to GST council for reducing GST rates for home buyers
Those who are planning to buy home; here is some relief for them.
- Full Tax rebate up to 5 lakh annual income after all deductions.
This is the main highlights of Budget. Common middle-class people will be happy.
- Standard deduction has increased from 40000 to 50000
This is again an appreciable step by Government.
- Exempt on tax on second self-occupied house
Those who have second self-occupied house, here is some good news for them.
- Ceiling Limit of TDS u/s 194A has increased from 10000 to 40000
Increasing limit is always appriciatable.
- Ceiling Limit of TDS u/s 194I has increased from 180000 to 240000
Again a huge increase in tax limit.
- Capital tax Benefit u/s 54 has increased from investment in one residential house to two residential houses.
Government is encouraging people to invest their money on house property. That’s a new thing on this budget.
- Benefit u/s 80IB has increased to one more year i.e. 2020
- Benefit has given to unsold inventory has increased to one year to two years.
According to us, these are the key areas of this interim budget. There are more few areas, let’s have a look,
- State share has increased to 42%
Decentralization of power is always appreciatable.
- PCA restriction has abolished from 3 major banks
- 2 lakhs seats will increase for the reservation of 10%
Reservation in India is a major problem of job seekers. Here is a good initiative by the Government.
- 60000 crores for manrega
- 1.7 Lakh crore to ensure food for all
- 22nd AIIMS has to be opened in Haryana
- Approval has to be given to PM Kisan Yojana
- Rs. 6000 per annum has to be given to every farmer having upto 2 hectare land. Applicable from Sept 2018. Amount will be transferred in 3 installments
- National kamdhenu ayog for cows. Rs. 750 crores for National Gokul Mission
- 2% interest subvention for farmers pursuing animal husbandry and also create a separate department for fisheries.
- 2% interest subvention for farmers affected by natural calamities and additional 3% interest subvention for timely payment.
- Tax free Gratuity limit increase to 20 Lakhs from 10 Lakhs
- The bonus will be applicable for workers earning 21000 monthly
- The scheme, called Pradhan Mantri Shram Yogi Mandhan, will provide assured monthly pension of Rs. 3,000 with a contribution of Rs. 100 per month for workers in the unorganized sector after 60 years of age.
- Our government delivered 6 crores free LPG connections under Ujjawala scheme
- 2% interest relief for MSME GST registered a person
- 26 weeks of Maternity Leaves to empower the women
- More than 3 Lakhs crores for defense
- One lakh digital villages in next 5 years
- Single window for approval of India filmmakers
From a common people to farmers, we must say this is a healthy budget for all citizen of India.