To read highlights of the Full Budget tabled by Finance Minister Nirmala Sitharaman on 5th July 2019 Click Here
The government introduced the interim budget for financial year 2019-20 in February 2019 before the general election. Following are highlights of the Interim Budget:
- Within 2 years, Tax assessment will be done electronically
- IT returns processing in just 24 hours
- Minimum 14% revenue of GST to states by Central Govt.
- Customs duty has abolished from 36 Capital Goods
- Recommendations to GST council for reducing GST rates for home buyers
- Full Tax rebate up to 5 lakh annual income after all deductions.
- Standard deduction has increased from 40000 to 50000
- Exempt on tax on second self-occupied house
- Ceiling Limit of TDS u/s 194A has increased from 10000 to 40000
- Ceiling Limit of TDS u/s 194I has increased from 180000 to 240000
- Capital tax Benefit u/s 54 has increased from investment in one residential house to two residential houses.
- 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.
- State share has increased to 42%
- PCA restriction has abolished from 3 major banks
- 2 lakhs seats will increase for the reservation of 10%
- 60000 crores for MNREGA
- 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 up to
2 hectare land. Applicable from Sept 2018. The 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
- A 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
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
To read highlights of the Full Budget tabled by Finance Minister Nirmala Sitharaman on 5th July 2019 Click Here