Budget 2019 Highlights, Full Tax rebate upto 5 lakh annual income
Budget 2019 Highlights, Full Tax rebate upto 5 lakh annual income. The present budget of the present government of Modi Government is being presented today. In absence of Arun Jaitley, Piyush Goyal as the finance minister is presenting it. Because of the Lok Sabha elections, this time the vote on account is being presented. It has been approved by the Parliament for the first four months of the new financial year. The tradition of interim budget continues in the election year from 1948. After the Lok Sabha elections, the new government will present a full budget in July. Economic survey will also be introduced in July.
- 1. Within 2 years, Tax assessment will be done electronically
- 2. IT returns processing in just 24 hours
- 3. Minimum 14% revenue of GST to states by Central Govt.
- 4. Custom duty has abolished from 36 Capital Goods
- 5. Recommendations to GST council for reducing GST rates for home buyers
- 6. Full Tax rebate upto 5 lakh annual income after all deductions.
- 7. Standard deduction has increase from 40000 to 50000
- 8. Exempt on tax on second self-occupied house
- 9. Ceiling Limit of TDS u/s 194A has increased from 10000 to 40000
- 10. Ceiling Limit of TDS u/s 194I has increased from 180000 to 240000
- 11. Capital tax Benefit u/s 54 has increased from investment in one residential house to two residential houses.
- 12. Benefit u/s 80IB has increased to one more year i.e. 2020
- 13. Benefit has given to unsold inventory has increased to one year to two years.
14. State share has increased to 42%
15. PCA restriction has abolished from 3 major banks
16. 2 lakhs seats will increase for the reservation of 10%
17. 60000 crores for manrega
18. 1.7 Lakh crore to ensure food for all
19. 22nd AIIMS has to be opened in Haryana
20. Approval has to be given to PM Kisan Yojana
21. 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
22. National kamdhenu ayog for cows. Rs. 750 crores for National Gokul Mission
23. 2% interest subvention for farmers pursuing animal husbandry and also create separate department for fisheries.
24. 2% interest subvention for farmers affected by natural calamities and additional 3% interest subvention for timely payment.
25. Tax free Gratuity limit increase to 20 Lakhs from 10 Lakhs
26. Bonus will be applicable for workers earning 21000 monthly
27. The scheme, called Pradhan Mantri Shram Yogi Mandhan, will provide assured monthly pension of Rs. 3,000 with contribution of Rs. 100 per month for workers in unorganized sector after 60 years of age.
28. Our government delivered 6 crores free LPG connections under Ujjawala scheme
29. 2% interest relief for MSME GST registered person
30. 26 weeks of Maternity Leaves to empower the women
31. More than 3 Lakhs crores for defence
32. One lakh digital villages in next 5 years
33. Single window for approval of India film makers
1 Government declared a major change in the income tax slab and proposed tax rebate on income of up to Rs 5 lakh, which was so far 2.5 lakh rupees. This will benefit 30 million middle class families.
2 Government also said that the standard deduction from Rs 40 thousand to 50 thousand rupees At the same time, the government announced no tax to the extent of 40 thousand rupees on the interest of FD in banks, which had a limit of Rs 10 thousand so far.
3 Finance Minister while making a big announcement for small-marginal farmers said that the farmers of two hectares will go directly to the account of 6 thousand rupees annually. This scheme will be applicable from 1 December 20018. This scheme of government will benefit about 12 crore farmers.
The Government will start the Kamdhenu scheme for 4 cows. The Commission will also be formed for fish farming. For loans for animal husbandry and pisciculture, a 2% discount will be given in the loan.
5 The Government announced a major announcement for the working people and said that the recommendations of the Pay Commission will be implemented soon. The new pension scheme will be made easy for the government employees.
6 The government has given a bonus of 7 thousand rupees to the workers who work on less than 21 thousand monthly salary. Along with this, the limit of gratuity was increased to 20 lakhs.
7 Prime Minister Shram Yogi Mann Yojana has been approved, which will be given to the employees earning 15 thousand rupees. In the event of accidental death of the worker, a compensation of Rs 6 lakh has been announced. The government
8, declaring that while the EPF is cut, they will be provided insurance of Rs. 6 lakhs.
Keeping in mind the 9 women, the government has made a very important announcement and said that the government has given 6 crore women under LJG connection under the Ujjwala scheme. Under this scheme, 8 crore and LPG connections will be given to women.
Presenting the 10th budget, the Finance Minister said that AIIMS is being developed on the lines of Delhi’s AIIMS to provide quality healthcare to the people across the country. Under this, 22nd AIIMS of the country is going to start in Haryana.
- “In the next two years the verification of ITR will be online immediately. It will not be the role of a tax officer. For further scrutiny, the office will not have to go. Who is the tax officer and who is the tax payer, both of them will not be able to know. “
- “All the problems related to income tax are being solved online. 99.54% income tax returns have been approved without any scrutiny. Now all income tax returns will be processed in 24 hours and refunds will be given immediately.
- “Interest on tax and TDS on bank and post office deposits has been increased from 10 thousand to 40 thousand rupees. “If you get a rent of up to 2.40 lakh, TDS will not be given.”
- “300 crore middle class tax payers, small traders, pensioners and senior citizens will get relief in tax. This will bring the government Rs 18,500 crore. “-” Standard deduction has been increased from Rs 40 thousand to 50 thousand rupees. “
- “Individual tax payers having income up to Rs 5 lakh will be completely tax free.”
- 1.58 lakh crore provision has been made for development works in the railway. Last year, the government had allocated Rs 1.48 lakh crore for this. Goyal said, “All unmanned crossings have been eliminated on the Broadgage network. The Semi-High Speed Train Vande Bharat Express, developed in the country, will make people realize the world class journey. Meghalaya, Tripura and Miroj came to the railway map for the first time. “
the middle class
- Government will give more relief to those who buy the house through GST
- After the report of the Seventh Pay Commission, his recommendations were implemented as soon as possible. The new pension scheme has increased the contribution of the government from 4 per cent to 14 per cent. Those who earn 21 thousand rupees per month will receive a bonus. This bonus is 7 thousand rupees. Gratuity limit has been increased from 10 lakh to 20 lakh rupees. The minimum pension for every worker is now one thousand rupees.
- “Home workers also need to provide social security. In addition to Ayushman Bharat and Jeevan Jyoti Bima and Suraksha Yojana, we are bringing the Prime Minister Shram Yogi Mansa Pension Scheme. After completing 60 years of age, he will get a pension of Rs 3,000 per month. “
- “The government will contribute equally to the workers’ pension account. People in the unorganized sectors will get the benefit of this scheme. 500 crore for this scheme. More than that will be provided. “