Interim Budget 2019: Highlights of the budget for taxpayers and farmers: The interim budget of 2019 highlighted the tax sops for the middle class, mega pension plan for the unorganized sector and certain income structure for farmers. The interim budget is the last budget before the Lok Sabha elections that was presented on Friday by the Finance Minister Piyush Goyal in Lok Sabha.
Interim Budget 2019
The Finance Minister proposed the budget that relieved taxpayers for those having annual income upto Rs 5 lakh. It presented that these taxpayers the full allowance. It also gave allowance to the individuals those having income upto 6.5 lakh by relieving their tax. It said that these taxpayers don’t need to pay any tax if they make investments in provident funds and recommended equities.
These were the announcement for the taxpayers. Now, here is the plan for the workers in the unorganized sector. It presented the mega pension plan after the age of 60 years for workers in the unorganized sector and also guaranteed income for the small and medium scale farmers.
So, here are some of the highlights from the speech:
- Income up to Rs 5 lakh to get full tax repayment
- Individuals with gross income up to Rs 6.5 lakh don’t need to pay any kind of tax (if they invest in provident funds and approved equities)
- TDS threshold on rental income increased from Rs 1.8 lakh to Rs 2.4 lakh
- Post office deposits increased to Rs 40,000
- Within two years, all the analysis of tax returns will be done electronically
- Gratuity limit increased from Rs 10 lakh to Rs 30 lakh
- Pension scheme called Pradhan Mantri Shram Yogi Mandhan, to provide guaranteed monthly pension of Rs 3000 per month
- To deliver guaranteed income provision for small and marginal farmers, Pradhan Mantri Kisan Samman Nidhi scheme has been approved
- 2% interest subsidy to the farmers following animal husbandry and fisheries, who avail loan through Kisan Credit Card
- Defence Budget crosses Rs 3 lakh crore mark in FY20.
- Single window clearance for making shoot films easier
- Anti-camcording provision in Cinematography Act to fight piracy
- Government strategies one lakh digital villages
- Higher allocation for MNREGA for rural job creation
- GST on homebuyers will be reduced
ALLOCATIONS FOR SCHEMES:
- Pradhan Mantri Gram Sadak Yojana (PMGSY) is providing Rs.19,000 crore in 2019-20
- By March, 2019, all households will be having electricity connection
- Ayushman Bharat will be giving medical treatment to about 50 crore people in the country. Already, it has benefited more than 10 lakh people.
- The budget for Indian Railways is given Rs.64,587 crore in 2019-20