The budget for 2019 was presented by Piyush Goyal, the Finance Minister of India. The ex-Finance Minister of India, Arun Jaitley is in the USA for medical treatment.
One of the bigger questions floating the media was if this budget will be a populist one or not. Especially in light of the upcoming general elections.
Today, we know the budget is a populist one.
Things to know about budget 2019
1. Income tax
Now, you will not have to pay tax if your income is below ₹5 lakh per annum.
Additionally, if your income is below ₹6.5 lakh per annum, you can skip paying tax if you made investments in provident funds or prescribed equities.
2. Standard deduction
The standard deduction has been raised from ₹40,000 to ₹50,000.
3. Rental income TDS
The TDS for rental income has been raised from ₹1.8 lakh to ₹2.4 lakh.
4. Gratuity limit
The gratuity limit has been raised from ₹10 lakh to ₹30 lakh.
5. Capital gains tax
The capital gains tax exemption will now be available up to ₹2 crore. Capital gains exemption will now be available for 2 houses.
6. GST in housing
A group of ministers will meet to suggest measures to make housing cheaper by reducing GST.
7. Less than 2 hectares of land
Farmers with less than 2 hectares of land will receive ₹6000 per year in three installments.
8. Farmer loss (natural calamity)
Farmers affected by a natural calamity will get an interest subvention of 2%. Timely payment will lead to an additional 3% subvention.
9. GST for businesses
Businesses with a turn over of less than ₹5 crores will be able to file returns quarterly.
10. Pension for unorganized sector
People working in the unorganized sector will be able to get a pension of ₹3000 per annum.
1. Within 2 years, Tax assessment will be done electronically
2. IT returns processing in just 24 hours
3. Custom duty has abolished from 36 Capital Goods
4. ₹60,000 crores to be for MGNREGA
5. ₹1.7 Lakh crore to ensure food for all
6. 22nd AIIMS has to be opened in Haryana
7. The government delivered 6 crores free LPG connections under Ujjawala scheme
8. 26 weeks of Maternity Leaves to empower the women
9. More than ₹3 lakh crores announced for defence
10. One lakh digital villages in next 5 years
11. Single window for approval of India film makers