Key Highlights from Budget 2019 [A Must 5 Minutes Read] By CS Gaurav Kumar

Dear Friends,

This is the first time that a Chartered Accountant who is the Finance Minister of the country Shri Piyush Goyal has presented the Budget. Let us quickly go through the proposed budget:

One relief that has been provided is that Income upto Rs 5 lakh will not have to pay any income 
tax for FY2019-20. Also, 
If we see that budget of the last year 2018, Government had provided tax relief to taxpayers.

Budget 2014, the minimum tax-exemption limit was raised from Rs 2 lakh to Rs 2.5 lakh. Along with that deduction, limit under section 80C was hiked by Rs 50,000 to Rs 1.5 lakh and deduction on interest paid on a housing loan to Rs 2 lakh.

Currently, income up to Rs 2.5 lakh for resident individuals (age below 60 years) is exempt from tax and now it has been increased to Rs 5 lakh which is a welcome step by the Governemnt.

Let us see the Crux in para-wise:

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. Customs 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 increased 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. The 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 a 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. The bonus will be applicable to workers earning 21000 monthly

27. The scheme, called Pradhan Mantri Shram Yogi Mandhan, will provide assured monthly pension of Rs. 3,000 with the contribution of Rs. 100 per month for workers in the 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 defense

32. One lakh digital villages in next 5 years

33. Single window for approval of India filmmakers
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