We came to that part of the year where we all are glued to our television sets for the Budget for our nation. The Union Budget of India for 2019–2020.
This time Budget was presented by Interim Finance Minister Mr. PiyushGoyal on 1 February 2019. Budget 2019 is a mixed bag for farmers and middle class. The budget may give a little to the rich but a lot more to the poor. Here are some key highlights of the Union Budget 2019-2020:
1. A scheme for farmers under which the government will transfer Rs 6,000 p.a. in three installments for each small and marginal farmers (holding of less than 2 hectares of land) in farmer’s bank account.
2. Gratuity limit has been increased from Rs 10 lakh to Rs 30 lakh. 3. A total of 26 weeks of maternity leave for working women to empower women across the country. 4. Pension scheme for unorganized sector under which workers in unorganized sector will get a monthly pension of ? 3000 per month after 60 years of age. 5. Defence budget pegged at Rs 3.05 lakh crore. 6. No income tax for income up to ?5 lakh. 7. Individuals with gross income of up to ?6.5 lakh need not pay any tax if they make investments under 80C. 8. Standard tax deduction for salaried persons raised from ?40,000 to ?50,000 9. TDS threshold on interest on bank and post office deposits raised from ?10,000 to ?40,000 10. TDS threshold on rental income increased from ?1.8 lakh to ?2.4 lakh 11. 25% of sourcing for government projects will be from the MSME, of which 3% will be from women entrepreneurs. 12. The 22nd AIIMS will come up in Haryana 13. Faster and efficient processing of Income tax returns within 24 hours. 14. Capital gains tax exemptions under Section 54 to be available up to Rs 2 crore. 15. Capital gains exemption to be available on 2 house properties. 16. Farmers affected by natural calamities to get 2% interest subvention and additional 3% interest subvention upon timely repayment 17. Businesses with less than Rs 5 crore annual turnover, comprising over 90% of GST payers, will be allowed to file quarterly returns
18. Railway capex for FY20 set at record Rs 1.6 lakh crore
19. Single window for approval of India filmmakers 20. PradhanMantriShram 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. 21. Government increased Employee Provident Fund (EPF) contribution from Rs 2.5 lakh to Rs 6 lakh in case of demise of the employee 22. ESIC benefits to industrial workers drawing a salary of uptoRs 21000. 23. Government has allocated Rs 60,000 crore for MNREGA for FY20.
At last, we can expect a lot more from upcoming elections and this budget can result in probable winning votes for the current government from the masses.
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