Interim Budget 2019-20: All You Need To Know

Interim Budget 2019-20: Prime Minister Narendra Modi said the interim budget touches all sections of the society and includes everyone, asserting that it is a merely a "trailer" of what will guide India towards prosperity after the Lok Sabha polls.

Budget 2019: Finance Minister Piyush Goyal presented the interim Budget for the 2019-20 in the Lok Sabha.

Budget 2019: Finance Minister Piyush Goyal presented the interim Budget for the 2019-20 in the Lok Sabha. He doled out tax sops to middle class, including doubling of income tax exemption limit to Rs 5 lakh, raising standard deduction to Rs 50,000, and provided concessions on interest income from bank deposits and rent. Prime Minister Narendra Modi said the interim budget touches all sections of the society and includes everyone, asserting that it is a merely a "trailer" of what will guide India towards prosperity after the Lok Sabha polls. In his remarks after the interim budget was presented in Parliament, Modi said it empowers people and referred to a host of budgetary announcements and schemes to drive home his point. Check Highlights of Interim Budget for 2019-20: Tax 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 government 4. Custom duty abolished from 36 Capital Goods 5. Recommendations to GST Council for reducing GST rates for home buyers 6. Full rebate up to Rs 5 lakh annual income after all deductions 7. Standard deduction increased from Rs 40,000 to Rs 50,000 8. Exemption on tax on second self-occupied house 9. Ceiling Limit of TDS u/s 194A increased from Rs 10,000 to Rs 40,000 for women 10. Ceiling Limit of TDS u/s 194I increasedd from Rs 180,000 to Rs 240,000 11. Capital tax Benefit u/s 54 increased from investment in one residential house to two residential houses. 12. Benefit u/s 80IB increased to one more year i.e. 2020 13. Benefit given to unsold inventory increased from one year to two years Other Areas 14. State share increased to 42% 15. PCA restriction abolished from 3 major banks 16. 2 lakh seats will increase for the reservation of 10% 17. Rs 60,000 crore for MGNREGA 18. Rs 1.7 lakh crore to ensure food for all 19. 22nd AIIMS to open in Haryana 20. Approval has to be given to PM Kisan Yojana 21. Rs 6,000 per annum to be given to every farmer having up to 2 hectare land. Applicable from September 2018. Amount will be transferred in 3 installments 22. National 'kamdhenu ayog' for cows. Rs 750 crore for National Gokul Mission 23. 2% interest subvention for farmers pursuing animal husbandry. Creation of separate department for fisheries. 24. 2% interest subvention for farmers affected by natural calamities and additional 3% interest subvention for timely payment. 25. free gratuity limit increased to Rs 20 lakh from Rs 10 lakh 26. Bonus will be applicable for workers earning Rs 21,000 monthly 27. 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 crore free LPG connections under Ujjawala scheme 29. 2% interest relief for MSME GST registered person 30. 26 weeks of Maternity Leave to empower the women 31. More than Rs 3 lakh crore for defence 32. One lakh digital villages in next 5 years 33. Single window for approval of Indian filmmakers.