HIGHLIGHTS OF INTERIM BUDGET 2019
Union Finance Minister Piyush Goyal presented an Interim Budget for 2019 in Parliament on Friday 1st feb 2019. An Interim Budget usually doesn't list out new schemes or doesn't unveil any policy measures. The government will present the vote on account for the next four-to-five months. A full-fledged Budget will be presented after the House reassembles after the general election.
· No income tax for earnings up to 5 lakh
· IT returns processing in just 24 hours
· Minimum 14% revenue of GST to states by Central Govt.
· Individuals with gross income of up to 6.5 lakh need not pay any tax if they make investments in provident funds and prescribed equities
· Standard deduction has increase from 40000 to 50000
· Ceiling Limit of TDS u/s 194A has increased from 10000 to 40000
· Ceiling Limit of TDS u/s 194I has increased from 180000 to 240000
· TDS threshold on interest on bank and post office deposits raised from ₹10,000 to ₹40,000
· TDS threshold on rental income increased from 1.8 lakh to 2.4 lakh
· Within the next 2 years, all verification of tax returns to be done electronically without any interface with the taxpayer
· Vande Bharat Express, an indigenously developed semi high-speed train, to be launched
· One lakh digital villages planned in the next five years
· Package of 6000 per annum for farmers with less than 2 hectares of land. Scheme to be called Pradhan Mantri Kisan Samman Nidhi.
· Fund allocation for the Northeast region increased to 58,166 crore, a 21% rise over last year for infrastructure development
· Anti-camcord regulations to be introduced in the Indian Cinematograph Act to prevent piracy and contact theft of Bollywood films.
· Single window clearance for Indian filmmakers.
· 25 per cent of sourcing for government projects will be from the MSMEs, of which three per cent will be from women entrepreneurs.
· Recommendations to GST council for reducing GST rates for home buyers
· National Artificial Intelligence portal to be developed soon
· ESI cover limit increased to 21,000. Minimum pension also increased to ₹ 1000.
· Mega pension scheme for workers in the organised sector with an income of less than ₹15,000. They will be able to earn 3000 after the age of 60. The scheme will be called Pradhan Mantri Shramyogi Maan Dhan Yojana.
· 2% interest subvention for farmers pursuing animal husbandry.
· All farmers affected by severe natural calamities to get 2% interest subvention and additional 3% interest subvention upon timely repayment
· Decision taken to increase MSP (minimum support price) by 1.5 times the production cost for all 22 crops
· Capital tax Benefit u/s 54 has increased from investment in one residential house to two residential houses.
· Benefit u/s 80IB has increased to one more year i.e. 2020
· Benefit has given to unsold inventory has increased to one year to two years.
· Other Areas
· State share has increased to 42%
· Approval has to be given to PM Kisan Yojana
· Single window for approval of India film maker