Interim Budget 2019: Everything You Need To Know
The most awaited day of the year has finally come with the presentation of the budget by Piyush Goyal, Union Finance Minister. And these are the highlights from Piyush Goyal’s budget speech.
No income tax for earnings up to 5 lakh. Individual taxpayers with income up to 5 lakh taxable income will get full tax rebate. 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 tax deduction for salaried persons has been raised from 40,000 to 50,000. TDS threshold on interest on bank and post office deposits has been raised from 10,000 to 40,000. TDS threshold on rental income increased from 1.8 lakh to 2.4 lakh.
Income Tax returns processing to be done in 24 hours. Within the next two years, all verification of tax returns to be done electronically without any interface with the taxpayer.
Piyush Goyal announced the creation of Pradhan Mantri Kisan Samman Nidhi Scheme, which is aimed at providing income support to vulnerable landholding farmers. A Package of 6000 per annum for farmers with less than two hectares of land to be provided. The income support will be transferred directly into the bank accounts of beneficiary farmers, in three equal instalments of 2,000 each. The programme will be funded by the Government of India and will entail an annual expenditure of 75,000 Crore.
A capital expenditure allocation of 1.58 lakh Crore for the railways is announced. This is the highest expenditure ever for the national transporter, in an effort to put its flagging revenues back on track. Also, Vande Bharat Express, an indigenously developed semi high-speed train, to be launched. This major leap in wholly developed technology by the Indian engineers will give an impetus to the Make in India programme and create jobs.
Taking forward government's Digital India programme, finance minister Piyush Goyal broached the concept of Digital Villages. Announced, the government have set an aim to build one lakh digital villages in the next 5 years.
Fund allocation for the Northeast region increased to 58,166 Crore, a 21 per cent rise over last year for infrastructure development. “The people of North East have also received significant benefits of infrastructure development. Arunachal Pradesh came on the air map recently and Meghalaya, Tripura and Mizoram have come on India’s rail map for the first time”, says Piyush Goyal.
Acknowledging his love for Bollywood, Piyush Goyal announced measures to boost Indian filmmaking and fight piracy in the interim budget. To prevent piracy and contact theft of Bollywood films Anti-camcord regulations to be introduced in the Indian Cinematograph Act. Finance Minister also announced single window clearance for Indian filmmakers.
Empowering technology for the development of the country, Piyush Goyal announced National Artificial Intelligence portal to be developed soon. He also said that nine priority areas had been identified for the development of the Artificial Intelligence sector.
ESI cover limit increased to 21,000. The minimum pension also increased to 1000.
For pension schemes, mega pension yojana for workers in the organised sector with an income of less than 15,000 to be introduced. They will be able to earn 3000 after the age of 60. The scheme will be called Pradhan Mantri Shramyogi Maan Dhan Yojana.
Piyush Goyal announced the “Rashtriya Kamdhenu Aayog” to improve sustainable genetic upgrading of cow resources, and to enhance production and productivity of cows. Also, this year's Budget extended the benefit of 2 per cent interest subvention to the farmers, who availed loan through the Kisan Credit Card. They are eligible for an additional 3 per cent interest subvention if the dues are paid on time.
Bringing massive boost to the farm economy, historic decision is taken to increase MSP (minimum support price) by 1.5 times the production cost for all 22 crops.
India has 21 AIIMS in all totals till date. Piyush Goyal announced the 22nd one to come up in Haryana.
"This is not just an Interim Budget, but a medium for country development. The country is changing because of the 'josh' of the Indian citizens. Development has become a movement in our government", says Piyush Goyal.
These are some highlights from the Interim Budget 2019. As it is an Interim budget, it doesn’t unveil any policy measures or rigid any new schemes, but the full-fledged budget will be presented in a few months by the new government after the elections.