Finance Minister Mr. Piyush Goyal has delivered the Interim Union Budget 2019-20 on 1st February, 2019 thereby announcing the reforms and new schemes in varied segments of the Indian Economy. One liner snippets of such budget are described below:-
TAXATION
- Individual tax payers with taxable income up to Rs. 5,00,000/- will get full tax rebate.
- Salaried tax payers to get standard deduction of Rs. 50,000/-.
- Exemption on tax for the second Self Occupied House.
- Ceiling Limit of TDS u/s 194A on Interests raised up to Rs. 40,000/-.
- No TDS on rent up to Rs. 2,40,000/- per annum.
6. Introduction of electronic filling of ITR, along with early processing within 24 hours and ease in refund policy has been done.
7. Custom duty has been abolished from 36 Capital Goods.
8. Capital tax benefit u/s 54 of Income Tax Act, increased from one residential house investment to two residential houses.
9. Benefit u/s 80-IB increased for one more year i.e. 2020.
10. Benefits to unsold inventories increased to two years.
AGRICULTURE
11. Rs. 6000/- per annum given to every farmer having area of land up to 2 hectare.
12. Subvention of 2% interest for farmers pursuing Animal husbandry & creation of separate departments for fisheries.
13. Subvention of 2% interest for farmers affected by Natural Calamities & Additional 3% for timely payment.
14. Approvals to be given for PM Kisan Yojana.
15. 1.7 Lac Crores to ensure food for all.
OTHER AREAS
16. 10% Reservation for General Category increases seats by 2 lacs.
17. Increase in rate of Bonus for income of Rs. 21,000 to 7% from 3.5%.
18. Threshold limit of Gratuity increased to Rs. 20,00,000/-.
19. ESI cover limit increased to Rs. 21,000/-.
20. Pension Fund raised to Rs. 1,000/-.
21. Scheme regarding Entertainment Industry has been introduced a single window clearance for Indian filmmakers taking a step forward in reducing piracy.
22. Introduction of a Mega Pension scheme namely, Pradhan Mantri Shram Yogi Mandhan for unorganized sector workers drawing income below Rs. 15,000/-. Pension of Rs. 3,000/- will be paid after the age of 60 years with a contribution of Rs. 100 per month.
23. State share increased to 42%.
24. PCA (Prompt Corrective Action) restrictions abolished from 3 major banks.
25. Contribution of Rs. 60,000 Crores for MGNREGA.
26. Opening of 22nd AIIMS in State of Haryana.
27. Maternity leave period of 26 weeks to empower women.
28. 2% interest relief for MSME
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