The Union Budget 2019 is out now and it seems pretty interesting for the public. Finance minister Piyush Goyal on Friday presented the much awaited Union Budget in Lok Sabha.
Below are the highlights of the Union Budget 2019:
- Individual taxpayers with annual income up to 5 lakh rupees to get a full tax rebate.
- Tax slabs for those with income over Rs 5 lakh remain unchanged.
- Standard tax deduction for salaried persons raised from 40,000 rupees to 50,000 rupees.
- Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities.
- TDS threshold on rental income raised from 1.8 lakh to 2.4 lakhs.
- Benefits under Sec 80(i) BA being extended for one more year, for all housing projects approved till end of 2019-2020.
- Businesses with less than Rs. 5 crore annual turnover, comprising over 90% of GST payers, will be allowed to return quarterly returns.
- Allocation for North Eastern region proposed to be increased to Rs 58,166 crore in this year a rise of over 21% from the previous year.
- Two percent interest subvention to farmers pursuing animal husbandry and fisheries.
- Mega Pension Yojana, namely Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of 3000 rupees per month, with a contribution of 100 rupees per month, for workers in unorganized sector after 60 years of age.
- The fiscal deficit has been bought down to 3.4%; CAD (current account deficit) likely to be 2.5% of GDP this year.
This is just a trailer of the Budget, which after elections, will take India on the path to development," Prime Minister Narendra Modi said shortly after finance minister Piyush Goyal presented the Budget in Lok Sabha.
Well, above pointers are just the highlight, what is in it for you?