Union Budget 2019-20 Highlights: Key Announcements

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The Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman made her maiden Budget Speech  and presented the Union Budget 2019-20 before the Parliament. We presenting you the Union Budget 2019-20 highlights:

union budget 2019-20 highlights

Union Budget 2019-20 Highlights

The key Union Budget 2019-20 highlights are:

  • PAN and Aadhaar will become interchangeable. One can use your Aadhaar number to file I-T Returns soon
  • Rs 5 lakh minimum limit announced for taxpayers.
  • 3% surcharge hike on an income of Rs 2 crore and 7% on Rs 5 crore and above
  • Corporate tax with turnover of up to Rs 400 crore slashed to 25 per cent from a current rate of 30 per cent
  • MDR charges waived on cashless payment
  • Fiscal deficit in FY 19 at 3.3% of the GDP
  • GST rate on electric vehicles lowered to 5%
  • Nari tu Narayani: Women SHG Interest Subvention Programme to be expanded to all districts in India
  • Rs 1 lakh loan to be provided for SHG women members under Mudra Scheme
  • Additional income tax deduction of Rs 1.5 lakh on interest on loans taken to purchase electric vehicles
  • Additional deduction of Rs 5 lakh on loans up to March 31 2020 for buying affordable houses, giving Rs 7 lakh benefit to home buyers.
  • To provide Aadhaar cards for NRIs with Indian passports, after their arrival in India, with no waiting period.
  • Rs 20 coin coming up
  • Regulation of HFCs (Housing Finance Cos) to move to RBI from National Housing Bank
  • Excise duty on fuel hiked by Rs 1
  • To resolve the angel tax issue, startups will not be subject to any scrutiny in respect to valuation. Funds raised by startups will not require any scrutiny by the I-T department.
  • TDS of 2% on cash withdrawals exceeding Rs 1 crore in a year from bank accounts, to discourage business payments in cash.
  • Period of exemption for capital gains arising from sale of house for investment in startups to be extended to March 31, 2021
  • Rs 70,000 crore in recapitalisation for public sector banks
  • Rs 1.05 lakh crore disinvestment target for the year.
  • TV channel to be launched for promoting startups and to help matchmaking for funds
  • Rs 50 lakh crores proposed for Railway infrastructure
  • By 2022, the 75th year of Independence, every single rural family, except those who are unwilling to take the connection, will have electricity and clean cooking facility
  • The pension benefit will be extended to 3 crore retail traders under PM Karam Yogi Maan Dhan Scheme. It requires only Aadhaar numbers and bank accounts
  • Rs 1 crore worth of loans proposed to MSMEs
  • 2% interest subvention for GST-registered MSME on fresh or incremental loans
  • Investment by FIIs and FDIs in debt securities in infrastructure debt funds to be allowed. Minimum public shareholding in listed companies can be increased from 25% to 35%
  • Global Investors Meet to happen in India

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