Interim Budget 2019-20 Highlights : Key Announcements
Finance minister Piyush Goyal has presented the much awaited Union Budget before Lok Sabha elections. Interim Budget 2019-20 highlights the importance of taxation, farmers, MSMEs, technology among other sectors of economy.
Interim Budget 2019-20 Highlights
- Rebate on tax for total income of up to Rs 5 lakh for individuals.
- Individuals with gross income of up to Rs 5 lakh need not pay any tax if they make investments in provident funds and prescribed equities
- Standard tax deduction for salaried persons raised from Rs 40,000 to Rs 50,000
- TDS threshold on interest on bank and post office deposits raised from Rs 10,000 to Rs 40,000
- TDS threshold on rental income increased from Rs8 lakh to Rs 2.4 lakh
- I-T processing of returns to be done in 24 hours
- Within the next 2 years, all verification of tax returns to be done electronically without any interface with the taxpayer
- A new scheme called Pradhan Mantri Kisan Samman Nidhi launched. Package of Rs 6000 per annum for farmers with less than 2 hectares of land. An annual outlay of INR 75,000 crore.
- Vande Bharat Express, an indigenously developed semi high-speed train, to be launched
- One lakh digital villages planned in the next five years
- Fund allocation for the Northeast region increased to Rs 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.
- 2% interest rebate for MSMEs registered under GST for loans up to INR 1 crore
- National Artificial Intelligence portal to be developed soon
- ESI cover limit increased to Rs 21,000.
- Minimum pension also increased to Rs
- Mega pension scheme for workers in the organised sector with an income of less than Rs 15,000. They will be able to earn Rs 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
- The 22nd AIIMS to come up in Haryana
- Fiscal Deficit: 3.4% of GDP
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