BUDGET SUMMARY WITH MAJOR HIGHLIGHTS OF THE INTERIM BUDGET 2019-20
By T N Ashok
- Deduction Of Tax On Rental Income Enhanced From Rs 1,80,00 To Rs 2,40,000
- Exemption Of Notional Rent In Housing Income Extended To Two Years
- Even Persons With Gross Income Of Rs 6.5 Lakhs If They Invest In Insurance Schemes Or Specified Savings Schemes Will Be Exempted From Income Tax
- Interest On Education Loans, House Loans, Medical Expenditure , Persons Wit Higher Incomes Dont Have To Pay Tax,
- Tax Benefit Of Rs 18,500 Crore To An Estimated 3 Crore Tax Payers, Small Traders, Plensioners And Senior Citizens.
- Srd Deduction Increased To Rs 50,000 From Rs 40,000
- 4700 Crore Benefit To 3 Crore Tax Payers
- Levy Of Income Tax Exempted On Self Occupied 2nd House
- Debt To GDP Ratio To Be Brought Down To 40% By 2025
- Small Tax Payers Salaried Class And Pensioners And Senior Citizens Need Relief
- Existing IT Rates Will Continue 2019-20 As Govt Cannot Announce Major Tax Measures In An Interim Budget, Its For The Next Govt Do To So After Elections
- Individual Tax Payers With Taxable Income Upto Rs 5 Lakhs Will Get Full Tax Rebate
- Fiscal Deficit To Be Maintained At 3.4% Of GDP, For FY 2019-20
- Excluding Need To Provide Rs 20,000 Crore This Year And Rs 75,000 Crore Support To Farmers Next Year FD Would Have Been Less Than 3.2% Of Of GDP
- Rise Of 13.3% In Expenditure In
- National Education Mission To Be Provided Over Rs 35,000 Crore
- Integrated Child Development Scheme To Be Allocated Rs 27,584 Crore
- Dsinvestment Target Of Rs 80,000 Crore
- 10 Dimension India To Be Ntroduced To Make India Healthy And Strong
- This Is To Be Achieved By 2030
- Indian Astronaut In Space In 2022
- Sefl Sufficiency In Food And Producing Food In Organc Manner Through Modern Agri Practices, Maintaining Preservation And Cold Chains Our Focus
- Environment Of Health And Infrastructure To Be Developed
- 2030 Distress Free Health Care And Well Knit System Of Health Providing Systems
- India To Become Five Trillion Dollar Economy In The Next Five Years
- Three Dimensional Economy To Be Achieved
- First Dimension To Usher In Ease Of Living
- Govt Abolished Customs Duty On 36 Categories Of Captal Goods
- Govt Committed To Eliminate Black Money From The Economy
- Anti Black Money Measures In Black Money Law, Fugitive Criminal Law, Demonetization Has Led To Recovery Of Rs 1.30 Lakh Crore Undisclosed Income And Rs 50,000 Crore Of Assets Seized, Foreign Assets Of Rs 1600 Crore Seized,Foreign Shell Companies Detected
- Tax Base Increased Mainly Due To Demonetisation
- We Aspire To Become 10 Trillion Dollar Economy In The Next Eight Years One Trillion Dollar Econoy In One Year
- Inter State Movement Of Commodities Hassle Free
- High Taxation On Multiple Commodities Under Gst Previously Completely Rationalised
- Returns Fully Online And E-Way
- GST Burden On Home Buyers To Be Reduced
- Group Of Ministers Looking Into This How To Reduce The Gst Burden
- Governent Will Take Action On This
- Traders With Less Than Rs 5 Crore Turnover Have To File Gst Returns Only On Quarterly Basis
- Anti Cam Cording Facility Introduced To Fight Video Privacy
- Path Breaking Technology Introduced In It To Process Filing And Returns Within 24 Hours , Refunds To Be Issued Immediately
- IT Functions Online
- 99.54% Returns Accepted Lat Year
- No Personal Interface Between Tax Payer And Tax Officer
- Verification Of Tax Returns To Be Done Digitally
- Anonymised Bank Verification Of Returns To Be Manned By Taxex Perts And Bank Officials To Be Set Up
- Government Priority To Reduce Tax Burden On The People
- Operating Ratio Of Railway To Improve To 96.2% From 94%
- Commitment To Alternative Sources Of Energy By Locating International Solar Energy Alliance
- Increasing Demand For Fuel Through Bio-Fuel And Alternative Sources Of Energy
- Govt Concerned On Increase Of Crude Imports
- Arnachal Pradesh Brought On The Air Map
- Meghalay Tripura On The Railway Map For The First Time
- Mobile Prt Maufacturing Coms Increased From Two To 268
- Cscs Directly Delivering Benefits Through Digital Form
- 34 Croe Jan Dhan Yojana Accounts Opened
- Aadhar Ensuring Benefits Reaching Poor Directly
- Indian Film Makers Also To Get Ingle Window Clearance Like Foreign Film Makers
- One Rank One Pension Pending For 40 Years But Resolved By BJP Govt
- Earlier Govt Proposed In Three Budgets But Did Not Implement
- Disbursed Rs 35,000 Crore Under The OROP
- Special Allowance For The Defense Forces Under High Security Areas
- India’s Transformaton Under BJP Has Raised Nations Pride Among Indian In Indiai And Overseas
- India Fastest Developing Highway Construction Country In The World
- 27 Kms Of Highways Beng Developed Every Day
- Domestic Passenger Traffic Doubled In The Last Five Years
- Indian Ralways Experienced Safest Year In Railway History
- No Unmanned Level Crossng In Broad Guage Section Of Railways
- High Speed Trains Will Give World Class Experience Under Make In India Programme
- Inda Most Youthful Nations Among The World
- India Is The Hub Of The World For Startups
- Nation Pro Gramme On Artificial Intelligence
- National Artificial Intelligence Centre Wold Be Established
- Government To Capitalise This Through An Institution
- Scheme To Benefit 10 Crore Workers In The Country Rs 500 Crore Allocated For Pmsym Programme (Pradhan Mantri Shram Yog Mahadhaan)
- Scheme To Be Implemented From 2018-19
- 8 Crore Free Lpg Connections To Be Given Under Ujwal Yojana
- Six Crore Lpg Connectons Already Given
- Empower Women By Providing Them With Cleaner Fuel
- Gratuty Increased From Rs 10 Lakhs To Rs 20 Lakhs
- Esi Eligiblity Cover Increased From Rs 1`5,000 To Rs 21,000
- Rs 6 Lakh Ensured In The Event Of Death Of Insuree
- Maximum Pension Of Labourers Fixed At Rs 1,000 Per Month
- Honorarium Of Angadi Workers Increased By 50%
- Govt Decides To Set Up Separate Of Department Of Fisheries
- 2% Subvention Farm Loan Scheme For Those Farmers Engaging In Animal Husbandry And Fisheries
- Simplified Farm Loans Applications For Faster Credit Availabllity
- Additional 2% Sub Vention Scheme For Farmers Affected By Natural Calamities
- Epfo Membership Increased By 2 Crore
- Industrial Peace For The Last Five Years
- Structured Income Support To Extend To Poor Land Holder Farmer Families
- Pm Kisan Program Being Funded 100% By Government
- Support To Be Sent Directly Into The Bank Accounts Of These Farmers
- 12 Crore Families Of Farmers Will Get Direct Benefits
- Programme To Be Effective From Dec One 2018
- Rs 75,000 Crore Expenditure To Be Borne By The Government Under .Fy 2019-20.
- Rs 20,000 Crore Also Being Provided Under The Revised Estimates Of Current Financial Year
- Ayushman Bharat Provides Health Care To 50 Crore Families
- 21 Aiims Operating In The Country Even As New Ones Are Beig Established
- Govt Aims To Double The Income Of Farmers, Farmers Not Getting Value For Their Produce
- Structured Income Support T Farmers To Procure Valuable Inputs Such As Seeds And Fertilizers to Avoid Indebtedness From Money Lenders
- Pmgsy Being Allocated Rs 19,000 Croroe
- 2.5 Crore Families Were Living In Villages Without Much Electricity
- Under Saubhagya Yojana Most Rural Households Provided Electricity
- By Martch 2019 All Families Will Get Elelectricity Connections
- Ushered In New Era Of Transparency
- Swachh Bharat , A Holitic Mission, Helped Change Peoples Mindset
- 130 Crore People Thanked For Making The Mission A Success
- Poor Have First Right On Resources Of Nation
- 100% Reservation For Poor In Educational Institutions And Government Jobs
- Extra 25% Reservation Of Seats So That There Is No Shortfall For Seats
- 15 Lakh Habitations Connected With Pakka Roads.
- Clean Banking Introduced Through The Bakruptcy Code And Act
- Rs 3 Lakh Crore Recovered From Defaulters
- Banks Recapitalised To Make Them Stronger
- Amalgamaton Of Banks Done To Achieve Economies Of Scale
- Boi, Bank Of Maharashtra And Removed From Restrictions
- Interim Finance Ministerr Piyush Goyal Presents The Interim Budget For Fy 2019 .
- Finance Minister Arun Jaitley Is Undergoing Treatment For His Aillment.
- Goyal Wished Him Speedy Recovery And A Long Life To Continue Hs Jobs As Finance Minster.
- Inflaton Under Control Down To 4.6 %
- Fiscal Deficit Within Control
- Current Account Deficit Also Coiming Under Control
- Government Has Created The Foundation, Is Desh Ke Bhavana Ka Imarat Banana Ja Rahegi ( Govt Is Committed To Building A Foundation Of Trust And Beliefs Of The People )
- Niyat Saff Hain ( Our Intention Is Clean), Nidhi Spasth Hain ( Intention Is Clear ) Nishta Atal Hain ( Intention Is True Commitment) .