Highlights of Interim Budget for 2019-20
1. Within 2 years, tax assessment will be done electronically
2. IT returns processing in just 24 hours
3. Minimum 14% revenue of GST to states by Central government
4. Custom duty abolished from 36 Capital Goods
5. Recommendations to GST Council for reducing GST rates for home buyers
6. Full rebate up to Rs 5 lakh annual income after all deductions
7. Standard deduction increased from Rs 40,000 to Rs 50,000
8. Exemption on tax on second self-occupied house
9. Ceiling Limit of TDS u/s 194A increased from Rs 10,000 to Rs 40,000 for women
10. Ceiling Limit of TDS u/s 194I increasedd from Rs 180,000 to Rs 240,000
11. Capital tax Benefit u/s 54 increased from investment in one residential house to two residential houses.
12. Benefit u/s 80IB increased to one more year i.e. 2020
13. Benefit given to unsold inventory increased from one year to two years
Other Areas
14. State share increased to 42%
15. PCA restriction abolished from 3 major banks
16. 2 lakh seats will increase for the reservation of 10%
17. Rs 60,000 crore for MGNREGA
18. Rs 1.7 lakh crore to ensure food for all
19. 22nd AIIMS to open in Haryana
20. Approval has to be given to PM Kisan Yojana
21. Rs 6,000 per annum to be given to every farmer having up to 2 hectare land. Applicable from September 2018. Amount will be transferred in 3 installments
22. National 'kamdhenu ayog' for cows. Rs 750 crore for National Gokul Mission
23. 2% interest subvention for farmers pursuing animal husbandry. Creation of separate department for fisheries.
24. 2% interest subvention for farmers affected by natural calamities and additional 3% interest subvention for timely payment.
25. free gratuity limit increased to Rs 20 lakh from Rs 10 lakh
26. Bonus will be applicable for workers earning Rs 21,000 monthly
27. Pradhan Mantri Shram Yogi Mandhan will provide assured monthly pension of Rs 3,000 with contribution of Rs 100 per month for workers in unorganized sector after 60 years of age.
28. Our government delivered 6 crore free LPG connections under Ujjawala scheme
29. 2% interest relief for MSME GST registered person
30. 26 weeks of Maternity Leave to empower the women
31. More than Rs 3 lakh crore for defence
32. One lakh digital villages in next 5 years
33. Single window for approval of Indian filmmakers.
Earlier live updates:
12.43 pm: Benefits under Sec 80(i)BA being extended for one more year, for all housing projects approved till end of 2019-20.
12.41 pm: All interest income above Rs 40,000 from bank deposits will now get taxed, and not Rs 10,000. There will be no tax on notional rent on second self-occupied house and no TDS on house rent up to Rs 2.4 lakh
12.40 pm: Those with income up to Rs 5 lakh and another Rs 1.5 lakh in investments totalling Rs 6.5 lakh will have to pay no tax, benefitting nearly Rs 3 crore middle class income earners
12.38 pm: Standard decudction increased to Rs 50,000 from Rs 40,000. TDS threshold on interest on bank and post office deposits raised from 10,000 to 40,000 rupees. Income tax will be levied on second self-occupied house
12.30 pm: Goyal proposed to increase income tax exception limit to Rs 5 lakh and leaves implementation to next government. For the current financial year, the income tax slabs will be the same.
12.19 pm: Goyal said, "We could have clocked fiscal deficit at 3.4 percent but we have provided Rs 20,000 crore for farmer aid in this year and Rs 75,000 crore for the next year."
12.17 pm: India is poised to become a 5 trillion dollars economy in the next five years, and a 10 trillion dollar-country in the next 8 years. Every family will have a roof in the coming years and they will live in a healthy and clean environment, says Goyal
12.16 pm: Filing returns easier and it will be processed within 24 hours. Within nearly two years, almost all assessment and verification of IT returns will be done electronically by an anonymized tax system without any intervention by officials
12.15 pm: Goyal said that as many as 3,38,000 shell companies have been detected. The anti-black money measures taken by the Centre, including fugitive economoc offenders law, Benami properties act and demonetisation have brought Rs 1 lakh 30 thousand crores to tax. More than 1 crore people have paid income tax for the first time post demonetisation.
12.14 pm: Noteban was a drive against black money. We are committed. There are anti-black money measuresin place," says Goyal
12.12 pm: Rationalised custom duty in 35 goods to promote cross border trade. Indian customs is introducing full digitisation.
12.10 pm: Requested GST members to look into how to reduce tax burden on home buyers' loans, says Goyal
12.08 pm: Cinema goers, who had to give different tax rates in different states, now have to give standard 12% GST.
12.07 pm: Mega Pension Yojana, namely Pradhan Mantri Shram Yogi Mandhan, will provide assured monthly pension of 3,000 rupees per month, with contribution of 100 rupees per month, for workers in unorganized sector after 60 years of age.
12.06 pm: No changes in direct tax slabs. Simplification of direct tax systems will be done to make life of direct tax payer easy.
12.02 pm: Anti-cam corder provisions to be introduced to fight piracy. Single window clearances for film makers.
12.01 pm: Government to set up one lakh digital villages in next five years.
11.55 am: Meghalaya, Tripura and Meghalaya have come on India's rail map for the first time. People of NE have received significant infra development, says Goyal
11.50 am: We are introducing container cargo movement to the North East. All unmanned level crossings on broad gauge network has been completely eliminated. Vande Bharat Express (also known as Train 18) will give world class seamless travel experience," says Goyal
11.48 am: Defence budget for the first time has increased from Rs 3 lakh crore and additional funds will be provided
11.46 am: National centre for artificial intelligence will be set up to look into AI programmes. It will also provide two percent loan relaxation for businesses registered as SMEs
11.45 am: PM Kaushal Vikas Yojana is training over 1 crore youths. More than 70 percent of the beneficiaries of the PM Mudra Yojana are women to help them set up businesses and other entrepreneurship related activities
11.43 am: Over 6 crore free cooking gas connection out of 8 crore poor. It will be completed by next year. "Ujwala is a remarkable success story," says Goyal
11.42 am: A committee under NITI Aayog to complete the tasks of identifying nomadic and semi nomadic community not yet classified. Special strategies will be designed by the board to serve these communities. "We will move ahead from women development to women-led development," says Goyal
11.40 am: For workers who receive grevious injuries, they will now get Rs 6 lakh from Rs 2.5 lakh through EPFO
11.39 am: Gratuity payment limit has been increased from 10 lakh to 20 lakh
11.38 am: A new pension scheme will come up for workers and labourers to ensure an increase in centre's contribution by four percent. "The pension has been increased from Rs 3,500 to Rs 7,000.
11.36 am: "After brutalizing the farmers for 5 years, a cosmetic support of just Rs 75,000 crores allocation for farmers. This is peanuts," Congress spokesperson Sanjay Jha lashes out at Modi government over sops for farmers
11.35 am: Government to set up Rashtriya Kamdhenu Aayog for welfare of cows. Government has decided to create a separate department for fisheries. Two percent relaxation in credit for will be given to farmers who are in animal husbandary
11.30 am: The amount will be transferred directly to bank accounts of farmers in three equal installments. This programme will be funded 100 percent by the Central government. 12 crore farmer families will be directly impacted. Rs 75,000 crore will be borne by the Centre every year. The first installment will be issed soon after preparing a list. Rs 20,000 crore will be spent this financial year.
11.29 am: Famers owning 2 hectares and less will be provided with Rs 6,000 per annum directly into their accounts. There are nearly 12 crore such farmers. Income support to farmers small and marginal faers Pradhan Mantri Kisan Samman Nidhi (KISAN) has been approved, says Goyal
11.28 am: AIIMS to be set up in Haryana
11.27 am: We have seen massive improvement in healthcare services with the launch of world's largest healthcare scheme Ayushman bharat for 50 crore people. Lakhs of poor and middle class have benefited from cheap medicines now available, says Goyal
11.26 am: "We are allocating Rs 19,000 crore for rural roads under Gram Sadak Yojana. Rs 1.53 crore houses have been constructed under PMAY. Approximately every household has been provided electricity. Electricity bulbs worth Rs 143 crore have been provided. Rs 50,000 crore to be saved by houses by use of LED bulbs," says Goyal
11.20 am: We ensured that everybody gets food and nobody sleeps with an empty stomach. We have worked to bridge urban-rural divide in the country. We are allocating Rs 60,000 crore for MGNREGA. Under PM gram sadak yojana, construction of roads have been tripled. If need be, more money will be given for MNREGA, says Goyal.
11.19 am: 10 percent reservation has been brought in for economically weaker sections, says Goyal
11.18 am: As many as 5,85,000 villages have been declared open defecation-free, says Goyal.
11.17 am: The fugitive economic offenders bill will prosecute economic offenders who have taken money and never returned them and fled the country."
11.16 am: We have ushered in a new era of transparency. We have provided a corruption free government. Our government has walked the talk. Earlier, only smaller businessmen were worried about returning loans but now even bigger business are having to pay back loans, says Goyal.
11.13 am: We stopped malicious practices in loans being taken and stopped activities that affected clean banking. Period of 2008 to 2014 was a period of aggressive credit growth: Goyal
11.10 am: Fiscal deficit has been brought down to three percent from a high of 6 percent. We have reduced a family's expenditure by 40-45 percent. 2018-19 revised fiscal deficit target at 3.4%. Due to a stable regulatory regime we have attracted foreign investments," says Goyal.
11.07 am: Finance Minister Piyush Goyal said, "We are moving to realising a new India by 2022. India will be a country where farmers' income will double by 2022.""
11.06 am: "I am deeply conscious of the absence of Arun Jaitley today. I wish him speedy recovery. We have reversed policy paralysis and restored country's image," says Goyal.
11.03 am: Finance Minister Piyush Goyal begins to read out Budget 2019 speech.
11.01 am: Lok Sabha speaker Sumitra Mahajan arrives in Parliament.
10.59am: Telugu Desam Party (TDP) MPs dressed in black are protesting against the central government demanding special category status for Andhra Pradesh.
10.57 am: Union Ministers Sushma Swaraj, Rajnath Singh, and Ravi Shankar Prasad arrive at Parliament.