❤ Budget 2019 ❤
Q) Write your views on budget 2019.
HIGHLIGHTS OF BUDGET 2019
*Tax*
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 Govt.
4. Custom duty has abolished from 36 Capital Goods
5. Recommendations to GST council for reducing GST rates for home buyers
6. *Full Tax rebate upto 5 lakh annual income after all deductions.*
7. Standard deduction has increase from 40,000 to 50,000
8. Exemption on tax on second self-occupied house
9. Ceiling Limit of TDS u/s 194A has increased from 10,000 to 40,000 (bank & post office interest);
10. Ceiling Limit of TDS u/s 194I has increased from 180,000 to 240,000;
11. Capital tax Benefit u/s 54 has increased from investment in one residential house to two residential houses.
12. Benefit u/s 80IB has increased to one more year i.e. 2020
13. Benefit has been given to unsold inventory has increased to one year to two years.
*Other Areas*
14. State share has increased to 42%
15. PCA restriction has been abolished from 3 major banks
16. 2 lakhs seats will be increased for the reservation of 10%
17. 60,000 crores for manrega
18. 1.7 Lakh crore to ensure food for all
19. 22nd AIIMS has to be opened in Haryana
20. Approval has to be given to PM Kisan Yojana
21. Rs. 6,000 per annum has to be given to every farmer having upto 2 hectare land. Applicable from Sept 2018. Amount will be transferred in 3 installments
22. National kamdhenu ayog for cows. Rs. 750 crores for National Gokul Mission
23. 2% interest subvention for farmers pursuing animal husbandry and also create separate department for fisheries.
24. 2% interest subvention for farmers affected by natural calamities and additional 3% interest subvention for timely payment.
25. Tax free Gratuity limit increase to 20 Lakhs from 10 Lakhs
26. Bonus will be applicable for workers earning 21000 monthly
27. The scheme, called 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 crores free LPG connections under Ujjawala scheme
29. 2% interest relief for MSME GST registered person
30. 26 weeks of Maternity Leaves to empower the women
31. More than 3 Lakhs crores for defence
32. One lakh digital villages in next 5 years
33. Single window for approval of Indian film makers
Answers
♥Union minister Piyush Goyal presented the election year Interim Budget in parliament tnd announced major relief for farmers and individual taxpayers.
♠This was the last Interim Budget of the NDA government led by Prime Minister Narendra Modi before the Lok Sabha elections due by May.
♥With the Lok Sabha election just months away, the government kept the budget focussed on immediate relief such as easing income tax rules, favourable loan terms for small businesses, farm loan waiver and even direct cash transfers to small farmers.
♠ The government said it will send Rs 6,000 to small farmers directly into their bank accounts in a scheme that will be funded 100 per cent by the centre. The programme will cost Rs 75,000 crore.
♥Piyush Goyal's turn to reveal the contents of the Union Budget briefcase in the crucial national election year came after Finance Minister Arun Jaitley had to go on leave and fly to the US for treatment.
♠The government said its estimate of Gross Domestic Product (GDP) growth for fiscal 2018 was 7.2 per cent, significantly higher than 6.7 per cent earlier.Every tax rupee collected is being spent on welfare of India
♥The vision behind the budget has been PM Narendra Modi's.
♠PM Modi has been a compassionate leader. His focus has been a better quality of life and ease of living for the people.
♥It has been a pattern to focus on the marginalized, deprived, the neo-middle class.
