Union budget 2019
*HIGHLIGHTS OF BUDGET 2019*
*#budget2019*
*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 40000 to 50000
8. Exempt on tax on
second self-occupied house
9. Ceiling Limit of
TDS u/s 194A has increased from 10000 to 40000
10. Ceiling Limit of
TDS u/s 194I has increased from 180000 to 240000
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 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 abolished from 3 major banks
16. 2 lakhs seats will
increase for the reservation of 10%
17. 60000 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. 6000 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 India film makers.
No tax up to total
taxable Income of 5 Lakh is in the form of rebate under section 87A which means
*It will be available to only those Individuals whose Total Taxable Income is
less than or equal to 5 Lakh (after availing all available deductions).*
*There is no change in Tax
slabs and there is no exemption to those Individuals whose total Taxable Income
(after all deductions) is more than 5 Lakh.*
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