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Union Budget 2019- Highlights


1.  Individual income taxpayers with annual income up to 5 lakhs to get full tax rebate

2.       Individual with gross income up to 6.5 lakhs will not pay tax if they invest in provident funds and prescribed equities noted by government

3.       Standard tax deduction for salaried person raised to Rs. 50,000

4.       Tax Deduction at sources on rental income raised to 2.4 lakhs

5.       Gratuity limit increased to 30 lakhs

6.       Tax Deduction at sources on interest income from deposit in banks and post offices increased to Rs 40,000

7.       Capital Tax gains increase from one residential house to two residential houses

8.       Business with less than 5 crore annual turnover will be allowed to file GST every quarterly

9.       Two per cent interest subsidy on loan of 1 crore for GST registered MSME

10.   Two per cent interest subsidy to farmer pursuing animal husbandry and fisheries

11.   Pradhan Mantri Shram Yogi Madhan- Mega Pension Yojana to provide monthly pension of Rs 3000 per month with contribution of Rs 100 per month for workers in unorganized sector after 60 years of age.

12.   Pradhan Mantri Kisan Samman Nidhi – Rs 6000 per year for each farmer in three installments directly transfer to farmer’s bank account for farmers with less than 2 hectares’ land holding

13.   Fiscal deficit has been bought down to 3.4%, current account deficit target to be 2.5% of GDP

14.   Capital expenditure outlay for railways at Rs 64,500 crores

15.   Bank of India, Bank of Maharashtra and Oriential bank no more under RBI’s Prompt corrective action

16.   All farmers affected by natural disasters to get 2-5% interest subsidy

17.   Government to contribute 14% under new pension scheme

18.   A National programme for Artificial Intelligence covering 9 areas to be promoted

19.   Government projects to sources 25% materials from SMEs, 3% from only women owned SMEs

20.   Defense budget crosses Rs 3 lakhs crore mark

21.   Proposed to set up 1 lakhs digital villages in next 5 years

22.   Making india a pollution free India in 10 year roadmap

23.   National education mission to get Rs 38,572 crore


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