Interim Budget 2019:Union Finance Minister Piyush Goyal presented an Interim Budget for
2019 in Parliament on February 1 2019
Highlights of the Budget:
- No income tax for earnings up to Rs.5 lakh
- Individuals with gross income of up to Rs. 6.5 lakh need not pay any tax if they make investments in provident funds and prescribed equities
- Standard tax deduction for salaried persons raised from Rs. 40,000 to Rs. 50,000
- TDS threshold on interest on bank and post office deposits raised from Rs. 10,000 to Rs. 40,000
- TDS threshold on rental income increased from Rs. 1.8 lakh to Rs. 2.4 lakh
- I-T processing of returns to be done in 24 hours
- Within the next 2 years, all verification of tax returns to be done electronically without any interface with the taxpayer
- Package of Rs. 6000 per annum for farmers with less than 2 hectares of land. Scheme to be called Pradhan Mantri Kisan SammanNidhi.
- Vande Bharat Express, an indigenously developed semi high-speed train, to be launched
- One lakh digital villages planned in the next five years
- Fund allocation for the Northeast region increased to Rs. 58,166 crore, a 21% rise over last year for infrastructure development
- Anti-camcord regulations to be introduced in the Indian Cinematograph Act to prevent piracy and contact theft of Bollywood films.
- Single window clearance for Indian filmmakers.
- 25 percent of sourcing for government projects will be from the MSMEs, of which three percent will be from women entrepreneurs.
- National Artificial Intelligence portal to be developed soon
- ESI cover limit increased to Rs. 21,000. The minimum pension also increased to Rs. 1000.
- Mega pension scheme for workers in the organized sector with an income of less than Rs. 15,000. They will be able to earn Rs. 3000 after the age of 60. The scheme will be called Pradhan Mantri ShramyogiMaanDhan Yojana.
- 2% interest subvention for farmers pursuing animal husbandry.
- All farmers affected by severe natural calamities to get 2% interest subvention and an additional 3% interest subvention upon timely repayment
- The decision taken to increase MSP (minimum support price) by 1.5 times the production cost for all 22 crops
- The 22nd AIIMS to come up in Haryana
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