The Interim Budget also known as vote of account, for meeting the expenditure for the first six months of new fiscal 2019-20, has been presented by the Finance Minister Piyush Goyal. A full fleged budget will be presented in Parliament once the new Central Government is formed after the general elections which is due in March-April. Here are the few highlights of the presented Interim Budget:
⦁ Individual Taxpayers with annual income up to 5 lakh rupees to get full tax rebate.
⦁ Individuals with gross income upto 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 rental income raised from Rs 1.8 lakh to Rs 2.4 lakh.
⦁ Business with less than Rs 5 crore annual turnover, comprising of over 90% of GST payers will be allowed quaterly returns.
⦁ GST has continuously reduced which has resulted in relief of 80,000 crore rupees to consumers.
⦁ Mega Pension Yojana named as Pradhan Mantri Shram Yogi Mandhan to provide assured monthly pension of Rs 3000 per month plus a contribution of Rs100 per month to workers in unorganised sector after 60 years of age.
⦁ Under Pradhan Mantri Kisan Samman Nidhi, Rs 6000 per year will be paid to each farmer in three installments. Also the installments will be transferred directly to farmers' bank accounts for farmers holding less than 2 hectares of land.
⦁ The '4R' approach has been implemented to ensure clean banking: Recognition, Resolution, Recapitalisation, Reforms
⦁ Fiscal deficit has been bought down to 3.4% and also this year's Current Account Deficit is likely to be 2.5 % of GDP
Interim Budget 2019 higlights; Individuals earning upto Rs 5 lakh/year exempt from tax
Standard tax deduction for salaried persons raised from Rs 40,000 to Rs 50,000
