New Delhi, Feb 01: Here is all that you need to know about the Interim Budget 2019-20 presented by Finance Minister Piyush Goyal.
Highlights of Interim Budget for 2019-20:
- Within 2 years, tax assessment will be done electronically
- IT returns processing in just 24 hours
- Minimum 14% revenue of GST to states by Central government
- Custom duty abolished from 36 Capital Goods
- Recommendations to GST Council for reducing GST rates for home buyers
- Full rebate up to Rs 5 lakh annual income after all deductions
- Standard deduction increased from Rs 40,000 to Rs 50,000
- Exemption on tax on second self-occupied house
- Ceiling Limit of TDS u/s 194A increased from Rs 10,000 to Rs 40,000 for women
- Ceiling Limit of TDS u/s 194I increasedd from Rs 180,000 to Rs 240,000
- Capital tax Benefit u/s 54 increased from investment in one residential house to two residential houses.
- Benefit u/s 80IB increased to one more year i.e. 2020
- Benefit given to unsold inventory increased from one year to two years
- State share increased to 42%
- PCA restriction abolished from 3 major banks
- 2 lakh seats will increase for the reservation of 10%
- Rs 60,000 crore for MGNREGA
- Rs 1.7 lakh crore to ensure food for all
- 22nd AIIMS to open in Haryana
- Approval has to be given to PM Kisan Yojana
- Rs 6,000 per annum to be given to every farmer having up to 2 hectare land. Applicable from September 2018. Amount will be transferred in 3 installments
- National ‘kamdhenu ayog’ for cows. Rs 750 crore for National Gokul Mission
- 2% interest subvention for farmers pursuing animal husbandry. Creation of separate department for fisheries.
- 2% interest subvention for farmers affected by natural calamities and additional 3% interest subvention for timely payment.
- Free gratuity limit increased to Rs 20 lakh from Rs 10 lakh
- Bonus will be applicable for workers earning Rs 21,000 monthly
- 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.
- Our government delivered 6 crore free LPG connections under Ujjawala scheme
- 2% interest relief for MSME GST registered person
- 26 weeks of Maternity Leave to empower the women
- More than Rs 3 lakh crore for defence
- One lakh digital villages in next 5 years
- Single window for approval of Indian filmmakers.