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Current Affairs

Budget 2019: Things every taxpayer should know

Piyush Goyal, who presented Union Budget 2019 in Parliament, explained key announcements made by him during a media interaction.

Thank You, Piyush Goyal

These are below highlights from today’s budget :

Tax

  • 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 Govt.
  • Customs duty has abolished from 36 Capital Goods
  • Recommendations to GST council for reducing GST rates for home buyers
  • Full Tax rebate up to 5 lakh annual income after all deductions.
  • Standard deduction has increased from 40000 to 50000
  • Exempt on tax on second self-occupied house
  • Ceiling Limit of TDS u/s 194A has increased from 10000 to 40000
  • Ceiling Limit of TDS u/s 194I has increased from 180000 to 240000
  • Capital tax Benefit u/s 54 has increased from investment in one residential house to two residential houses.
  • Benefit u/s 80IB has increased to one more year i.e. 2020
  • Benefit has given to unsold inventory has increased to one year to two years.
      Other Areas
  • State share has increased to 42%
  • PCA restriction has abolished from 3 major banks
  • 2 lakhs seats will increase for the reservation of 10%
  • 60000 crores for manrega
  • 1.7 Lakh crore to ensure food for all
  • 22nd AIIMS has to be opened in Haryana
  • Approval has to be given to PM Kisan Yojana
  • Rs. 6000 per annum has to be given to every farmer having up to 2-hectare land. Applicable from Sept 2018. The amount will be transferred in 3 installments
  • National kamdhenu ayog for cows. Rs. 750 crores for National Gokul Mission
  • 2% interest subvention for farmers pursuing animal husbandry and also create a separate department for fisheries.
  • 2% interest subvention for farmers affected by natural calamities and additional 3% interest subvention for timely payment.
  • Tax-free Gratuity limit increase to 20 Lakhs from 10 Lakhs
  • The bonus will be applicable to workers earning 21000 monthly
  • The scheme, called Pradhan Mantri Shram Yogi Mandhan, will provide assured monthly pension of Rs. 3,000 with the contribution of Rs. 100 per month for workers in the unorganized sector after 60 years of age.
  • Our government delivered 6 crores free LPG connections under Ujjawala scheme
  • 2% interest relief for MSME GST registered a person
  • 26 weeks of Maternity Leaves to empower the women
  • More than 3 Lakhs crores for defense
  • One lakh digital villages in next 5 years
  • Single window for approval of India filmmakers

This really makes every middle-class guy happy !! We would really love to see what you feel about this change . Feel free to comment it down.

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Author : MikeLabs

The more you dive into technology, the more overwhelming it is. Not to worry, we are here to simplify make it more and more enjoyable experience for you.

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