Union Budget 2019-20 LIVE: Highlights of Budget 2019-20

The politically-crucial interest subsidy for short term credit to farmers is likely to be a modest one in the vote-on-account which is to be presented by acting Finance Minister Piyush Goyal today.

The Interim Budget likely to contain a package of relief for the stressed farm sector which is likely to have direct investment support of up to Rs 15,000 per hectare annually and reduction in premium for crop insurance scheme and compensation for the gap between minimum support price and the market price.

Union Cabinet approves interim Budget 2019-20. Finance Minister Piyush Goyal in the budget speech says Inflation in December 2018 was 2.1%. The fiscal deficit has been brought down to 3.4% in the revised estimate of 2018-19.

Piyush Goyal further added Almost 3 lakh crore has already been recovered in favour of banks and creditors, big defaulters have also not been spared by our government. He further said India is the fastest growing major economy in the world and that the GDP growth in the last 5 years had been higher than under any previous governments.

Under Pradhan Mantri Kisan Samman Nidhi, 6000 rupees per year for each farmer, in three instalments, to be transferred directly to farmers' bank accounts, for farmers with less than 2 hectares landholding.

A pension scheme is being launched called Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of 3000 rupees per month, with the contribution of 100 rupees per month, for workers in unorganized sector after 60 years of age

Individual taxpayers up to 5 lakhs annual income get a full tax rebate. Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities.

Highlights of Budget 2019-20

Tax Proposals

1. Within 2 years, Tax assessment will be done electronically

2. IT returns processing in just 24 hours

3. Minimum 14% revenue of GST to states by Central Govt.

4. Customs duty has abolished from 36 Capital Goods

5. Recommendations to GST council for reducing GST rates for home buyers

6. Full Tax rebate upto 5 lakh annual income.

7. Standard deduction has increased from 40000 to 50000

8. Exempt on tax on second self-occupied house

9. Ceiling Limit of TDS u/s 194A has increased from 10000 to 40000

10. Ceiling Limit of TDS u/s 194I has increased from 180000 to 240000

11. Capital tax Benefit u/s 54 has increased from investment in one residential house to two residential houses.

12. Benefit u/s 80IB has increased to one more year i.e. 202013. Benefit has given to unsold inventory has increased to one year to two years.

Other Areas

14. State share has increased to 42%

15. PCA restriction has abolished from 3 major banks

16. 2 lakhs seats will increase for the reservation of 10%

17. 60000 crores for Manrega

18. 1.7 Lakh crore to ensure food for all

19. 22nd AIIMS has to be opened in Haryana

20. Approval has to be given to PM Kisan Yojana

21. Rs. 6000 per annum has to be given to every farmer having upto 2-hectare land. Applicable from Sept 2018. The amount will be transferred in 3 instalments

22. National kamdhenu ayog for cows. Rs. 750 crores for National Gokul Mission

23. 2% interest subvention for farmers pursuing animal husbandry and also create a separate department for fisheries.

24. 2% interest subvention for farmers affected by natural calamities and additional 3% interest subvention for timely payment.

25. Tax-free Gratuity limit increase to 20 Lakhs from 10 Lakhs

26. A bonus will be applicable to workers earning 21000 monthly

27. 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.

28. Our government delivered 6 crores free LPG connections under Ujjawala scheme

29. 2% interest relief for MSME GST registered person

30. 26 weeks of Maternity Leaves to empower the women

31. More than 3 Lakhs crores for defence

32. One lakh digital villages in next 5 years

33. Single window for approval of India filmmakers