Finally, the long-awaited first budget of 2019 has been released on the 1st day February 2019. The commoners, especially the middle-class people of the nation had a great expectation from this budget and the good news is that this budget has brought a number of positive news for the commoners. The middle-class people and the farmers are the ones who will be benefited the most with this budget.
Let’s have a look at the highlights budget 2019
- No income tax deduction for people earning up to ₹5 lakh for both male and female.
- If your income is up to ₹6.5 lakh, you will not need to pay any tax if you invest in provident funds and prescribed equities
- The standard tax deduction for salaried persons will be ₹50,000 instead of ₹40,000
- I-T processing of returns to be done in as fast as 24 hours
- TDS threshold on rental income is increased from ₹1.8 lakh to ₹2.4 lakh
- TDS threshold on interest on bank and post office deposits raised to ₹40,000 from ₹10,000
- The tax returns for the next two years will be done electronically without any interface with the taxpayer
- A new scheme is launched named Pradhan Mantri Kisan Samman Nidhi which will give ₹6000 per annum for farmers with less than 2 hectares of land.
- An indigenously developed semi high-speed train named Vande Bharat Express will be launched.
- One lakh digital villages planned in the next five years
- Fund allocation for the Northeast region increased to ₹ 58,166 crores.
- Anti-camcorder regulations to be introduced in the Indian Cinematograph Act to prevent piracy of Bollywood films.
- MSMEs are to source 25 per cent of sourcing for government projects of which 3% will be women entrepreneurs
- National Artificial Intelligence portal to be developed soon
- The minimum pension increased to ₹ 1000. ESI (Employees State Insurance) cover limit increased to ₹ 21,000.
- Pradhan Mantri Shramyogi Maan Dhan Yojana to be implemented under which workers with an income of less than ₹15,000 will be able to earn a pension of ₹ 3000 after the age of 60.
- 2% interest subvention for farmers pursuing animal husbandry and fishery.
- If farmers are affected by natural calamities, they will get 2% interest subvention and if repays the loan timely, additional 3% repayment.
- Haryana will be the next state to come up with the 22nd AIIMS
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