As the general elections are just ahead, Union planned for gifting various sectors with an approach of attraction. Few schemes which weren’t properly in execution through funds in this term after NDA has form the government in 2014, are put into this year’s interim budget by the centre.
Piyush Goyal, Finance Minister spoke on budget- 2019 in parliament yesterday. However, this budget allocation is for a short term basis as the elections are forthcoming. The full budget of Financial year 2019-20 can be seen once the new government is set. Also, the same budget in implementation might get carried forward with little or more changes as the government forms by June 2019.
It is the Narendra Modi’s present government in ruling while expectations stand by formation of same government in the next term too. However, few experts agree the budget- 2019 helps the future in long term, while few contradict with it.
Highlights of Budget 2019
- No income tax for earnings up to ₹5 lakh
- Individuals who make investments in provident funds and prescribed equities with gross income of up to ₹6.5 lakh need not pay any tax
- Persons with salaries are applicable under standard tax deduction with increase from ₹40,000 to ₹50,000
- Post office deposits raised on TDS threshold for bank interest from ₹10,000 to ₹40,000
- Rental income increased on TDS threshold from ₹1.8 lakh to ₹2.4 lakh
- IT processing of returns to be done in 24 hours
- Within the next 2 years, all verification of tax returns will be electronically available without any interface with the taxpayer
- ‘Pradhan Mantri Kisan Samman Nidhi’ package of ₹6000 per annum is given for farmers with less than 2 hectares of land
- A semi high speed train with name Vande Bharat Express is in inclusion
- Plan of one lakh digital villages in the next term is to be in action
- Fund allocation for the Northeast region increased to ₹ 58,166 crore, a 21% rise over last year for infrastructure development
- Single window clearance for Indian filmmakers.
- 25 per cent of sourcing for government projects will be from the MSME’s, of which three per cent will be from women entrepreneurs.
- Development of National Artificial Intelligence portal is under the plan
- ESI cover limit increased to ₹ 21,000. Minimum pension also increased to ₹1000.
- ‘Pradhan Mantri Shramyogi Maan Dhan Yojana’ covers 2 aspects. One is the pension scheme for workers in the organised sector with an income of less than ₹15,000. Other aspect is to earn ₹3000 after the age of 60 years.
- Farmers pursuing animal husbandry will have 2% interest subvention.
- All farmers affected by severe natural calamities to get 2% interest subvention and additional 3% interest subvention upon timely repayment
- Decision taken to increase MSP (minimum support price) by 1.5 times the production cost for all 22 crops
- The 22nd AIIMS to come up in Haryana