Presenting the interim budget 2019 on February 1, … Then Piyush Goyal, who took charge of the finance ministry, gave relief to the middle class and also believed. If the Modi government comes again, then the tax relief is only for those who earn only 5 lakh Will not get … The government will also give gifts to those who earn more than this.
Other industries were also expecting more on this budget but Finance ministry has not made major changes because the government already gave relief in its interim budget 2019 announced by Piyush Goyal. Therefore, budget 2019 is not as per the expectation.
Then, Why this budget is so important?
Nirmala Sitaraman said that Villages, Poor People, and Farmers are the central point of this budget. We kept these people in our every scheme. In addition, budget 2019 is planned for every sector.
Here are the top 20 main highlights of this Union budget for FY 2019-2020:
1. Petrol and diesel prices to rise with additionally excise duty and road cess.
2. Gold-Silver prices to rise, custome duty increase by 2.5% on import. The industry was expecting some decreament but things are opposite not as per their expections.
3. Without PAN card you can file an IT return. It means if you don’t have PAN card then you can also file your return with your Adhaar card.
4. Home loan deduction. Government giving additionally 1.5 lakh benefits on home loan for affordable houses below to the 45 lakhs. This benefit will be available till March 2020. Cumulatively, the interest paid on home loan deduction will go up to ₹3.5 lakh, from the current ₹1.5 lakh for self-occupied house property.
5. To increase the demand for electric vehicles in the market the government giving an additional 1.5 Lakhs plus some tax benefit for buying an electric vehicle.
6. The government also increased an additional surcharge tax for (high net worth individuals). A person who is earning more than 2 crores or we can say come out in the range between 2-5 crores will have to pay 3% more, the surcharge rate is being increased from 15% to 25%. And the person whose earning more than 5 crores will have to pay 7% more additional tax(surcharge), the rate is increased from 25% to 35%.
7. The government announced some tax benefits for small corporate companies whose turn over below to the 4 crores. Such companies will be included under the 25% taxpayers slab.
8. The government proposed to give some additional benefits on options trading in STT. It is assuming that it will also help in increasing our national GDP or economy. We don’t have a clear figure but there are some additional tax benefits on options trading in STT in this budget.
9. The government also proposed to increase public shareholdings from 25% to 35% in budget 2019.
10. The government announced an overdraft facility of 5000 Rupees for women ‘Jan Dhan’ account holders. They can use this overdraft money at the time of need. In addition, self-help women can also avail a loan of 1 Lakh Rupees from ‘Mudra Yojana’.
11. 2% TDS tax deduction on exceeding 1 crore withdrawal in a single year also included in budget 2019.
12. The government proposed to give 70,000 crores to government banks in order to capital to be boosted. This re-capitalization will definitely help the banks which are currently having issues of NPA(Non-performing assets). It refers to a loan or advance for which the principal or interest payment is not paid for at least 90 days, i.e. the assets of a bank (loans or advances given to customers) that are not performing (don’t bring any return).
13. 100 Lakh Crores for infrastructure over the next 5 years. To this end, the government proposed to set an expert committee to study the current situation relating to long term finance and past experience with development finance institutions and shall recommend (to this committee) to develop a structure and flow of funds to development finance institutions.
14. Finance Minister Nirmala Sitaraman in his first budget has been proposed a big plan for the Agriculture sector and trust the Farmers that will receive a good price for their crop. Nirmala Sitaraman trusts them that ‘Zero-Budget’ Agri will be applicable in the whole nation. It means the cost of Agri will reduce through inter-cropping. And 10,000 Farmers FPO will be started for the Farmers. The government main focus is to double the income of Farmers from this plan. In addition, the government also planning to invest more in agriculture and Fisheries.
15. The government also proposed a plan for MSME’s(Micro, Small, and Medium Enterprises). An E-commerce platform will be created soon for these small enterprises so that they can directly sell their products online. The government also planning to give a 2% tax deduction benefit for these small-medium enterprises. In addition, the government will also give pension to the small retailers whose yearly turnover is less than from 1.5 Crores.
16. The government planning start ‘Study in India’ scheme in India. From this scheme foreigners will also allow to do study in India. National Resource Foundation will be created to complete this mission. The government has passed a 400 Crore Rupees for higher education study in India.
17. The government proposed lots of schemes for Startups. A startup program will also start on ‘Doordarshan’ channel that will help the new startups where venture capitalist and the new startups will know about each other. And it will help the startups in providing the funds. For this, government planning to start an E-verification scheme so that startups can easily avail the funds without any delays. There will be no verification now for startups. The government will also start a CBT to review the pending cases of startups.
18. The government also proposed a plan for the NRI’s. There will be some tax deduction benefits for the NRI’s foreign investment. The government also issues instant Adhar card facility to the NRI’s. And, it is now not required to stay for 180 days in India to start any business.
19. The railways will now work under PPP (Public Private Partnership). Therefore, the railway’s projects will now complete more fastly. And there will be more facilities.
20. Narendra Modi addresses to the nation after being announced the budget 2019. Narendra Modi gave a big thanks to Finance Minister Nirmala Sitaraman and his entire team. Narendra Modi also said this is an eco-friendly, Development friendly, and future-oriented budget. It will not only help the people but also help the nation in reaching to the 5 trillion economy, listen to the complete video what they said and think about this budget…