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Highlights of Union Budget 2019

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What are the highlights of union budget 2019?

Some of them are listed below:

  1. TDS threshold on rental income raised from 1.8 lakh to 2.4 lakh rupees.
  2. Individual taxpayers with annual income up to 5 lakh rupees to get full tax rebate.
  3. 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.
  4. Standard deduction for salaried employees introduced; no change in IT slabs.
  5. Standard tax deduction for salaried persons raised from 40,000 rupees to 50,000 rupees.
  6. Gratuity limit increased from 10 lakh to 30 lakh rupees.
  7. Under Pradhan Mantri Kisan Samman Nidhi, 6000 rupees per year for each farmer, in three installments, to be transferred directly to farmers’ bank accounts, for farmers with less than 2 hectares land holding.
  8. Single window clearance for filmmaking to be made available to Indian filmmakers, anit-camcording provision to be introduced to Cinematography Act to combat film privacy.
  9. Fiscal deficit has been bought down to 3.4%; CAD (current account deficit) likely to be 2.5% of GDP this year.
  10. Under Pradhan Mantri Kisan Samman Nidhi, Rs 6,000 per year for each farmer, in three installments, to be transferred directly to farmers’ bank accounts.
  11. Direct tax collections from 6.38 lakh crore rupees in 2013-14 to almost 12 lakh crore rupees; tax base up from Rs 3.79 crore to Rs 6.85 crore. 99.54% returns have been accepted without any scrutiny. In January 2019, GST collections has crossed 1 lakh crore rupees.
  12. Benefits under Sec 80(i)BA being extended for one more year, for all housing projects approved till end of 2019-2020.
  13. Increased allocation for Rashtriya Gokul Mission to 750 crore in current year.
  14. GST has been continuously reduced, resulting in relief of 80,000 crore rupees to consumers; most items of daily use for poor and middle class are now in the 0%-5% tax bracket.
  15. Benefit of rollover of capital tax gains to be increased from investment in one residential house to that in two residential houses, for a taxpayer having capital gains up to 2 crore rupees; can be exercised once in a lifetime.
  16. Businesses with less than Rs. 5 crore annual turnover, comprising over 90% of GST payers, will be allowed to return quarterly returns.
  17. Increased allocation for Rashtriya Gokul Mission to 750 crore in current year.
  18. Two per cent interest subvention to farmers pursuing animal husbandry and fisheries.
  19. Under Pradhan Mantri Shram Yogi Mandhan (PMSYM), Govt hikes gratuity limit to Rs 30 lakh.
  20. Mega Pension Yojana, namely Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of 3000 rupees per month, with contribution of 100 rupees per month, for workers in unorganised sector after 60 years of age.