Better Budget summary

HIGHLIGHTS OF BUDGET 2019

*Tax*
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. Custom 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 after all deductions.*
7. Standard deduction has increase 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. 2020
13. 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. Amount will be transferred in 3 installments
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 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. Bonus will be applicable for workers earning 21000 monthly
27. The scheme, called Pradhan Mantri Shram Yogi Mandhan, will provide assured monthly pension of Rs. 3,000 with contribution of Rs. 100 per month for workers in 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 film makers more  

View all 35 comments Below 35 comments
Thank you Ms Sarita for an excellent summary of the 2019 budget. Though most of the media and the opposition are being negative about the budget, I would say that what the Govt consolidated in the last four years by its fiscal policies is trickling down to those who need them most. Needless to say, inflation has remained stable and the price rise has been manageable. Sincerely, hope that Sri Modiji will come back to power and take India to greater heights in the next five years. more  
Adding a bit of jingoism. India's defence budget is now bigger than Pakistan's total financial budget. more  
By giving benefit for the earners up to five lakhs, people just above five lakhs are deprived of the benefit of 5% tax slab.
People earning upto 8 lakhs are considered economically backward and are given 10% quota in education and employment. These economically backward are not given any concession in income tax. more  
Category based on Cost of Living Index is only remedy. Existing Service & IT Rules need to be Amended. more  
Budget that is people friendly but very good .Expectations are always there to do more but opposition always finds some holes as it’s not advantageous to them in election year. more  
If you go through the full text, one can see fiscal prudence is missing and allocations are not for growth and employment. Giving anything free is a retrograde step. more  
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