Look at the Highlights of Budget 2019 with MoneyMindz

By | 01/02/2019

Look at the Highlights of Budget 2019 with MoneyMindz

 India’s First Free Online/On-call Financial Advisory Portal – MoneyMindz
     
MoneyMindz, Free Financial Assistance Advisory Portal is making everyone aware of the announcement of Budget 2019 Plan which is presented on Friday i.e. 1st February 2019 by Finance Minister Piyush Goyal in Lok Sabha. On January 23rd Goyal was appointed interim finance minister with Arun Jaitely undergoing treatment in the United States.

Once the new Central government is formed after the general elections due in March-April, a full fledged Budget will be presented in the Parliament.

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

  1. State share has increased to 42%
  2. PCA restriction has abolished from 3 major banks
  3. 2 lakhs seats will increase for the reservation of 10%
  4. 60000 crores for manrega
  5. 1.7 Lakh crore to ensure food for all
  6. 22nd AIIMS has to be opened in Haryana
  7. Approval has to be given to PM Kisan Yojana
  8. 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
  9. National kamdhenu ayog for cows. Rs. 750 crores for National Gokul Mission
  10. 2% interest subvention for farmers pursuing animal husbandry and also create separate department for fisheries.
  11. 2% interest subvention for farmers affected by natural calamities and additional 3% interest subvention for timely payment.
  12. Tax free Gratuity limit increase to 20 Lakhs from 10 Lakhs
  13. Bonus will be applicable for workers earning 21000 monthly
  14. 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.
  15. Our government delivered 6 crores free LPG connections under Ujjawala scheme
  16. 2% interest relief for MSME GST registered person
  17. 26 weeks of Maternity Leaves to empower the women
  18. More than 3 Lakhs crores for defence
  19. One lakh digital villages in next 5 years
  20. Single window for approval of India film makers
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