Budget 2019 Highlights:
The Budget for the year 2019 has announced in Parliment of India by the Finance Minister Piyush Goyal in Budget 2019 proposed many changes in income tax rules for the year 2019-20. Individual taxpayers with annual income of 5 lakh rupees will be payback for them.
Individual taxpayers with annual income of 6.5 lakhs rupees don’t want to pay any tax for their investments in provident funds and prescribed equities. The tax will be reduced for the 40,000 rupees to 50,000 rupees.
Gratuity limit is increased from 10 lakhs to 30 lakhs. The benefit of rollover of capital tax gains to be increased from investment in one residential houses. Business with less than rupees 5 crores annual turnover, comprising over 90% of GST payers will be allowed to pay quarterly returns.
GST has been reduced in consumers by 80,000 crores for all the middle-class products. All the basic products for both poor and middle class the tax will be in the bracket of 0%-5% of tax.
Cost of voice and data tax will be reduced and India is the country to provide a low cost for the telecom services Piyush said. Single window clearance for film making to be available Indian filmmakers, the anti-camcording provision also to be introduced under the Cinematography Act to combat film privacy.
Megha Pension Yojana has also introduced namely, Pradhan Madhiri Shram Yogi Madhan to provide the pensions around 3000 rupees and 100 rupees per month for the unorganized sector working people after 60 years old.
For farmers, there’s a new scheme which is the government will give a cash amount to support their agriculture. Rupees 6000 per year will be provided in three instalments to farmers who have 2 hectares of agricultural lands. This amount will be directly transferred to the bank account.
Many of the schemes will be announced at Lok Sabha. there will be a 4R approach for clean banking:
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