Income Tax.docx

INCOME TAX  More than Rs.23000 crores tax relied to 3 crore middle class tax payers  Standard tax deduction for the salaried persons raised from 40000 to 50000  TDS threshold raised from Rs.10000 to 40000 on interest earned on bank [post office deposits/ it benefits senior citizens and small depositors who depend upon income from interest on bank deposits and post offices.  IT processing of return to be in 24  Within the next 2-years, all verification of tax returns done electrically without any interface with the taxpayers  Existing rates of income tax to continue  If an individual invests in the specific tax savings schemes of the government, the effective tax-free income limit will be Rs.6.5 lakh a year  Goyal proposed to increase income tax deducted at source (TDS) limit on rent income to Rs.2.4 lakh from the current Rs.1.80 lakh

FARMERS  Under Pradhan Mantri kisan samman nidhi (PM-KISAN) Rs.6000 per year for each farmer, in three installments, to be Transferred directly to farmers account, to farmers less than 2 hectares land holding. (This initiative like to benefit 12 crore small and marginal farmers) Under this scheme, vulnerable farmers having less than two hectare of land will be eligible for the benefit under the scheme Around 12 crore farming families will be directly from his scheme

The finance minister also announced setting up of Pradhan mantri kisan samman nidhi for distursment of money to the follower  He announced a fund of Rs.75000 crore for the PM kisan scheme for 2019-20 and Rs.20000 crores for the current 2018-19 financial year  The interest subvention of up to 5% for fisheries and animal husbandry will help farmers

PENSION  Pradhan Mantri sharam yogi mandhan that offers a pension of Rs.3000, per month after the age of 60 to unorganized sector workers with monthly income of up to Rs.15000

 Under the scheme, an Unorganised Sector worker joining pension yojana at the age & 60 years while a worker joining at 18 years will have to contribute just Rs.55 per month  The government has earmarked Rs.500 crore for the scheme  “half of India’s GDP comes from the sweat and toil of 42 crore workers in the unorganized sector”, Goyal said in his interim budget speech  He said at least 10 crore labourers and workers in the unorganized sector are expected to avail the benefits of the scheme with in the next five years, “Making it one of the largest pension scheme in the world.

Tax Proposal 2019-20 at Glance for Business MSME & Real Estate:  Benefits Under Sec-80 lba to be extended for more year to the housing projects projects approved till 31st march 2020  MSES with earnings below Rs.5crore will be soon file GST return only one in 3 months  MSME and traders to note the GST registered SME units will get 2% interest rebate on the incremental loan of Rs.1 crore  The requirements of the source from SMES by government enterprise has been increased to 25% with 3% reserved for women-owned SME’s

 A scheme of the Business loans up to Rs.1 crore in 59 minutes will be implemented.

Banking Reforms of Insolvency and bank ruptey code (IBC)  Outstanding loans of public sector increased from Rs.18 lakh crore to Rs.52 lakh crore. Under clean Banking initiative  4R. Approach I.e., Recognisition, Resolution, Recapitalisation and reforms is being followed  The insolvency and bank ruptey code has institutionalized a resolution-friendly mechanism

 Consequently Rs.3 lakh crores has been covered to this effect  A sum of Rs.2.6 lakh has been directed towards recapitalization of the public sector bank (PSB’s)  Amalgamation of banks in place to avail economics of scale, better capital and wider geographical coverage

RAILWAY  Capital support of Rs.64,587 crore proposed in 2019-2020(B6) from the budget.  Overseas Capital Expenditure Progamme to be Rs.1,58,658 crore

 Operating Ratio Expected to improve from 98.4% in 2017-18. 0 to 96.2% in 2018-19(R6) and to 95% in 2019-202(B6)  Safest year for railways in the history

Digital villages:  THE Government to make 1 lakh villages into digital villages over next five years

DEFENCE  The defence budget was increased for the first time to three lakh crore in 2019-20  Piyush goyal said the government as rolled out the one rank one pension scheme(OROP)  The 2018-19 Union Budget witnessed a mere 7.81% hike to Rs.2.98 Trillion, while in 2018=718 it stood at Rs.2.74 Trillion

DEFENCE BUDGET 2019-20  Allocation Rs.4,31,011 crores to the Ministry Of Defence (MOD) of the MOD’s total allocation Rs.3,01,866 crores is earmarked for what is conventionally termed as the defence budget.  The defence account for 70%The balance 30% enmarked for MOD’s civil expenditure  Owning the implementing of the 7th central pay commission

recommendations and Rs.35,000 crore spent on account of the our rank one pension (OROP)scheme. Share of defence service: Like in the part the army has the dominant share in the latest defence allocation though it is the least capital intensive service among three service

The Army predominant budget is due to its overwhelming numerical superiority. Accounting for 86% of total uniformed personnel (of 1.4 million as of 2017) the bulk of its budget is spent on pay and allowance

INTRODUCTION The union minister of railways, coal, finance and Corporate affairs PIYUSH GOYAL departs to Rashtrapati Bhavan and parliament house,

along with the minister of state for finance and shipping

CONCLUSION Finally.., Financial Minister piyush goyal said that the interim budget 2019 presents a Roadmap for Making India world bader Piyush goyal mentioned that the role objective of the tax sops and financial assistance announced by Narendra modi Government is to make the live of the common man and farmer much better.