Budget 2019 Highlights: Union Budget Highlights
1. Direct Taxation – Key Features of Budget 2019
- For home loan taken on self-occupied house property till 31/3/2020. The interest deduction on housing loans increased from 1.5 lakhs, home of 45 lakh rupees would be eligible for it.
- The ease and convenience of the taxpayers and the exchange of PAN and base. Income tax returns can be filed using Aadhaar number !!
- To discourage cash payments, the bank account @ 2% on the withdrawal of more than 1c per annum from the bank account.
- The surcharge for taxable income between Rs 2 crore and Rs 5 crore has increased from 15% to 18%
- The surcharge for persons with taxable income up to Rs 5 crore to Rs 10 crore has increased from 15% to 22% – FY 2019-20.
- Proposal to relieve the benefits of the transaction tax of securities.
- Corporate tax of 25% which is applicable to companies with an annual turnover of more than Rs. 250 crores, will be applicable with an annual turnover of Rs. 400 crores.
- 35AD extended to Li-ion battery, semi-conductor, laptop, fabrication and photo volt.
2. Infrastructure – Key Features of Budget 2019
- Focus on investment in infrastructure, for instance, national highways and aviation sectors.
- The second phase of Bharat Mala to develop state highways
- National highways will be reorganized wide.
3. Education – Key Features of Budget 2019
- National Education Policy to Propose Major Changes in Both Secondary and Higher Education
- Self initiatives – promoting digital education
- More attention to research and development – National Research Foundation to promote research and development – pooling and dissolving research grants from various ministries, preventing duplication of research projects
- For youth – New national educational policy for changing the Indian education system.
4. Startup Development – Key Features of Budget 2019
- Government to start hosting special programs for startups on DD News.
5. Household – Key Features of Budget 2019
- Accommodation, electricity, clean cooking facilities, safe and adequate drinking water arrangements for all in rural India
- Encourage management of rainwater harvesting, groundwater recharge and domestic wastewater for reuse in agriculture.
- Every home water – to all rural families by 2024.
- 70 million LPG connections given to rural families.
6. Pension – Key Features of Budget 2019
- The benefits of pension to those 30 million retail traders and shopkeepers, whose annual turnover is up to Rs 1.5 crore.
7. MSME-Budget 2019 Highlights
- 350 crores allocated for 2% interest provision for all GST-registered MSMEs on fresh or incremental loans
- MSME: Large scale reform plan, government to create a forum for MSME payments
- MSME has to get a loan up to 1 crore within 59 minutes. Loan of Rs. 350 crore has already ended
8. Women Empowerment – Highlights of Budget 2019
- Committee to be formed with public and private stakeholders for gender equality: FM
- Every SHG woman with Jan Dhan Account – Rs. 5,000 / – Overdraft allowed: FM
- Loans up to 1 lakh under the money scheme for women entrepreneurs: FM
9. NRI – Budget 2019 Highlights
- Proposal for issuing Aadhaar card on arrival for NRIs with Indian passport: FM
- Aadhaar card for the arrival of NRI in India
- To increase NRI investment in the Indian capital market – the NRI portfolio scheme route and FPI route should be merged.
10. Budget – Highlights of Railway Budget 2019
- Railway Infra will require an investment of Rs 50 lakh crore between 2018 and 2030;
- PPP is used to speed up the development and distribution of passenger goods services.
- Railway station modernization will be started this year.
- Indian Railways have to be encouraged to invest more in urban and suburban areas
- 657KM operation of Metro Rail in the country
11. Banking and Financial Sector – Budget 2019 Highlights
- Reforms will be made to strengthen governance in public sector banks
- NPAs of commercial banks have decreased by Rs 1 lakh crore compared to last year.
- Recovery of more than 4lac crores with IBS
- NPAs of commercial banks were less than 1 lakh crore as compared to last year.
- After the consolidation of public sector banks, now the capital revenues have increased to Rs 70,000 crore
- The government launched consolidation smoothly, reducing the number of PSBs to 8
- NBFCs – which are basically sound, during the current financial year, the total amount of money from the government will be Rs 1 lakh crore.
- RBI has regulatory authority, now RBI’s regulatory authorities will be kept more than NBFCs
- Proposal to strengthen RBI’s regulatory authority over NBFCs – Debenture Redemption Reserve should be maintained
- Proposal for refunding regulatory authority to RBI from NHB!
12. Electric Vehicle – Budget 2019 Highlights
- An additional income tax deduction of 2.5 lakhs on interest paid on loans taken for buying a low GST rate of 12% to 5% on electric vehicle and purchase of an electric vehicle.
- In order to make the electric vehicles affordable, In additional, IT deduction of 1.5 lakh on the interest paid on loans taken for the purchase of electric vehicles
13. Technology – Key Features of Budget 2019
- 35AD reductions include solar storage battery and charger: FM
- Program of mass scaling of LED bulbs – approx. 35 million LED bulb distributed
- Machines and robots to be deployed for dirt
- To align India with the world, focus on young VR, AI, robotics training.
Tags Budget 2019 Union Budget
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