The Union Budget for 2019 is here! Eager to know the highlights? Check them out.
There are several expectations from the Union Budget this year, especially because of the elections. Will the Budget this year live up to at least some of them?
The Finance Minister, Piyush Goyal, starts talking from 11 a.m on 1st Feb 2019 and we are covering it right here as he speaks. Will the budget turn out to be a populist one? Will it have tax sops for the salaried? Will the maximum deduction under Section 80C be increased?
We are also eager to know. Let’s find out.
11:05 AM: Our Finance Minister (FM) begins his speech.
11:12 AM: India has enjoyed the best phase of macroeconomic stability. India recognized as a bright spot in the last 5 years. The fiscal deficit is seen at 3.4 per cent in the next fiscal. Current account deficit is seen at 2.5% of the GDP in FY19.
11:24 AM: During 2014-18, 1.53 lakh houses have been constructed under PM Awas Yojana.
11:26 AM: Farmers having up to 2 hectares of land will get Rs 6,000 per year under the Pradhan Mantri Kisan Samman Nidhi scheme.
11:39 AM: In place of rescheduling of crop loans, all farmers severely affected by severe natural calamities will get 2% interest subvention and additional 3% interest subvention upon timely repayment. 2% interest subvention to farmers pursuing animal husbandry and fisheries
11:41 AM: Government announces Pradhan Mantri Shram Yogi Maandhan Yojana for organised sector workers with an income of up to Rs. 15,000 per month. Beneficiaries will get Rs. 3,000 pension after retirement.
11:44 AM: Gratuity limit increased from Rs. 10 lakhs to Rs. 20 lakhs.
12:02 PM: All Income Tax Returns to be processed within 24 hours and refunds will be given simultaneously.
12:19 PM: More than 1 crore people filed IT returns for the first time after demonetization.
12:32 PM: BIGGIE! Annual taxable income of up to Rs. 5 lakhs to get a full tax rebate.
12:36 PM: Standard reduction raised from Rs. 40,000 to Rs. 50,000.
12:38 PM: No tax on notional rent on the second house. Capital gains tax exemptions under Section 54 to be available up to Rs. 2 crores. Capital gains exemption to be available on 2 house properties.
12:39 PM: TDS threshold for rent increased from Rs. 1.8 lakhs to Rs. 2.4 lakhs.
12:45 PM: TDS threshold on interest on all post office and bank deposits raised from Rs. 10,000 to Rs. 40,000.
12:48 PM: Benefits under Sec 80(i)BA being extended for one more year, for all housing projects approved till the end of 2019-2020.
12:51: FM ends his speech. Phew!