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. Will the Budget this year live up to at least some of them?
The Finance Minister, Nirmala Sitharaman, starts talking from 11 a.m on 5th July 2019 and we are covering it right here as she speaks. Will the budget turn out to be a populist one? What will be the tax sops for the salaried? Will the maximum deduction under Section 80C be increased?
We are also eager to know. Let’s find out.
10:22 AM: The Finance Minister arrives at the Parliament.
10:55 AM: Union Cabinet approves Budget 2019.
11:04 AM: Finance Minster starts the Budget speech.
11:18 AM: National transport card for universal travel which can be used on various modes of transport (road, railways etc). National Common Mobility will enable people to pay multiple transport charges across India. This card runs on the RuPay card and allows users to pay bus charges, parking charges, etc.
11:24 AM: Comprehensive restructuring of National Highways Programme to be done to ensure the creation of National Highways Grid of desirable capacity.
11:24 AM: Govt will create a payment platform for MSMEs to enable filing of bills and payment on the platform itself.
11:25 AM: Pension benefits will be offered to 3 crore shop owners with an annual turnover of less than Rs. 1.5 crore under a new scheme called Pradhan Mantri Karam Yogi Man Dhan Scheme.
11:29 AM: Rs. 350 crore allocated for 2% interest subvention for all GST-registered MSMEs on fresh or incremental loans.
12:03 PM: Special programme/channel featuring Start-ups will be part of Doordarshan group of channels.
12:41 PM: Currently, the lower tax rate of 25% is applicable to firms with an annual turnover of Rs 250 crore. FM proposes that all companies having an annual turnover of up to Rs. 400 crores will pay a tax of 25%.
11:28 AM: It is important to ensure a hassle-free experience to foreign portfolio investors. FDI inflows remained strong in 2018-19 marking a 6% growth. We plan to streamline KYC to make it more investor-friendly.
11:33 AM: To deepen the market in corporate debt security govt will work with RBI and SEBI to allow AA corporate bonds as collateral.
11:34 AM: FM proposes Social Stock Exchange for listing social enterprises to raise capital as equity, debt or units like and Mutual Funds.
11:45 AM: FM proposes rising public holding in listed firms from the current 25% to 35%.
12:14 PM: Issue of Aadhaar cards to NRIs with Indian passport after they arrive in India without need to wait for 180 days.
11:29 AM: NRI portfolio investment route to be merged with foreign portfolio investment route.
11:37 AM: FM proposes One Nation One Grid to provide free connections to the poor and at very low cost to others.
11:40 AM: By 2022, power and LPG will be provided to all households.
11:42 AM: 1.95 crore houses proposed to be provided under Pradhan Mantri Awas Yojana Grameen by 2021.
11:22 AM: A modern tenancy law will be finalised and given to the states. Several reforms would be undertaken to promote rental housing, current rental laws are archaic as they do not address lessor-lessee relationships fairly.
11:51 AM: Under Pradhan Mantri Awas Yojna – Urban, over 80 lakh houses have been sanctioned.
12:48 PM: Additional interest deduction of Rs. 1.5 lakhs for interest paid on Home Loans borrowed up to 31st March 2020 for affordable houses of up to Rs. 45 lakhs.
11:56 AM: The government proposes a National Education Policy to transform and take India’s higher education system to global standards.
11: 57 AM: Under Pradhan Mantri Grameen Digital Saksharata Abhiyan, Bharat Net is targeting internet connectivity in local authorities in every panchayat in the country; this will be speeded under Universal Service Obligation Fund.
Ease Of Living
12:09 PM: Railway Station Modernisation will be launched this year for better ease of living.
12:16 PM: 1 woman in every Self-Help Group will be allowed a loan of Rs I lakh.
12: 21 PM: The FM has proposed to allocate Rs 70,000 crore for PSU Bank recapitalisation.
12:21 PM: The government is developing 17 iconic tourism sites as world-class tourist centres to improve the flow of domestic and foreign tourists to these destinations.
Housing Finance Companies
12:29 PM: Regulation of HFCs to move to the Reserve Bank of India (RBI) from NHB.
12:38 PM: A new series of coins including for Rs 20 will be made available for public use shortly.
12:42 PM: Additional income tax deduction of Rs. 1.5 lakhs on the interest paid on Car Loan taken to purchase an electric vehicle.
Income Tax Return
12:51 PM: PAN and Aadhaar will be interchangeable for ITR filing. If you don’t have a PAN, you can use Aadhaar and vice versa.
12:53 PM: E-assessment will be introduced with automated central authority interacting with taxpayers without the involvement of individuals.
12:55 PM: To encourage digital payments, TDS of 2% will be deducted for cash withdrawals of over Rs. 1 crore in a year from a bank account.
12:58 PM: No charges on digital payments. RBI and banks will absorb these costs
13:02 PM: A surcharge will be levied on individuals with a taxable income of Rs 2 to 5 crore, and Rs 5 cr and above.
13:07 PM: FM proposes an increase in customs duty on gold and other products. Excise duty on fuel hiked by 1 rupee.
13:09 PM: FM concludes Budget speech!