01
Feb2019

Highlights of Interim Budget 2019-20

Finance Minister Mr. Piyush Goyal has delivered the Interim Union Budget 2019-20 on 1st February, 2019 thereby announcing the reforms and new schemes in varied segments of the Indian Economy. One liner snippets of such budget are described below:-

TAXATION

  1. Individual tax payers with taxable income up to Rs. 5,00,000/- will get full tax rebate.
  2. Salaried tax payers to get standard deduction of Rs. 50,000/-.
  3. Exemption on tax for the second Self Occupied House.
  4. Ceiling Limit of TDS u/s 194A on Interests raised up to Rs. 40,000/-.
  5. No TDS on rent up to Rs. 2,40,000/- per annum.
    6. Introduction of electronic filling of ITR, along with early processing within 24 hours and ease in refund policy has been done.
    7. Custom duty has been abolished from 36 Capital Goods.
    8. Capital tax benefit u/s 54 of Income Tax Act, increased from one residential house investment to two residential houses.
    9. Benefit u/s 80-IB increased for one more year i.e. 2020.
    10. Benefits to unsold inventories increased to two years.

AGRICULTURE

11. Rs. 6000/- per annum given to every farmer having area of land up to 2 hectare.
12. Subvention of 2% interest for farmers pursuing Animal husbandry & creation of separate departments for fisheries.
13. Subvention of 2% interest for farmers affected by Natural Calamities & Additional 3% for timely payment.
14. Approvals to be given for PM Kisan Yojana.
15. 1.7 Lac Crores to ensure food for all.

OTHER AREAS

16. 10% Reservation for General Category increases seats by 2 lacs.
17. Increase in rate of Bonus for income of Rs. 21,000 to 7% from 3.5%.
18. Threshold limit of Gratuity increased to Rs. 20,00,000/-.
19. ESI cover limit increased to Rs. 21,000/-.
20. Pension Fund raised to Rs. 1,000/-.
21. Scheme regarding Entertainment Industry has been introduced a single window clearance for Indian filmmakers taking a step forward in reducing piracy.
22. Introduction of a Mega Pension scheme namely, Pradhan Mantri Shram Yogi Mandhan for unorganized sector workers drawing income below Rs. 15,000/-. Pension of Rs. 3,000/- will be paid after the age of 60 years with a contribution of Rs. 100 per month.
23. State share increased to 42%.
24. PCA (Prompt Corrective Action) restrictions abolished from 3 major banks.
25. Contribution of Rs. 60,000 Crores for MGNREGA.
26. Opening of 22nd AIIMS in State of Haryana.
27. Maternity leave period of 26 weeks to empower women.
28. 2% interest relief for MSME

Our Corporate Professional Team is ever willing to provide assistance on any issue concerning GST, Insolvency and Bankruptcy Law, Business Model Advisory in India and Abroad, Customs Law, Corporate & Commercial Advisory, IPRs. Secretarial Compliances, Agreement Drafting & Negotiations etc. you may write us on contact@legale-services.com, connect@legallands.com

Leave your comment

Please enter your name.
Please enter comment.
Recent Post
Reach Out

Our Corporate Presentation

 

Disclaimer

 

As per the rules of the Bar Council of India, we are not permitted to solicit work and advertise. By clicking “I agree” below, you acknowledge the following:

 

  • There has been no advertisement, personal communication, solicitation, invitation or inducement of any sort whatsoever from us or any of our members to solicit any work through this website;

  • The user wishes to gain more information about us for his/her own information and use;

  • The information about us is provided to the user only on his/her specific request and any information obtained or materials downloaded from this website is completely at the user’s volition and any transmission, receipt or use of this site would not create any lawyer-client relationship.

The information provided under this website is solely available at your request for informational purposes only, should not be interpreted as soliciting or advertisement. We are not liable for any consequence of any action taken by the user relying on material/information provided under this website. In cases where the user has any legal issues, he/she in all cases must seek independent legal advice.