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Budget 2019

Union Minister, Piyush Goyal presented the Interim Budget 2019 on behalf of Finance Minister, Arun Jaitley in Parliament today. Budget 2019 facts and figure will be extremely important for all the upcoming exams in 2019 such as  SBI PO and Clerk, IBPS PO and Clerk, RBI Grade B Officer and Assistant, SSC CGL, SSC CHSL, SSC CPO, IBPS RRB PO, Railways RRBSEBI and more. Check the key highlights of Budget 2019 and make notes for revision.

Budget 2019: Key Highlights

Economy

Current account deficit (CAD) likely to be 2.5 per cent of GDP

Fiscal deficit brought down to 3.4% in FY19.

Inflation in December 2018 down to 2.19%

Capital expenditure for FY20 set at Rs 3.36 lakh crore

Expenditure target for FY20 set at Rs 27.84 lakh crore

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Tax

Full tax rebate for Individual taxpayers with income upto Rs 5 lakh

No Tax in making investment in provident funds and prescribed equities for People with gross income upto 6.5 lakh

All income tax returns will now be processed in 24 hours and refunds will be issued simultaneously. 

Within next 2 years, all assessment of returns to be done electronically

TDS threshold on rental income raised from Rs. 1.8 lakh to Rs. 2.4 lakh

TDS threshold on interest on bank,post office deposit raised to 40,000

Standard deduction raised from Rs 40,000 to Rs 50,000

No tax on notional rent on second self-occupied house

Capital Gains exemption under Section 54 will be available on two house properties

The benefits under Sec 80 (i) BA being extended for one more year, for all housing projects approved till end of 2019-20.

GST

Most items of daily use under 0-5% tax slab

Businesses with less than  5 crore annual turnover, comprising over 90% of GST payers, will be allowed to return quarterly returns

Mega Pension Scheme

Government launches Mega Pension Scheme, Pradhan Mantri Shram Yogi Mandhan, for social security coverage of unorganised labour. The Unorganised labour will get 3,000 per month after the age of 60 Pensioners will have to contribute Rs 100 per month and the Government will contribute equally in pension accounts under this scheme.

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Farmers

Farmers severely affected by severe natural calamities to get 2 per cent interest subvention and additional 3 percent interest subvention if loans are repaid in time

Two percent interest subsidy to be given to farmers involved in animal husbandry activities through Kisaan Credit Card scheme.

Govt to create separate department of fisheries

2% interest subvention for animal husbandry & fisheries farmers

PM Kisan Samman Nidhi: 75,000 crore of budgetary allocation. Farmers owing 2 hectares land will get Rs 6,000 per year – to be transferred annually in three installments

For Workers

Employees’ State Insurance eligibility cover limit has been raised to 21,000 per month from 15,000 per month

Workers who suffer grievous injuries will receive 6 lakh from 2.5 lakh through Employee Provident Fund Organisation (EPFO)

Gratuity limit increased from 10 lakh to ₹ 30 lakh

MNREGA

60,000 crore allocated to MNREGA

MSME

GST registered MSME units to get 2 per cent interest subvention on loan of Rs 1 crore

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Education

38,572 crore allocated for the National Education Mission

Society

Rs 76,800 crore allocated for welfare of Scheduled Castes (SCs) and Scheduled Tribes (STs)

Centre will implement special strategy for uplift of nomadic tribes

1 lakh digital villages to be set up soon

Allocation for North Eastern states increases to 21%, amounting to Rs 58,166 crores.

Sanction of 15.56 lakh loans amounting Rs 7.23 lakh crore under the Mudra scheme.

Economically weak given 10% quota

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Pradhan Mantri Gram Sadak Yojana

19000 crore allocated for Gram Sadak Yojana

Railways

Capital expenditure raised to Rs 64,586 crore in FY20 from Rs 53,060 crore in FY19

Defence

Defence Budget increases to over Rs 3 lakh crore for the financial year 2019-20

Rashtriya Gokul Yojana for protection of cows

750 crore allocated under Rashtriya Gokul Yojana for protection of cows.

Rashtriya Kamdhenu Aayog‘ to be set up for implementation of policies and schemes for welfare of cows. 

PM Ujjwala Yojana

Total of 8 crore LPG connection to be distributed by next year

Medical

Another All India Institutes of Medical Sciences (AIIMS) to be set up in Haryana (this would be the 22nd AIIMS in the country)

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For Filmmakers

Single window clearance to be made available for film-makers to ease shooting of films. In order to combat film piracy, Anti-camcording provision to be introduced to Cinematography Act.

Artificial Intelligence

National Centre for Artificial Intelligence under consideration. National AI portal to be developed soon.

Stay tuned for more updates!

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