InvestorQ : What are the key highlights of Interim Union Budget 2019-20?
Rohan Bhadani made post

What are the key highlights of Interim Union Budget 2019-20?

Sadaf Khan answered.
2 years ago

Finance Minister Piyush Goyal in his maiden Budget hit the right notes of populism with pragmatism.

Here are the highlights of the Interim Budget 2019-20:

  • No income tax for income up to Rs 5 lakh
  • Individuals with gross income of up to Rs 6.5 lakh need not pay any tax if they make investments in provident funds and prescribed equities
  • Standard tax deduction for salaried persons raised from Rs 40,000 to Rs 50,000
  • TDS threshold on interest on bank and post office deposits raised from Rs 10,000 to Rs 40,000
  • TDS threshold on rental income increased from Rs 1.8 lakh to Rs 2.4 lakh
  • I-T processing of returns to be done in 24 hours
  • All verification of tax returns will be done electronically without any interface with the tax payer within the next two years
  • Package of Rs 6,000 per annum for farmers with less than two hectares of land. Scheme will be called Pradhan Mantri Kisan Samman Nidhi.
  • Vande Bharat Express, an indigenously developed semi high-speed train, to be launched
  • One lakh digital villages planned in the next five years
  • Fund allocation to the North-east region increased to Rs 58,166 crore, a 21% rise over last year for infrastructure development
  • Anti-camcord regulations to be introduced in the Indian Cinematograph Act to prevent piracy and contact theft of Bollywood films.
  • Single window clearance for Indian filmmakers.
  • 25% of sourcing for government projects will be from the MSME, of which 3% will be from women entrepreneurs.
  • National Artificial Intelligence portal to be developed soon
  • ESI cover limit increased to Rs 21,000. Minimum pension also increased to Rs 1000.
  • Mega pension scheme for workers from the organised sector with an income of less than Rs 15,000. They will be able to earn Rs 3000 after the age of 60. The scheme will be called PM Shramyogi Maan Dhan Yojana.
  • 2% interest subvention for farmers pursuing animal husbandry.
  • All farmers affected by severe natural calamities will get 2% interest subvention and additional 3% interest subvention upon timely repayment
  • Decision taken to increase MSP by 1.5 times the production cost for all 22 crops
  • The 22nd AIIMS to come up in Haryana