Finance Minister Nirmala Sitharaman presented the maiden budget of Narendra Modi 2.0 government in the Lok Sabha on 5 July 2019. In view of all competitive examinations, read a compilation of important budgets which will be asked in the forthcoming government examinations.
Here are all the key Highlights from the Finance Minister's speech:
● No change in personal income tax rates.
● PAN and Aadhaar will become interchangeable. You can use your Aadhaar number to file your I-T Returns soon.
● 5 lakh minimum limit announced for taxpayers. In view of rising income levels, those in the Rs. 2-5 crore and Rs. 5 crore-and-above brackets will see increase in effective tax rate by 3% and 7%, respectively.
● GST rate on electric vehicles proposed to be lowered to 5%. Additional income tax deduction of Rs. 1.5 lakh on interest on loans taken to purchase electric vehicles.
● Additional deduction of Rs. 1.5 lakh on loans up to March 31, 2020 for buying affordable houses, giving Rs. 7 lakh benefit to home buyers.
● Proposal to provide Aadhaar cards for NRIs with Indian passports, after their arrival in India, with no waiting period.
● Rs. 20 coin coming up.
● Excise duty on fuel hiked by Rs. 1.
● To resolve the angel tax issue, startups will not be subject to any scrutiny with respect to valuation. Funds raised by startups will not require any scrutiny by the I-T department.
● TDS of 2% on cash withdrawals exceeding Rs. 1 crore in a year from bank accounts, to discourage business payments in cash.
● Period of exemption for capital gains arising from the sale of the house for investment in startups to be extended to March 31, 2021.
● Rs. 70,000 crore in recapitalisation for public sector banks.
● Rs. 1.05 lakh crore disinvestment target for the year.
● TV channel to be launched for promoting startups and to help to matchmake for funds.
● New national educational policy hopes to transform Indian education into one of the best in the world, with focus on bringing in foreign students.
● Rs. 50 lakh crores proposed for Railway infrastructure.
● By 2022, the 75th year of Independence, every single rural family, except those who are unwilling to take the connection, will have electricity and clean cooking facility.
● Stress on zero-budget farming, which is a form of gardening as a self-sustainable practice, with minimum external intervention.
● The pension benefit will be extended to 3 crore retail traders under PM Karam Yogi Maan Dhan Scheme. It requires only Aadhaar numbers and bank accounts.
● Rs. 1 crore worth of loans proposed to MSMEs.
● Investment by FIIs and FDIs in debt securities in infrastructure debt funds to be allowed. Minimum public shareholding in listed companies can be increased from 25% to 35%.
● Global Investors Meet to happen in India.
Download: Union Budget 2019-20 Highlights PDF
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