Budget 2019 Highlights of Union Budget; Income Tax Benefit Upto 5 Lakh

The Election 2019 is coming up and BJP took it as a challenge and gave a good budget 2019 for the poor, farmers and middle-class people of India. In the absence of Finance Minister Mr Arun Jaitley, Mr Piyush Goyal presented the Budget 2019 on 1st February. The major announcement for the salaried and middle-class people who got the 5 lakh income with no income tax. There were a few announcements which give delight to the people of India and here are few highlights.

HIGHLIGHTS OF BUDGET 2019:

#1 Budget 2019 Tax Benefits:

1. Within 2 years, Tax assessment will be done electronically
2. IT returns processing in just 24 hours
3. Minimum 14% revenue of GST to states by Central Govt.
4. Custom duty has abolished from 36 Capital Goods
5. Recommendations to GST council for reducing GST rates for home buyers
6. Full Tax rebate up to 5 lakh annual income after all deductions.
7. Standard deduction has increased from 40000 to 50000
8. Exempt on tax on second self-occupied house
9. Ceiling Limit of TDS u/s 194A has increased from 10000 to 40000
10. Ceiling Limit of TDS u/s 194I has increased from 180000 to 240000
11. Capital tax Benefit u/s 54 has increased from investment in one residential house to two residential houses.
12. Benefit u/s 80IB has increased to one more year i.e. 2020
13. Benefit has given to unsold inventory has increased to one year to two years.

#2 Budget 2019 Other Areas Benefits:

1. State share has increased to 42%
2. PCA restriction has abolished from 3 major banks
3. 2 lakhs seats will increase for the reservation of 10%
4. 60000 crores for MANREGA
5. 1.7 Lakh crore to ensure food for all
6. 22nd AIIMS has to be opened in Haryana
7. Approval has to be given to PM Kisan Yojana
8. Rs. 6000 per annum has to be given to every farmer having up to 2-hectare land. Applicable from Sept 2018. The amount will be transferred in 3 instalments
9. National kamdhenu ayog for cows. Rs. 750 crores for National Gokul Mission
10. 2% interest subvention for farmers pursuing animal husbandry and also create a separate department for fisheries.
11. 2% interest subvention for farmers affected by natural calamities and additional 3% interest subvention for timely payment.
12. Tax-free Gratuity limit increase to 20 Lakhs from 10 Lakhs
13. The bonus will be applicable to workers earning 21000 monthly
14. The scheme, called Pradhan Mantri Shram Yogi Mandhan, will provide assured monthly pension of Rs. 3,000 with the contribution of Rs. 100 per month for workers in the unorganized sector after 60 years of age.
15. Our government delivered 6 crores free LPG connections under Ujjawala scheme
16. 2% interest relief for MSME GST registered a person
17. 26 weeks of Maternity Leaves to empower the women
18. More than 3 Lakhs crores for defence
19. One lakh digital villages in next 5 years
20. Single window for approval of India filmmakers