Central budget – 2019-2020

Central budget – 2019-2020

The Central budget for the Fiscal year 2019-2020 was presented by the Interim Finance Minister Mr.Piyush Goyal today. 

The highlights of the Central Budget 2019-2020 are :

Central Budget 2019-2020 – Benefits to Tax Payers and Business:

Full tax rebate upto Rs.5 lakh

If the Gross income is Rs.6.5 lakh then there is no tax if invested in Provident Fund and Equities

Standard tax deduction of salaried persons raise from Rs. 40,000/- to Rs.50,000/-

TDS threshold – Rental income raised from Rs.1.8 lakh to Rs. 2.4 lakh

Roll over of capital tax gains – Investment in 2 residential properties/houses instead of one

Benefits U/S 80(i)BA – housing projects approved till 2019-20

Business with less than Rs.5 crore Annual turnover – 90% GST payers are allowed to return quarterly returns

2% interest subvention on loan of Rs.1 crore for GST registered MSME units.

Central Budget 2019-2020 Benefits to Farm Sector :

Income support scheme to be given in 3 equal instalments

 Income support for farmers holding less than 2 ha land

 Kisaan scheme to transfer Rs. 6,000 rupees/yr to small farmers

 To create PM Kissan Fund for small, medium farmers

 Increased allocation for Gokul scheme to 7.5 bln rupees

 1st installment of 2,000 rupees to be given to farmers soon

 Income support scheme to cost 750 bln rupees per year

 Farm income scheme to be effective from Dec 1, 2018

 120 million small farmers to benefit from income support scheme

 Farm income scheme to be fully funded by central govt

 To set up Rashtriya Kamdhenu Aayog

 To start drive to bring all farmers under Kisan credit plan

 2% interest subvention for animal husbandry, fisheries

impact of central budget 2019-2020 on SOCIAL SECTOR and EDUCATION :

Ayushman Bharat to provide facilities to 500 million people

To set up 22nd AIIMS in Haryana

5 billion rupee allocation for new “mega” pension plan

 Half of GDP is from 420 mln workers in informal sector

 Aim 80 million LPG connections under Ujjwala plan by next yr

 To allot more funds for new “mega” pension plan, if needed

 To give 3,000 rupees/month under new PM pension plan

 New pension plan for workers earning below 15,000 rupees/month.