Budget 2019 Highlights: Tax Relief For Middle Class People



We all are always curious about the upcoming budget. We are always curious to know what have our government done for us. What are the price drops and where the price hikes are being made. Specially we, the middle class people are always curious to know the budget so that we can plan our upcoming year accordingly.


So, to make your search easy, here are the highlights of budget 2019:


  • No tax for those whose taxable income is less than Rs 5 lakh.

  • Standard deduction increased to Rs 50,000 from Rs 40,000 for salaried class

Tax exemptions on investments:

  • Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities

  • TDS threshold for home rent increased from Rs 1.8 lakh to 2.4 lakh

  • Interest income up to Rs 40,000 in post offices and banks made tax free

  • Capital gains tax exemptions under Section 54 to be available up to Rs 2 crore. Capital gains exemption to be available on 2 house properties

For farmers:

  • Rs 6,000 per year assured income support for small and marginal farmers.

  • Farmers having up to 2 hectare of lands will get Rs 6,000 per year in three equal installment. The scheme will be effective from December 1, 2018.

  • Interest subvention for farm loan takers: Farmers affected by natural calamities to get 2% interest subvention and additional 3% interest subvention upon timely repayment

  • 2% interest subvention to farmers who pursue animal husbandry or fisheries.

GST:

  • Group of Ministers to suggest ways to reduce GST for house buyers.

  • Direct tax collections increased from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore; The tax base is up from Rs 3.79 crore to 6.85 crore.

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

Railways:

  • Railway's operating ratio seen 96.2% in FY19 Vs 95% FY20.

  • Railway capex for FY20 set at record Rs 1.6 lakh crore.

  • Today there is not a single unmanned railway crossing on the broad gauge in India.

Social schemes:

  • Govt to build 1 lakh digital villages.

  • For the welfare of farmers and for doubling their income, historic decision was taken to increase MSP by 1.5 times the production cost for all 22 crops.

  • To ensure cleaner fuel and health assurance, we embarked upon Pradhan Mantri Ujjwala Yojana, a programme to give 8 crore free LPG connections to rural households, 6 crore connections have been given already.

  • Committee under NITI Aayog to be set up for denotifed nomadic.

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