Union Interim Budget 2019 Summary With Major Highlights

Union Interim Budget 2019 Summary With Major Highlights : Ahead of the general elections on 2019 the Union Finance Minister Piyush Goyal presented the 2019 interim budget in the parliament yesterday. The budget is fully focused on farmers, salaried taxpayers, and informal works. We are going to discuss the summary and major highlights of the budget sector wise.

Tax Benefits 
  • Existing tax rates are same and they will continue.
  • No need to pay taxes for the income upto 5 lakhs.
  • Standard Deduction is to be raised from the current Rs.40,000 to Rs.50,000.
  • 23 thousand crore tax relief for more than 3 crore middle class tax payers.
  • TDS threshold on interest earned on bank/post office deposits is to be raised from Rs. 10,000 to Rs.40,000.
  • TDS threshold for deduction of tax on rent is proposed to be increased from Rs. 1,80,000 to Rs.2,40,000.
  • Exemption on levy of income tax on notional rent on a second self-occupied house.
Agriculture Sector 

  • Launch of new scheme PM-KISAN i.e Pradahan Mantri KIsan SAmman Nidhi
  • Under PM- KISAN direct income support of Rs 6,000 Per year to over 12 crore small and marginal farmers.
  • Rs. 75,000 cr. In outlay for the year 2019-20 and Rs. 25,000 CR. IN RE for the year 2018-19
  • Creation of separate department of fisheries, for the betterment of 1.5 crore fishermen.
  • Allocation of Rs.750 crore for Rashtriya Gokul Mission
  • Starting new group Rashtriya Kamdehnu Aayog for genetic up gradation of cow resources.
  • 2% interest subvention to the farmers pursuing the activities of animal husbandry and fisheries.
Railway Sector

Union Interim Budget 2019 Summary With Major Highlights

  • Vande Bharat Express launched with world class experience, service and safety.
  • Capital support from the budget for Indian Railways is proposed at Rs.64,587 crore in 2019-20 (BE).
  • Overall capital expenditure programme of railway is of Rs. 1,58,658 crore.
  • Increase of more than 2% in operating ratio is expected, from 96.2% to 98.4%.
MGNREGA
  • 60 Thousand Crore allocation for MGNREGA in BE 2019-20
Health Sector
  • 22nd AIIMS to be setup in India.
Entertainment Sector
  • Single window clearance access to Indian film makers.
  • Ease of shooting films
  • Introducing anti-camcording to stop piracy during cinematograph Act.
Labour Sector
  • Introducing new scheme Pradhan Mantryi Shram Yogi Maandhan (PMSYM)
  • Under PMSYM unorganized sector workers get monthly pension of 3,000, it will benefit of 10 crore workers.
  • Rs 3,000 per month pension after age of 60 Yrs. with an affordable contribution of 100/55 rs.
Other Announcement 
  • 25% additional seats in educational institutions.
  • More than 1 Lakh digital villages to be made in coming 5 years.
  • The minimum pension increased to 1000.
  • Gratuity cap doubles upto Rs. 20 lakh.
  • Meghalaya, Tripura and Mizoram comes to Indian map for the first time.
  • All willing hosueholds to have electricity by march 2019.

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