Union Budget 2019 : Main Highlights

Union Finance Minister today presented the interim budget, also called Vote on account. This interim budget seeks Parliament nod for expenses for next 6 months. A full budget will be presented when a new government takes office post election which is slated for sometime around April, 2019.

Below are some highlights of the interim Union Budget.

  • Government envisages India to be a Rs10 trillion economy in next 8 years, Rs 5 trillion economy in next five years
  • Individual taxpayers with annual income up to 5 lakh rupees to get full tax rebate; with some sort of investment, the tax rebate can be availed till Rs 6.5 lakh. This will benefit over 3 crore middle class salaried/self employed people in the country
  • Government plans to create 1 lakh digital villages in next 5 years
  • Business houses with less than Rs 5 crore annual income will be allowed to file quarterly returns
  • Gratuity limit increased from Rs 10 lakh to Rs 30 lakh
  • Allocation for North Eastern region increased to Rs 58,166 crore this year, an increase of 21% over the previous year
  • Under Pradhan Mantri Schram Yogi scheme, a monthly income of Rs 3000 has been allocated with a contribution of Rs 100 per month, for workers in the unorganised sectors
  • Under Pradhan Mantri Kisan Samman Nidhi, government to provide Rs 6000 per year to farmers having farm land of less than 2 hectares, by direct benefit transfer
  • A total Rs 75,000 crore per year has been allocated for this

 

 

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