On Friday, 1st February 2019 Finance Minister CA Piyush Goyal has presented the Interim Budget, on behalf of Arun Jaitley. Its a first time in history that any CA minister has presented any Union Budget in Parliament, In this Budget NDA Government taking many good moves in favour of Agriculture sector, Education sector, Medical & Hospitality Sector and specially for middle class to provide big relief in Income Tax.
Government runs many Healthcare Programme like Ayushman Bharat Medical under which around 50 crore people get the treatment, reduced in the cost of medicine. In his speech they mention Economy on Track, Around 5.45 lakh rural village under sanitation coverage & Saubhagya Scheme its also benefits to people.
In this Budget, Government try to provide additional benefit to Framers & according to that Government will provide Rs. 6,000 p.a. to farmers who holding not more than land of 2 hectares, but that amount of Rs. 6,000 paid in three equal installment of Rs 2,000, this amount directly transfer into farmer's Bank account. Farmers will get 2 % interest subvention to those are busy in pursuing animal husbandry & fisheries. Government announced some more benefits to farmers if crops are affected to due natural calamities than on crop loan 2 % interest subvention & additional 3% interest subvention if they pay the loan installment timely.
FM proposes to open 22nd AIIMS in Haryana very soon, already 21 AIIMS run in India, its massive move to provide good facility to everyone & everywhere. Government proposes to start a Mega Pension Yojna, In this scheme beneficiaries will get assured pension of Rs 3,000 per month after the age of 60 yrs but subject to condition to contribute Rs 100 per month in this scheme & same amount will be contribute by Government, this Scheme called as Pradhan Mantri Shram Yogi Mandhan. This Scheme is applicable to unorganized sector workers whose salary or income less than Rs 15,000 per month & One more benefits, Specially to workers whose monthly Salary Or Wages Rs 21,000, Bonus will be applicable to them.
In last 5 yrs under NDA Government, 6 crore Free LPG connection has been provided under the Ujjawala Scheme. To provide 60,000 crore to Manrega scheme, most successful yojana of UPA Government. Rs 1.7 lakh crore for ensure food to all under this everyone to get food on time. FM also proposes Rs 750 crore for National Kamdhenu Ayog for Cows.
In this Budget Government also focus on there Defence Sector, this time Defence Budget enhanced beyond the limit after so many years of Rs 3 lakh crore & Fiscal Deficit of Country in this year is 3.3% which will be increased in next year around 3.4% of GDP.
Now Most Awaited announcement regarding Taxation by FM as follow :
FM proposes to increases the Tax free Gratuity limit upto Rs 30 lakh, Its means no Tax on it but it should be covered under Gratuity Act, 1972. Standard Deduction under section 16(ia) for Salaried or Pensioners to be increased from 40k to 50k, this two major changes for Salaried/Pensioner in this budget. In his speech FM said under GST, Rs 97,000 crore average monthly collection in current year. Its more than what actually government expected from taxpayer, its shows belief on the government.
Now, very Important Topic of Income Tax Slab rate, there is
No Change in slab rate, old slab rate will continue as it is, but it should be clear for all taxpayer the FM proposes to Increases Income Tax Rebate under section 87A from Rs 2,500 to Rs 12,500(its a tax amount). It means upto Rs 5 lakh Taxable Income after considering all deduction there will be No Tax. Section 80IB being extended for one more year, under this all housing project those approved till end of F.Y. 2019-20 get the deduction under this section, its good initiative taken by the Government.
FM proposes No more Tax on Notional Income on House property under section 23(4), Earlier If any assesse has more than One House Property than One Property should be DLO(Deemed to be let out) & other one should be SO(Self Occupied), In that on DLO to declare Notional rent but in this budget to big relief. On Second house there will be No more Tax on DLO Property & related to House Property under section 54 Capital gain benefit limit increased up to Rs 2 crore but this limit will be available once in a Life from Investment in One residential property to Two residential property & One massive Benefit given to Builders, On unsold House as inventory in their book is to be increased from One year to Two Years to maintain in their stock.
Now, to discuss on TDS issues, No more TDS under Section 194A interest on FD, Post Office up to Rs 40,000 p.a. earlier it was Rs 10,000 p.a. only & under Section 194I, Rent paid earlier to deduct TDS if rent more than Rs 1,80,000 p.a. but in this budget this limit increases up to Rs 2,40,000 p.a.
In this Budget Government simultaneously focus on Digital India, Due to Digitization Assessee will get Income Tax refund within 24 hrs & to reduced the Scrutiny period up to 2 yrs, but scrutiny will be done through digital way, no need to go personally.
FM said due to note ban in 2016, there is tremendous growth in taxpayer more than 1 crore New IT return file & Rs. 3 lakh crore has been recovered from Bank Loan Defaulters, this Defaulters are mainly from Corporate Sector. Under GST government proposes 2% Interest relief on loan but subject to registered under MSME.
I think entire Budget, presented in House mainly focus on Farmers & Middle Class, this budget may be change the result of Election, but overall Budget is Good one because its a only Interim Budget, final Budget will be presented after election. FM Piyush Goyal first time presented Union Budget & Last Budget Of the NDA government. If all proposes are consider it may be change the entire scenario of middle class.
Now, Every one Can download from below, Interim Budget 2019 Speech & Finance Bill 2019
Interim Budget Speech 2019 FM/CA Piyush Goyal
Finance Bill 2019
