Budget 2019 Highlights

Here are the highlights from Mr. Goyal s budget.

No income tax for income up to 5 lakh

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

Standard tax deduction for salaried persons raised from 40,000 to 50,000

TDS threshold on interest on bank and post office deposits raised from 10,000 to 40,000

TDS threshold on rental income increased from 1.8 lakh to 2.4 lakh.

I-T processing of returns to be done in 24 hours

Within the next 2 years, all verification of tax returns will be done electronically without any interface with the tax payer

Package of 6000 per annum for farmers with less than 2 hectares of land. Scheme will be called Pradhan Mantri Kisan Samman Nidhi.

Vande Bharat Express, an indigenously developed semi high-speed train, to be launched
One lakh digital villages planned in the next five years.

Fund allocation to the Northeast region increased to 58,166 crore, a 21% rise over last year for infrastructure development

Anti-camcord regulations to be introduced in the Indian Cinematograph Act to prevent piracy and contact theft of Bollywood films.

Single window clearance for Indian filmmakers.

25 per cent of sourcing for government projects will be from the MSME, of which three per cent will be from women entrepreneurs.

National Artificial Intelligence portal to be developed soon

ESI cover limit increased to 21,000. Minimum pension also increased to 1000.

Mega pension scheme for workers from the organised sector with an income of less than 15,000. They will be able to earn 3000 after the age of 60. The scheme will be called PM Shramyogi Maan Dhan Yojana.
2% interest subvention for farmers pursuing animal husbandry.

All farmers affected by severe natural calamities will get 2% interest subvention and additional 3% interest subvention upon timely repayment.

Decision taken to increase MSP by 1.5 times the production cost for all 22 crops.

The 22nd AIIMS will come up in Haryana.