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Indian Budget Session - 2019 Highlights

1. Income Tax Reliefs: 
* No tax till Rs 5 lakh income for individuals tax payers 
* Standard deduction increased to Rs 50,000 from Rs 40,000 for salaried class 

2.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 .. 
Income tax relief on notional rent from unsold houses extended to 2 years from 1 year 

3.Other Tax Related Reliefs:
* Income Tax returns to be processed within 24 hours and returns will be paid immediately 
* Within nearly two years, almost all assessment and verification of IT returns will be done electronically by an anonymised tax system without any intervention by officials 

4.For Farmers: 
* Rs 6,000 per year assured income support f . 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. 

5.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, fisheries obs through Kisaan credit cards 
* Kamdhenu scheme for animal husbandary 

* 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 return quarterly returns 
* Indian Customs to fully digitised exim transactions and leveraging RFID for logistic. Govt abolishes duti duties on 36 capital goods 
* GST collections in January 2019 has crossed Rs 1 lakh crore 

7.Scopes for Workers:
* Rs 3,000 per year pension for unorganised sector workers 
* New Pradhan Mantri Shram Yogi Maandhan Yojana for unorganised sector workers with income up to Rs 15,000 per month. Beneficiaries will get Rs 3,000 per month pension with a contribution of Rs 100 per month after the retirement. Govt allocates Rs 500 crore for the scheme 
Gratuity limit increased for workers 

8.Rural Allocations: 
* Rs 60,000 crore for MNREGA 
* Rs 19,000 allocated for construction of rural roads under Gram Sadak yojana 

9.Defence Budget: 
* Govt increases defence budget to over Rs 3 lakh crore. Govt will provide additional funds for Defence, if needed. 
* We have disbursed 35,000 crore rupees under #OROP scheme in the last few years 

*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. 

11.State of Economy: 
*India is poised to become a $5 trillion economy in next 5 years, $10-trillion economy in the next eight years 

12.Black Money: 
Committed to eliminating the scourge of black money; anti-black money measures taken have brought an undisclosed income of about 1.30 lakh crore rupees to the fore; 3.38 lakh shell companies were deregistered 

*GST has been continuously reduced, resulting in relief of 80,000 crore rupees to consumers; most i . rupees to consumers; most items of daily use for poor and middle class are now in the 0%-5% tax bracket 

*Fiscal deficit seen at 3.4 percent in FY 19 and Current account deficit at 2.5% of the GDP 

* We have recovered Rs 3 lakh crore through Insolvency and Bankruptcy Code. Govt expects banks on the central bank's Prompt Corrective Action list to be removed soon. 

13.Indian GDP: 
Growth in the last 5 years has been higher than that by any other govt. Spent Rs 2.6 lakh cr crore in recap of PSU Banks 

* Average inflation in UPA government was 10% and we have brought that down that to 4 percent. Inflation in December 2018 was 2.1%. If we had not controlled inflation our families would have been spending 35-40 per cent more on daily use items 

* We conducted transparent auctioning of natural resources like coal and oil 

* Domestic air traffic doubled in the last 5 years 
Over 90 percent of the country has been covered under sanitation coverage. People have made this a social revolution and i thank the 130 people of the country. More than 5.45 lakh villages have been declared Open Defecation Free 

* In the past, false promises were made but we have taken targeted expenditure on all dimensions 
Everybody will get electricity connection in the near future. We have provided 143 crore electricity bulb to the poor 

* Ayushman Bharat the world's largest healthcare programme was launched to provide medical care to almost 50 crore people, resulting in 3,000 crore savings by poor families 

* Lower costs of Stents & Knee implants have benefitted people. Government has announced 14 new AIIMS since 2014 

Loans worth Rs 7.23 lakh crore have been given under Mudra Yojana 

*Monthly mobile data consumption has increased 50x in last 5 years; cost of data & voice calls in India is possible the lowest in the world .

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