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Budget highlights 2019: Big income tax bonanza for middle class & more

People of India gave strong mandate to our government, says Piyush Goyal

, ETMarkets.com|
Updated: Feb 01, 2019, 10.23 PM IST
0Comments
Budget 2019: No tax for individual incomes up to Rs 5 lakh
Budget 2019: No tax for individual incomes up to Rs 5 lakh
Finance Minister Piyush Goyal made a serious effort to win over rural and urban votes as he presented Budget 2019 on Friday.

While some termed it as an election Budget, there is another school of thought which saw the tax relief for the lower middle class as substantial.

ETMarkets compiles the highlights that may matter for you.

11.02 am: Finance Minister Piyush Goyal rises to present Budget 2019.

11.04 am: People of India gave strong mandate to our government: Piyush Goyal

11.05 am: Have been able to restore the image of the country: FM

11.05 am: Prepared the foundation for sustainable growth and progress: Piyush Goyal

11.05 am: India is marching towards growth and prosperity

11.06 am: We are the fastest growing economy in the world: FM

11.07 am: We have achieved the fastest growth since the economic reforms: FM

11.07 am: FY19 fiscal deficit seen at 3.4% of GDP: FM

11.07 am: FY19 CAD seen at 2.5% of GDP: FM

11.08 am: FY19 fiscal deficit seen at 3.4% of GDP: FM

11.09 am: Contained double-digit inflation & restored fiscal balance: FM

11.10 am: We had the temerity to tell the RBI to review questionable lending practices: FM

11.10 am: Defaulting managements now are either paying up or exiting their businesses: FM

11.11 am: Conducted transparent auction of natural resources including coal, spectrum: FM

11.12 am: India has achieved over 98% of rural sanitation coverage.

11.11 am: Spent Rs 2.6 lakh crore in recapitalization of PSU Banks.

11.12 am: BoI, BoM and OBC are out of PCA framework.

11.12 am: Expect other banks to soon exit PCA.

11.13 am: Most FDI came through the automatic route.

11.13 am: Bank mergers done to get economies

11.13 am: Recover Rs 3 lakh crore via IBC process.

11.15 am: India attracted $239 billion FDI in last 5 years

11.17 am: Rs 60,000 crore for MNREGA for FY20

11.18 am: Will provide more if needed for MNREGA in FY20.

11.19 am: Rs 19000 crore allocated for Pradhan Mantri Gram Sadak Yojana.

11.21 am: 10 lakh people have benefitted from Ayushman Bharat

11.22 am: Have constructed 1.53 lakh houses under PM housing plan.

11.22 am: To set up 22nd AIIMS in Haryana

11.23am: Government has for the first time ever hiked MSPs by 50 per cent for all 22 crops.

11.24 am: Need for providing structured income support for farmers.

11.25 am: Rs 6,000 per year income support for marginal farmers.

11.26 am: To create PM Kisaan Fund for small, medium farmers.

11.26 am: 12 crore farmer families to benefit from Kisaan scheme.

11.27 am: Kisaan scheme to transfer Rs 6000 per year to small farmers.

11.27 am: Income support for farmers holding less than 2 hectares land.

11.28 am: Animal husbandry, fishery sector allocation increased to Rs 750 crore in FY19

11.29 am: Income support to be transferred directly to farmer accounts.

11.30 am: 1st installment of Rs 2,000 to be given to farmers soon.

11.30 am: In case of timely repayment of loan by farmer, additional 3 per cent interest subvention.

11.30 am: ESI cover limit has been increased to Rs 21,000.

11.32 am: EPFO data shows formaliation of economy, job creation.

11.32 am: New pension scheme has been liberalised, increased government contribution to 14%

11.33 am: Jobs are created when there is high growth.

11.34 am: NDA increased MSP to fulfil its aim of doubling farm income.

11.34 am: To set up Rashtriya Kamdhenu Aayog.

11.35 am: 2% upfront interest subvention to farmers Struck by Natural Disasters.

11.35 am: Separate department of fisheries to be created.

11.36 am : 1.56 crore loans has been disbursed under Mudra Yojana.

11.37 am: Income support scheme to cost Rs 75,000 crore per year.

11.39 am: Government has increased tax-free gratuity from Rs 10 lakh to Rs 20 lakh.

11.42 am: India has become the second largest hub of startups.

11.43 am: Job seeker has become job creator.

11.43 am: The government aims to build a Digital India that reaches every citizen by creating innumerable startups and jobs.

11.44 am: The government will set up a welfare development board to help implement development programmes for nomadic and semi-nomadic communities.

11.44 am: Announces 8 crore credit free LPG connection under Ujjwala Yojana.

11.44 am: Governent to allocate Rs 500 crore to mega pension scheme.

11.44 am: Rs 15.56 crore loans has been disbursed under MUDRA Yojana.

11.45 am: Defence outlay at Rs 3 lakh crore in FY20.

11.47 am: 75 per cent of woman beneficiaries under PM MudraYojana, 26 weeks of maternity leave and Pradhan Mantri Matritva Yojana, are all empowering women.

11.50 am: Today India is the fastest highway developer in the whole world.

11.50 am: No unmanned rail crossing left in broadgauge network: FM

11.51 am: Infrastructure is the backbone of any country's development.

11.51 am: Allocated Rs 64,587 crore for Railways in FY20.

11.51 am: Railway operating ratio seen 96.20 per cent in FY19 and 95 per cent in FY20.

11.52 am: Monthly mobile data consumption has increased 50 times in last five years.

11.53 am: Urgent need to increase production of biofuels, hydrocarbons in India.

11.56 am: Will set up 1 lakh digital villages in the next 5 years.

11.56 am: National programme on artificial intelligence has been envisaged.

11.57 am: India's installed solar power generation capacity has grown 10 times in the country.

11.58 am: Tax collection increased to Rs 12 lakh crore this year from Rs 6.38 lakh crore in 2014.

11.59 am: All returns to be processed in 24 hours and refund simultaneously.

11.59 am: Verification and assessment, scrutiny of tax return application will be anonimised by technology.

12.02 pm: Reducing tax burden on middle class a priority.

12.06 pm: Single window clearance for Indian film-maker.

12.07 pm: 34 crore Jan Dhan Yojana accounts opened in last five years.

12.09 pm: State revenues are improving.

12.10 pm: January GST collection mopped up to Rs 1.03 lakh crore. Average GST collection at Rs 97,100 crore in FY19.

12.11 pm: GST council will take steps to reduce tax burden on home-buyers.

12.11 pm: The government implemented the GST, which is undoubtedly the biggest taxation reform since Independence.

12.11 pm: Most daily-use items are now under 0-5 per cent tax slab under GST.

12.12 pm: More than 1 crore people filed income tax after demonetisation.

12.12 pm: Prime Minister Narendra Modi has laid down foundation for the growth and development of India for many years to come.

12.13 pm: India is poised to become a $5 trillion in next five years and $10 trillion economy in eight years: FM

12.17 pm: The government is committed to eliminating the ills of black money.

12.17 pm: Anti-black money measures taken by government in the last year have uncovered undisclosed income of Rs 1.3 lakh crore.

12.17 pm: India is now on the way to become global manufacturing hub including automobile, medicine, manufacturing etc: FM

12.19 pm: Government to focus on building physical and social infra for ease of living.

12.22 pm: DTC report is coming on Feb 28. If govt has enough time after that, it might make an announcement.

12.26 pm: Confident of crossing divestment target of Rs 80,000 crore this year.

12.26 pm: FY20 Capex at Rs 3.36 lakh crore.

12.27 pm: Fiscal deficit target for FY20 at 3.4 per cent.

12.28 pm: Government aims to bring for debt-GDP ratio to 40 per cent by FY24-25.

12.30 pm: Propose to reduce tax burden on middle dlass tax payers. Individual having Rs 5,00,000 annual income will get full tax rebate.

12.33 pm: Gross income up to Rs 6.50 lakh will not attract tax if you have specific investment in instruments like PF etc.

12.34 pm: 3 crore middle class tax payers to gain.

12.34 pm: For salaried deduction standard deduction has been raised to Rs 50,000 from Rs 40,000 earlier.

12.35 pm: No TDS up to interest of Rs 40,000 from banks.

12.36 pm: No income tax on notional rent on 2nd self occupied home.

12.36 pm: Capital gains benefit allowed on second houses in select cases.

12.37 pm: Income tax exemption on new realty projects registered up to 2020.

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