Highlights of Interim Budget for 2019-20

As expected, India's interim budget presented today included several measures to address the ongoing agrarian crisis. It also has some key announcements on proposed tax relief for the middle class. Here are the highlights of Interim Budget 2019-20

1. Within 2 years, tax assessment will be done electronically.
2. IT returns processing in just 24 hours.
3. Minimum 14% revenue of GST to states by Central government.
4. Custom duty abolished from 36 Capital Goods.
5. Recommendations to GST Council for reducing GST rates for home buyers.
6. Full rebate up to ₹ 5 lakh annual income after all deductions.
7. Standard deduction increased from ₹40,000 to ₹50,000.
8. Exemption on tax on second self-occupied house.
9. Ceiling Limit of TDS u/s 194A increased from ₹10,000 to ₹40,000 for women.
10. Ceiling Limit of TDS u/s 194I increased from ₹180,000 to ₹240,000.
11. Capital tax Benefit u/s 54 increased from investment in one residential house to two residential houses.
12. Benefit u/s 80IB increased to one more year i.e. 2020.
13. Benefit given to unsold inventory increased from one year to two years.

Other Areas

14. State share increased to 42%.
15. PCA restriction abolished from 3 major banks.
16. 2 lakh seats will increase for the reservation of 10%.
17. ₹60,000 crore for MGNREGA.
18. ₹1.7 lakh crore to ensure food for all.
19. 22nd AIIMS to open in Haryana.
20. Approval has to be given to PM Kisan Yojana.
21. ₹6,000 per annum to be given to every farmer having up to 2 hectare land. Applicable from September 2018. Amount will be transferred in 3 installments.
22. National 'kamdhenu ayog' for cows. ₹750 crore for National Gokul Mission.
23. 2% interest subvention for farmers pursuing animal husbandry. Creation of separate department for fisheries.
24. 2% interest subvention for farmers affected by natural calamities and additional 3% interest subvention for timely payment.
25. free gratuity limit increased to ₹20 lakh from ₹10 lakh.
26. Bonus will be applicable for workers earning ₹21,000 monthly.
27. Pradhan Mantri Shram Yogi Mandhan will provide assured monthly pension of ₹3,000 with contribution of ₹100 per month for workers in unorganized sector after 60 years of age.
28. Our government delivered 6 crore free LPG connections under Ujjawala scheme.
29. 2% interest relief for MSME GST registered person.
30. 26 weeks of Maternity Leave to empower the women.
31. More than ₹3 lakh crore for defence.
32. One lakh digital villages in next 5 years.
33. Single window for approval of Indian filmmakers.
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