Speech by “Piyush Goyal” ( Minister of Finance – Govt. of India)

  1. State of the Economy
  2. Banking Reforms and Insolvency and Bankruptcy Code (IBC)
  3. Steps against corruption
  4. Cleanliness
  5. Poor and backward classes
  6. Farmer’s progress and Increase in Income
  7. Labour and Workers Dignity
  8. Women’s development to women led development
  9. Empowering Youth to fulfil their potential
  10. Empowering MSMEs and Traders
  11. Strengthening Defence and National Security
  12. Supporting Indians across the world
  13. Infrastructure development
  14. Digital India Revolution
  15. Entertainment
  16. Simplification of Direct Tax System to benefit Tax-payers
  17. GST Reform for benefit to consumers and businesses
  18. Customs and Trading Across Border Reforms
  19. Demonetisation and Drive against Black Money
  20. Vision for the next Decade
  21. The Fiscal Programme for 2019-20 and beyond
  22. Tax Proposals

Income Tax Slab 2019-2020 proposed on 1st February

  1. Exemption of tax on the income upto 5 lakh per annum.
  2. Individuals with the gross income of 6.5 lakh need not to pay any tax if they make investments in Provident funds and prescribed equities.
  3. Standard tax deduction from salaried persons raised from Rs.40,000/- to Rs.50,000/-
  4. Gratuity limit increased from Rs.10 Lakh to Rs.30 Lakh
  5. TDS Threshold on interest earned from Bank/Post office deposits raised from Rs.10,000/- to Rs.40,000/-
  6. TDS Threshold for deduction of tax on rent to be increased from Rs.1,80,000/- to Rs.2,40,000/-
  7. Returns to be processed in 24 hours and refunds issued simultaneously.
  8. Within 2 years, all verification & assessment of returns to be done electronically without any physical interface.

Major allocations proposed under the Union Budget 2019-2020.

  1. 76,801 crore allocated for the welfare of Scheduled Castes.
  2. 19,000 crore allocated for the PM Gram Sadak Yojana.
  3. 60,000 crore allocated for the MGNREGA (Mahatma Gandhi National Rural Employment Guarantee Act)
  4. 50,086 crore allocated for the welfare of Scheduled Tribes.
  5. 3 Lakh crore allocated for the Defense budget.
  6. 27,584 crore allocated for the Integrated Child Development Scheme.
  7. 64,587 crore allocated for the Railway Budget.

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